• Why Car Title Loans Have a Bad Reputation

    By Ashley | April 15, 2014

    Looking to get some additional funds? Exploring options and wondering why so many negative reviews exist about taking a loan on a car title? There are a few explanations for why many people shy away from working with a title lender, many of which simply don’t hold any water if you deal with a reputable provider.

    A Few Bad Apples

    It only takes one bad lender to paint all of us in a bad light. We at LoanMart know there are companies that:

    • Charge skyrocketing interest rates
    • Expect a loan to be paid back in as little as a month
    • Have hidden fees

    Some lenders have interest rates that exceed 500 percent, which makes anyone wonder why someone would take the chance. What’s more, many title loan companies do not report payment history to credit reporting agencies, which means taking out a loan with them and making every repayment on time will do nothing to improve credit. Even scarier, there are some lenders who will put tracking devices on every automobile that comes through their shop.

    The Difference

    Car Title Loans do not have to be so frightening. Just work with a reputable company. Our staff at LoanMart isn’t out to trap a person with high interest rates. Through our company, a person can count on:

    • A simple, easy-to-follow process, with helpful loan agents to answer all of your questions
    • Assuming everything is ready and the loan is approved, funding can be advanced by the next business day
    • Interest rates as low as 60 percent depending on location
    • No balloon payments or early repayment fees
    • Long-term pay-back schedules, with most loans averaging between 24 and 36 months

    We also report payment history to one of the biggest credit reporting agencies, which means not only might someone qualify for one of our loans, but they can also improve their credit score through choosing us, so long as the repayment schedule is followed. When considering borrowing money against a car title, make sure the company will keep all information safe and secure while at the same time doing its best to help improve a current situation.

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