You don't need to fully own your car to qualify for this bad credit loan. But watch out for high rates.
finder.com’s rating: 3.7 / 5.0
Bottom line: This title loan provider has flexible requirements, even for a title lender. And paying it off on time can improve your credit. But the high cost makes it best for emergencies. Read our full review.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
LoanMart is ideal for borrowers with bad credit who’ve exhausted all other options. Unlike many other title lenders, your car doesn’t need to be fully paid off to qualify and you don’t need a bank account.
You might even qualify if you’re still in bankruptcy proceedings — though you might need to get permission from the court. It also reports on-time payments to the three major credit bureaus to build your credit score.
But it’s not available in all states. And like all short-term loan providers, you could face APRs in the triple digits. While it provides a fee schedule for states when it’s required to by law, it doesn’t offer the same transparency everywhere.
LoanMart title loan rates, fees and terms
LoanMart interest rates and fees vary depending on where you live. It only discloses the cost of its title loans in a handful of states, where it’s required by law.
When you factor in the interest rate and origination fee, the typical annual percentage rate (APR) usually runs from around 80% to over 200%.
Repayment terms also vary depending on where you live. Usually you have between 12 and 36 months to pay off the loan, though you may be able to qualify for a 48-month term in some cases.
High interest rates and long loan terms can have a big, long-term impact on your monthly budget. Use our calculator to see how much your title loan might cost before you borrow.
LoanMart is a legitimate title loan provider that also offers payday loans and bill pay services. You can easily find its state licenses and disclosures on its website — though it doesn’t disclose more than the law requires.
It’s generally safe to use too. It uses industry-standard encryption to protect its website and app. And if you’re not comfortable submitting sensitive information like your Social Security number, you can download the application on its website and fax it to 818-285-2410.
LoanMart gets mostly positive customer reviews on sites like the Better Business Bureau (BBB) and Trustpilot. Most reviewers are pleased with the quality of customer service. But some complain about the high repayments. Some even go as far as to say that selling that car would have made more financial sense.
To qualify for an auto title loan from LoanMart, you must meet the following criteria:
Reside in a state LoanMart services
Vehicle is paid off or almost paid off
Proof of income
At least 18 years old
US citizen or permanent resident
LoanMart state availability
LoanMart offers title loans in the following states
While LoanMart has locations in California, title loans are not available that state.
What information do I need to apply?
You need to have the following documents and information to get a title loan from LoanMart.
Valid driver’s license
Proof of residence
Proof of income
Copy of your car’s title or registration
Social Security number or Individual Taxpayer Identification number
Year, make, model and mileage of your vehicle
Typically borrowers provide a utility bill with their name on it as proof of residence. And proof of income can be a bank statement or pay stub, depending on how you receive your income.
How to apply for an auto title loan from LoanMart
LoanMart allows borrowers to apply online, over the phone or at a LoanMart location. To get started online, follow these steps:
Click Go to site on this page or navigate to LoanMart’s website.
Select your vehicle’s year, make, model and mileage. Then select your state of residence.
Review your preapproval offer.
Enter your full name, phone number, email and ZIP code.
Read LoanMart’s disclosures, then click I want my cash.
LoanMart will provide you with an appointment number and instruct you to call for next steps. If you’re able to provide all the required documents and visit a branch, LoanMart may be able to fund your loan on the same day you apply.
LoanMart offers multiple payment options, including paying by ACH transfer, check and through MoneyGram. You can keep track of your loan through LoanMart’s mobile app, and you’ll receive monthly billing statements to remind you when your payment is due.
Keep in mind that your loan may be costly and that your payments will mainly go toward interest. If you’re unable to repay your loan, you risk having your vehicle repossessed. Contact LoanMart if you have any questions or concerns about your title loan.
We analyze short-term loan providers and similar services to help you weed out predatory lenders and find a company you can trust. We rate providers on a scale of one to five stars. Our ratings are based on factors that are most important to you, which include: loan amount, application process, fees, customer reviews and borrower experience.
At Finder, we value and respect our editorial independence. We keep our reviews completely factual so you can use them to make better decisions. While we may receive revenue and referral fees from advertising and affiliate links, advertisers do not approve our reviews.
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