What states is LoanMart available in?
LoanMart is licensed to operate in seven states:
- Alabama
- Arizona
- Illinois
- Missouri
- New Mexico
- South Carolina
- Utah
LoanMart title loans are not available in California.
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LoanMart auto title loans review
Last updated:
Use your car as collateral — but keep an eye out for high rates.
finder.com’s rating: 3.7 / 5.0
★★★★★
- Best for borrowers who still owe money on their car or don't have a bank account.
- Pick something else if you don't live in one of the seven states it lends in.
$1,000
Min. Amount
$50,000
Max. Amount
1 business day
Turnaround time
Details
| Product Name | LoanMart Car Title Loans |
|---|---|
| Min. Amount | $1,000 |
| Max. Amount | $50,000 |
| Loan Term | 1 to 5 years |
| Turnaround Time | 1 business day |
| Costs | Based on the value of the car and your ability to make regular payments on time. |
| Requirements | Must live in AL, AZ, IL, MO, NM, SC or UT. Must have verifiable income, car value of at least $1,500 and a vehicle that is paid-off or close to being paid-off. |
Expert review
Review by
Aliyyah Camp
aliyyah.camp@finder.comAliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
Expert review
LoanMart is ideal for borrowers with poor credit who’ve exhausted all other short-term loan options. Unlike many other auto title loan providers, your car doesn’t need to be fully paid off to qualify — and you’re not even required to have a bank account.
It also offers higher loan amounts than other lenders out there, maxing out at $50,000. And you have a slew of ways to receive your funds and make repayments.
But you’ll need to live in one of the seven states it offers auto title loans to qualify. And like all short-term loan providers, you could face APRs in the triple digits. While it provides a fee schedule for Utah residents because it’s required to by law, it doesn’t offer the same transparency to borrowers of other states.
Not sure LoanMart is for you? Compare your other options below.
First, am I eligible?
To qualify for an auto title loan from LoanMart, you must meet the following criteria:
- Reside in a state LoanMart services
- Vehicle value of at least $1,500
- Vehicle is paid off or almost paid off
- Verifiable income
- At least 18 years old
- US citizen or permanent resident
What is LoanMart?
LoanMart is an auto title loan provider that offers short-term loans up to $50,000. Terms last between 12 and 36 months, but like all short-term lenders, interest rates are extremely high. This means you may pay double or even triple the amount you borrow in interest and fees. And if you default, your car may be repossessed.
What are the benefits of an auto title loan from LoanMart?
From its large maximum amounts to its multiple funding options, here are a few perks of borrowing from LoanMart:
- Can still owe money on your car. While most auto title loan lenders require vehicles to be fully paid off — known as being lien-free — LoanMart allows you to use your vehicle as collateral even if you’re still making payments on it.
- Large maximum amount. You may be able to borrow as much as 120% of your car’s equity through LoanMart. The amount you’re approved for depends on your vehicle, financial situation and state of residence.
- Bank account not required. Unlike other title loan providers, you don’t need to have a bank account to qualify.
- Multiple ways to receive funds. You can receive your loan funds as cash, check, through MoneyGram or directly into your bank account through ACH or a wire transfer.
- Mobile app available. You can manage your account and check the status of your loan through the LoanMart mobile app.
What to watch out for
Consider these potential drawbacks before taking out an auto title loan from LoanMart:
- Limited state availability. LoanMart only offers auto title loans in seven states. If you don’t live in a serviced state, you’ll need to compare your other short-term loan options.
- High rates. Depending on your state, LoanMart may charge an APR between 60% to 222%. Before you borrow, make sure you can afford the total cost of your loan to avoid falling into a cycle of debt.
- Not transparent about fees. LoanMart is required by law to provide a fee schedule in Utah. But in its other serviced states, you’ll have to apply to see what fees you might be charged.
How do LoanMart auto title loans compare?
Updated January 22nd, 2020
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Is it safe to apply with LoanMart?
In general, yes — LoanMart works in accordance with lending and finance laws in each of the states it lends in. It also guarantees your transactions under the Fair Credit Billing Act and protects all the information you provide from misuse, loss, alteration, destruction and unauthorized access or disclosure.
How to tell if a short-term lender is legit
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 the Go to Site button to be redirected 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 LaonMart’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.
What documents do I need to apply?
To complete your application, have these documents ready:
- Year, make, model and mileage of your vehicle
- Proof of income
- Proof of residence
You can provide these documents by fax, email or by sending pictures.
How do repayments work with LoanMart?
LoanMart offers multiple repayment 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.
Not sure about LoanMart? You can browse other short-term loan options to find the best solution for your needs.
Are payday loans available in my state?
Frequently asked questions
Before you visit LoanMart…
You must live in Alabama, Arizona, Illinois, Missouri, New Mexico, South Carolina or Utah to get a title loan through LoanMart. If you don’t live in one of those states, explore other loan options.
LoanMart title loans are not available in California.
Short-term loan ratings
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★★★★★ — Good
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★★★★★ — Subpar
★★★★★ — Poor
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