LoanMart Loans Review

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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:

  1. Head to their main webpage and click apply.
  2. From there, you will be redirected to their main loan page summarizing the whole process.
  3. 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.
  4. Fill in your vehicle’s Year, make, model, and mileage. Then click and select your current state of residence.
  5. Review your application and then click submit.
  6. Lastly, enter your full name, current phone number, email, and your zip code.
  7. 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.”
  8. Wait until you get approved. A loan agent will contact you and give you information on how much cash you are eligible for.
  9. After that, you can claim your cash by either checking, in person, or sent directly to your home.
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Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
Obtaining methods
  • Bank account
  • Credit or Debit card
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LoanMart Payday Loan Requirements Explained

Every loan company will have minimum requirements that they expect customers to meet. It will be highly dependent on each state, but they are generally easy to surpass and get approved.

For LoanMart’s eligibility, there are a few things you must meet the standard for. Here are the following criteria:

  • Be a resident in one of the states where LoanMart operates.
  • Your vehicle MUST have a minimum value of $1,500
  • The vehicle is paid off or almost paid off.
  • Verifiable income
  • Be at least 18 years of age.
  • Be a US citizen or permanent resident.

As long as you meet the above criteria, you can move ahead in the loan process. Just passing this criterion does not automatically qualify you for a loan. You will need to fill out other information to get approved for a loan, which we detail later in this document.

States Where LoanMart Does Offer Loans

Each loan company has different restrictions on where they can authorize loans. LoanMart is only licensed to operate in 25 of the United States of America.

Here’s an overview of the seven states:

  • Arizona
  • California
  • District of Columbia
  • Florida
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Michigan
  • Mississippi
  • Missouri
  • New Mexico
  • Ohio
  • Oregon
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Washington State

As you can see, they provide many locations and states where you can qualify for a loan. Although they are a large company expanding, you can expect more of their offices to pop up in other locations over the next few years.

Advantages of LoanMart Loans
  • Quickly get approved in under an hour;
  • Inadequate Credit Also;
  • Less Paperwork ;
Disadvantages of LoanMart Loans
  • Interest rates are very high ;

What Do You Need To Get A Payday Loan Online?

To get a payday loan online, you’ll need access to the internet and a laptop, smartphone, or tablet. From there, you’ll need to signup on their website, call, or contact their loan agency.

The information necessary for you to be even considered are these:

  • The Year, make, model, and mileage.
  • Proof of income (paystubs, CPA profit-loss statements, bank statements, etc.)
  • Proof of residence (driver’s license, state identification card, etc.)

What Do You Need To Get A Payday Loan In-Store?

To get a payday loan in-store, you must first fill out an application form online. From there, you can easily visit one of their 3,000+ participating store locations to find these locations, head to this page on their website.

Here, you can find their physical offices and be able to see a loan consultant.

What Time Does LoanMart Open & Close?

Statewide, LoanMart is open Monday-Friday from 8 am – 6 pm PST. However, it’s also open on Saturday from 8 am – 5 pm PST. Sundays, the offices are closed, but you can still head to their online website to apply for a loan.

If you run into any issues, you can contact their customer support line or email.

Phone: 1-855277-4847

Email: [email protected]

Our Verdict On LoanMart Loans

There are times when you need quick money, and the best way is to apply for a loan. With so many loan options out there, it can be very confusing about what type you should get. Looking at all your options can help ensure that you get one that works with your payment schedule.

LoanMart is a good option for people who don’t have qualifying credit and need instant cash. Although we advise that people are applying to be very careful, that’s because losing a car can sometimes mean having a job or not.

To avoid this, though, all you will need to do is stick to your repayment schedule. If not, you can always call the company through their customer service number or email them. They will be able to advise you on the best possible course of action.

On the other hand, if you can’t afford to make these payments or lose your car, then we advise on a different type of loan. This is only a quick and affordable option for people who don’t mind inflated APR rates or using their car as collateral.

After looking over the company and also some user reviews, we’ve concluded that LoanMart works for a lot of people. But, beware if you don’t make payments. They are very persistent in making sure you pay on time. If not, they will hold your car until you either make payments or settle. Overall, you’ll understand the contract while signing a loan with them.

( 234 votes, average: 9.2 out of 10)