Paying Off an Online Title Loan serviced by LoanMart

When you are considering paying off your online title loan serviced by LoanMart, it’s a good idea to ask for a “payoff quote” or “payoff letter”. This is sometimes known as a “10-day payoff letter” which means that the amount disclosed as your current loan payoff is valid for 10 days from the date of the letter.

Keep in mind that during those 10 days, daily interest charges continue to accrue until your final payment is made – the earlier you pay, the more money you can save as any overpayments would be refunded to you. If your final payment is made after the 10 day period, your final payment will need to be larger due to additional interest being added to your account – the 10 day payoff quote only includes the projected interest accruals for exactly 10 days!

Whether you’re looking to pay off your title loan, or just looking to make a regular payment, title loans serviced by LoanMart offer a variety of payment options to make it easy to make payments. The repayment for auto title loans should be as simple and pain-free as possible. Once the application is complete and if a loan is approved, payment amounts will be amortized and paid back over the loan term. The amount borrowed is based on the current equity in the vehicle, the value of the vehicle, the ability of the borrower to repay the loan, and the law of each state, but we’ll do our best to ensure that the best deal is obtainable from a valuable investment.

How Monthly Billing Statements Can Assist With Paying Off Title Loans

Car Title Loans serviced by LoanMart are similar to other installment loans in the fact that monthly billing statements are sent to the borrower, or made available online to borrowers who opt-in to electronic statements. The billing statement includes important information about the loan, which can help borrowers stay on track towards paying off their loan on schedule or early:

• Payment History
• Basic Account Information
• Billing Information
• Payment Methods
• Important Messages

By making all relevant loan information available to the borrower, title loans serviced by LoanMart strive to make it less likely that a default will occur and to make it more likely that the online title loan will be paid off in a timely manner.

Payment and Payoff Options for Loans Serviced by LoanMart

Several convenient payment methods are available to ensure that borrowers able to make their monthly payments or payoffs in a convenient manner.⁵ There are several different ways to go about paying off your online title loan and the borrower is permitted to choose whichever way is most beneficial for them. With an Auto Title Loan serviced by LoanMart borrowers are not required to have a bank account to get a loan, or to make payments unless the borrower chooses to have the funds sent via bank transfer or make payments via ACH.¹

Monthly payments or payoffs for online title loans serviced by LoanMart can be made in one of the following ways:*

• Pay by phone with a payment card or bank account
• Electronic payments from a checking account
• Pay online by using the MyAccount tab in the customer portal
• Visit a participating money transfer location to pay cash in person

*Fees may apply.

Tips for Paying Off Your Online Title Loan

• Budget the loan payments into your monthly budget
• When you have the resources, pay more than the required monthly payment
• Keep up to date with all your billing statements
• Whenever you have questions, don’t hesitate to call us
• Calculate your interest and make your own payment plan if you wish to pay off the title loan earlier than agreed-upon date

And remember, if you ever need any help or advice about paying off your online title loan then simply give us a call. We make you our number one priority and are eager to answer any questions that you may have.

What Happens After You Pay Off a Title Loan?

Once a car title loan is paid in full, the title lender or loan servicer as applicable is legally required to release the lien on the vehicle. The timing of the lien release and return of the title to the borrower can vary by state and method of the final payment. The range is from as little as 3 days to up to 30 days for the lender or loan servicer to process the lien release. Please keep in mind that the state DMV or applicable government agency requires additional time to turn around the lien release and titles paperwork – that processing time is not controlled or influenced by the lender or loan servicer!