LoanStar title loans review
This lender is transparent about fees — but is still a risky choice.
Bottom line: With title loans up to $10,000, LoanStar offers a quick application process and same-day turnaround for many borrowers if you’re willing to risk your car.
As little as 20 minutes at a store location
|Product Name||LoanStar title loans|
|Loan Term||Up to 150 days|
|Turnaround Time||As little as 20 minutes at a store location|
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for everyday people to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise.
LoanStar is a good choice for Texans who own their cars outright — and who know they’ll be able to repay a loan. But like all title loans, the fees are expensive and you risk repossession if you default. So while LoanStar is upfront about its costs, it pays to compare more short-term loans before using your car as collateral.
Pros and cons
- Upfront about potential costs
- Same-day turnaround available
- Low minimum loan amount of $100
- Default could lead to repossession
- Negative customer reviews
- Must visit a LoanStar store
- Only available in Texas
LoanStar rates, fees and terms
LoanStar provides multiple examples of potential loan costs based on how much you borrow and your loan term. APR typically ranges from 315% to 382%, and you can borrow between $100 to $10,000. There are two loan term options: Lump-sum repayments and installment repayments. Lump-sum loans are due within 30 days, while installment loans allow you to make monthly repayments for up to 150 days.
No matter which loan term you choose, you have to pay a lien fee of $28 or $33, depending on your county. This is worked into your APR, so carefully read the breakdown of finance charges and other fees before signing your loan agreement.
What is LoanStar and is it legit?
Yes, LoanStar is a legit title loan lender that has been in business since 1990. It's registered with the Texas Office of Consumer Credit Commissioner, and its website uses 128-bit SSL encryption to keep your information secure.
See other short-term loans
If you're located in a state other than Texas, or you just want to compare more options, use this table to see what loans you might qualify for.
LoanStar reviews and complaints
|BBB customer reviews||1 out of 5 stars, based on 1 customer reviews|
|Customer reviews verified as of||13 November 2020|
LoanStar only has a handful of reviews — but they're all negative. Most borrowers complained about the high fees, which is common with any short-term lender.
Am I eligible?
You need to own your car outright to qualify for a loan — which means you aren't making payments on it. Other eligibility criteria vary, but you will likely need to meet minimum income and credit score requirements to borrow from LoanStar.
What states is LoanStar available in?
LoanStar is only available in Texas. However, its sister company LoanMax offers title loans in 18 states.
What information do I need to apply?
To get started online, LoanStar requires you to submit a few basic pieces of information:
- Date of birth
- Car year, make and model
- Contact information
When you visit a LoanStar location, you need to present your lien-free car title, your car and a government-issued photo ID.
How do I apply?
You can visit a LoanStar location or set up an appointment by following these steps:
- Visit LoanStar's website.
- Enter your full name, phone number, email, ZIP code and date of birth.
- Select your car's year, make, model, series and body style.
LoanStar presents you with an estimated loan based on the value of your vehicle. A customer service representative reaches out to discuss the terms of your loan and schedules an appointment to have your car inspected.
If someone else is listed on the car title, they need to come with you and agree to the loan as well.
What are my repayment options?
You can make a payment online through LoanStar's website or visit a LoanStar location to pay by cash, check, money order and debit card. LoanStar also accepts cashier's checks and payments made through Western Union.
There is a 10-day grace period before a late fee is charged. If you don't make your repayment, LoanStar charges you either 5% of the unpaid amount or $7.50, whichever is greater. And if you fail to make repayments or default on your loan, you risk repossession — which could put you in a much worse financial situation.
LoanStar is a legit title loan lender for Texans, but it's still risky. If you're looking for quick unsecured cash, consider a payday loan or installment loan instead.