The Complete LoanMart Review -

The Best Online Title Loans?

The Complete LoanMart Review – The Best Online Title Loans?
Chris Morgan
Author : Chris Morgan
Updated on : April 20th, 2022

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When it comes to title loans, choosing the right company can make all the difference. Good companies offer title loans with reasonable rates, fair repayment terms, and a speedy application process. Bad companies, on the other hand, only offer predatory loans that may put you in an endless cycle of debt.

LoanMart is a popular title loan company that comes up frequently in online searches. Are they one of the good companies, or should you stay away?

In this article, we’ll do a full review of LoanMart and discuss why it’s one of the best places to find an affordable online title loan. After reading this article, you’ll be able to fully evaluate whether LoanMart is right for you.


Who is LoanMart?

LoanMart is a popular online title loan company. They have been around for around two decades, and have helped secure title loans for over 250,000 clients.

LoanMart is a direct title loan lender. This means that they are directly responsible for writing your loan contract and funding your loan. This model is slightly different from other title loan companies like Max Cash, which acts as an online title loan marketplace rather than a direct lender.

Clients who choose LoanMart often experience a faster overall process and great customer service. LoanMart prides themselves in creating non-judgmental connections with their clients to ensure they get the emergency funds they need.


Is LoanMart a Legitimate Business?

Yes, LoanMart is a legitimate business. Over the years, they have expanded from a single location in California to having multiple corporate offices. They have also sponsored the Rancho Cucamonga Quakes minor league baseball team and renamed its ballpark LoanMart Field.


LoanMart is also well-aware of the fact that title loans currently aren’t legal across all states. If you live in a state where title loans aren’t offered, you will not be able to get a loan with LoanMart. While this is unfortunate, it shows that LoanMart abides by all state laws.


In addition, it’s always a good sign when a loan company emphasizes financial education in addition to their services. LoanMart has a section on their site dedicated to teaching customers about title loans and other useful resources.


How Do Title Loans Work With LoanMart?

Title loans at LoanMart involve three easy steps:

  • Get in contact with LoanMart. You can do this by calling them, visiting a physical store location, or filling out their online application form. We prefer the online application method, as this only asks for basic information and takes just a few minutes to complete.
  • Submit your documents. After submitting your application, a LoanMart representative will contact you regarding next steps. You’ll have to provide a few documents, including your government-issued ID, car title, proof of income (paycheck stub or bank statement), and proof of residence (recent utility bill).
  • Sign the contract and get your funds. LoanMart has a pretty high acceptance rate, so you should get approved as long as you can provide all the documents. Before agreeing to the contract, be absolutely sure that you’re able to repay the loan in full and on time. Once you sign the contract, you can choose how to receive your funds (electronic wire transfer, or at a MoneyGram location).

From start to finish, you could get your funds in as little as one business day. LoanMart states that as long as you submit your documents before 2PM PST, you could even get your cash on the same day.

Does LoanMart Do Credit Checks?

LoanMart may or may not perform a credit check during your application process. Even if LoanMart does do a credit inquiry, your credit score is only one small determining factor. Note that a credit inquiry can lower your score temporarily in the short term.

However, even if you have a bad credit score, you still have relatively high approval odds at LoanMart. Sometimes, instead of a credit check, LoanMart may ask for a personal or professional reference letter.

Does LoanMart Report To Credit Bureaus?

Yes, LoanMart does report payments to credit bureaus. This is great news, since if you manage to repay your title loan in full, this will show up as positive credit history, boosting your overall credit score.

This means that you must also be mindful of missed payments, since these get reported as well. A missed payment can stay on your credit report for seven years.


Pros of LoanMart

Now that we know how title loans work at LoanMart, let’s dive into their biggest competitive advantages.

  • Fair Rates

When compared to their competitors, LoanMart offers fair rates. All rates fall within the maximum interest rate as designated by state law. You can check this table by the Consumer Federation of America for a quick summary of title loan legislature by state.


LoanMart is constantly performing market analysis to offer the most competitive rates. They take into account your entire financial situation to create a loan contract that’s fair to both you and them.

  • Fair Car Valuation

With LoanMart, you qualify for more. LoanMart asks you basic questions about your car, including make, model, year, style, mileage, and the state you live in. From there, you prequalify for an amount that usually beats out similar competitors.


Note that just because you qualify for more doesn’t mean you should take out that much in a title loan. Since title loans are expensive, it’s wise to only take out what you need. Still, the fair car valuation lets you qualify for more, so the cash is there if you need it.

  • Quick, Smooth Application Process

Applying for a title loan at LoanMart is incredibly easy. You can fill out their online form in a matter of minutes and hear back on the same business day. LoanMart understands that you might need cash in a pinch and will do their best to make the process as quick and smooth as possible.

  • Great Customer Service

If you have any questions throughout the application process, LoanMart customer service representatives are always willing to help you out. In addition, you should never hesitate to reach out if you’re having trouble making loan repayments. LoanMart is flexible and willing to work something out with their clients.

