Fast cash is the promise of all loan companies. One of the ones that do promise a quick same-day approval is LoanMart Loans. They focus on offering affordable payments with quick approval rates. Many people have confirmed that their quick payment processing time is real. If you apply before noon and there are no holds or questions for your account, you can easily have the money deposited and approved before 4 pm.
There are also no hidden fees, and you can pay off the loan at any time. Sounds like a good deal, right? Well, it’s best to look beyond what the company itself offers. We’ve taken the time to research and look over user reviews to see if LoanMart is worth it.
We’ll give you details on who should use this loan company and who should probably stray away from it. Plus, we’ll go over all their payment options and what type of loans they offer. Here’s just a few that LoanMart Loans covers;
Car Title Loans
LoanMart provides one type of loan, and that is a car title loan. It’s a type of credit line that, if approved they will use your vehicle’s title as collateral. It’s an excellent method for people who won’t have the credit to borrow a different type of loan. The main issue is having a car that’s worth the amount of the loan.
By filling out an online form with the company, you can wait as little as 24 hours to get a loan. The only important factor is that you have the title to your car and agree upon non-payment that your vehicle will be used as collateral damage.
LoanMart—How Borrowing Works
Borrowing is designed to be hassle-free and quick. The process requires that you either apply online or on the phone. After that, you’ll have to submit some personal information to get your money the same day. After that, you’ll get approved and be given the loan.
How Much Can You Take From LoanMart?
The maximum you can get loaned from LoanMart is $2,500. They are designed to give you a quick cash boost to pay rent, medical bills, legal fees, funeral costs, or a wedding.
Of course, you can choose to loan less than that, but they will come with high APR rates. That’s why it’s only worth it if you require fast cash and know when your next paycheck is coming.
What Are The LoanMart Payday Loans Rates & Fees?
Depending on what state you live in, LoanMart will charge an APR rate between 60-222%. This may seem like it won’t be a lot, but the interest rates really add up after a while. Be sure only to take the loan if you can make payments within the schedule and are sure that you can pay the extra accrued tax.
What Happens If You Don’t Pay LoanMart?
If you know that you’re going to miss a payment ahead of schedule, we recommend contacting their support team. They can give you the best alternatives if you’re going through hardship.
However, their main goal is to come up with a mutually agreeable solution that can attenuate circumstances from your repayment period. LoanMart may decide to extend the loan payment period; other times, they may ask if there is anyone who could cosign with you.
Overall, they will work with you as long as you call ahead of schedule. If you’re going to miss a payment or many payments without telling them, they will reflect on your credit score.
But, if you did sign your car as collateral, they can take possession of it legally. They can either hold it or sell it if they do not get your payment. This is imperative that you understand this. One missing payment may be able to be negotiated, but after that, they will do as the contract states.
If you sign your car over, they will be able to take it from you. If you rely on your vehicle for other things such as a job or getting your children to school, we don’t recommend using this loan. Only if you can make all the payments on time, then we think you will be able to use LoanMart.
Is LoanMart A Legit Loan Company?
LoanMart is a legit company, but many rumors are going around that they might not be. They have an official site and a customer service number that you can call to help clear out any doubts.
They are a non-traditional lender who can help put you and your needs first. Identifying and addressing your priorities is what makes them unique. They can help you with a car title loan, or give you advice on other types of loans.
The only issue with the company is that they only are eligible to offer you loans in 25 states. The interest rates are often much higher than ones you’d see from banks or other loan services. The company is ideal for anyone who needs fast cash and can quickly make repayments.
How To Apply For Loan From LoanMart Easily
LoanMart enables its future customers to apply online, over the phone, or at a direct LoanMart location. Out of their options, we find that doing so online is the easiest.
To apply online, follow these steps:
- Head to their main webpage and click apply.
- From there, you will be redirected to their main loan page summarizing the whole process.
- Read over the page and be sure to understand precisely what they’re asking of you. You may need some personal information ready and at hand. This includes the make and model of your car, as well as the date it was made.
- Fill in your vehicle’s Year, make, model, and mileage. Then click and select your current state of residence.
- Review your application and then click submit.
- Lastly, enter your full name, current phone number, email, and your zip code.
- After that, a disclosure agreement will pop up. You will need to read through the contract and sign it before clicking, “I want my cash.”
- Wait until you get approved. A loan agent will contact you and give you information on how much cash you are eligible for.
- After that, you can claim your cash by either checking, in person, or sent directly to your home.