  • High Availability Across States

While title loans aren’t legal in every state, LoanMart offers them in as many states as they can. Few title loan companies have as much state coverage as LoanMart does.

Cons of LoanMart

LoanMart has many pros, but there are also a couple of cons that you should pay attention to.

  • Not Available in All States

The first obvious con is that LoanMart might not be available in the state that you’re in. This is more due to varying title loan state legislation than it is an issue with LoanMart, but you should be aware of this nonetheless.

  • May Repossess Your Vehicle

If you’re unable to pay back your loan on time, LoanMart may repossess your vehicle. Unfortunately, repossession is common in the title loan industry–nearly every company does this, not just LoanMart.


It’s imperative that you only take out a title loan if you’re absolutely sure you can repay it back on time. Otherwise, you risk losing your car.


Customer Reviews of LoanMart

When evaluating a company, it’s always helpful to look at official customer reviews from sites like Consumer Affairs and TrustPilot. Here are two accounts of what LoanMart clients had to say.

Catherine of Kennesaw, GA

The Application with LoanMart was seamless. They were very on top of it. They called me daily and emailed, too. Their representatives were wonderful. The percentage rate with LoanMart was 60%. With TitleMax, it's 183%. They're terrible. They don't even have fax machines. LoanMart blows them out of the water. I would a hundred percent recommend LoanMart. There was one small thing where they had the wrong routing number for my bank and they sent it somewhere. It took like five days. So, for those five days, I did get it but I paid interest, which was about 8.50 a day. But it's not a big deal and they were great overall.

Catherine’s review highlights multiple points about LoanMart. First of all, they offer very competitive rates, even when compared to other top title loan companies like TitleMax. While 60% is still a high interest rate overall, it’s considered very reasonable for a title loan.

She also touches on the frequent communication between her and LoanMart representatives, showing that their customer service is top-tier. While they did have a few hiccups with the fund transfer, their willingness to stick with her case shows their dedication to customer satisfaction.

John Philip Nieto, US

Kyle was very helpful, friendly, and professional.

I have been receiving Loan Mart emails to receive additional funds but did not need it. Until my Aunt Dolores in Santa Fe NM, passed away last month. I called LM for a new loan amount.. I was able to drive there with my 2 dogs, rent a motel for a week, and take care of Aunt Irene: replace dirty carpet, buy 2 bed mattress, clean the yard, groom her dogs that were in desperate need, buy groceries, and cook and freeze food for weeks. I never expected the support and understanding from a loan rep, but I did. Thank you so much.

John’s review shows that in times of need, LoanMart is extremely understanding. They will use their quick and smooth application process to get you funds as soon as possible.

John’s review also shows what a title loan can do for you: provide weeks of food and other necessities while you may currently be short on funds. If not for LoanMart, John may not have been able to take care of his family or himself.


Alternatives to LoanMart

Overall, LoanMart is one of the best places to get a title loan online. However, if you want to increase your chances of getting a title loan, it doesn’t hurt to try out other companies as well. For more information, consult our list of the best title loan companies in the United States.

No credit check payday loans are a popular alternative to title loans. In a payday loan, you don’t have to offer any collateral. Instead, the lender expects you to repay the loan in full when you receive your next paycheck, hence the name payday loan. If you’re interested in payday loans, we recommend starting your search by reading our LendYou Complete Review.

Finally, note that title loans and other no credit check loans are simply short-term financial solutions. In the long-term, you want to be focusing on improving your credit score. If you suspect that you might have errors on your credit report that’s holding back your score, you may want to consider credit repair. Our Ultimate Review Guide for Credit Saint has more information.


Is Getting a Car Title Loan From LoanMart Worth It?

Yes, getting a title loan from LoanMart is definitely worth it, since they offer the best rates. 

However, remember that title loans are expensive. This means that you shouldn’t use title loans on discretionary expenses, such as a lavish gift or vacation. Instead, only use a title loan to fund necessities, such as food, utilities, or an upcoming rent payment.


Conclusion and Next Steps

All in all, LoanMart emerges as one of the leaders in the online title loan space. This is because they offer the best rates, the fastest application process, and excellent customer service. While they do have a few cons, these cons are characteristics of just about any title loan company you come across, not just LoanMart.

If you’re serious about getting a title loan, we highly recommend reaching out to LoanMart today and starting an application. As many others have testified, you could walk out with your loan in as little as one business day.


When doing research, Credit Help Info relies on credible and authoritative sites. These research sources are provided so that you can see exactly where we get our information.


About the Author

Chris Morgan

Chris Morgan is a credit expert and founder of Credit Help Info. He has been featured in Addition Financial, GOBankingRates, MSN Money, Yahoo Finance, and many other publications. He has read hundreds of books and resources on finance and the credit industry. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into manageable information that’s easy to understand.


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