Do you need more information on how to go about paying off an online title loan? We are here to explain the whole process to you and pass on some advice on how best to go about repaying the loan. Remember that we can speak about how it works for LoanMart’s customers but not all companies offer as may options as we do.
When you are considering paying off your online title loan or any title loan, you should always ask for a “payoff” letter. This is sometimes known as a “10-day payoff letter” which means that the amount they say you owe is valid for 10 days from the date the letter was written; however, keep in mind that during those 10 days, daily interest charges may continue until you pay it off completely.
With LoanMart, you will have access to your account information via a login through the main LoanMart site. This will keep you up to date with where you are with your payments and amounts still due on the loan. We even have a MOBILE APP for Google Play and ITunes! You can have the ease of knowing about your loan at any time 24 hours a day 7 days a week! Download it for Android or from the ITunes App Store on your phone.
We strive to make the application process simple and offer a variety of payment options to make it easy to make payments on time each and every month. One of our biggest goals is to make sure that the repayment of the Auto Title Loan is as simple and pain-free of a process as possible. Once the application is complete and if a loan is approved, payment amounts will be amortized and paid back over a period of 12-36 months, depending on the terms of the loan. 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.
With LoanMart, paying off an online title loan can be extremely easy because there are no prepayment penalties so the borrower can pay off the loan as early as they would like. If the borrower pays the lender back early then there will be significantly less interest accrued. The payments on an Auto Title Loan are amortized which means that when a borrower is paying off the title loan they are paying down both the interest and the principle. This means that no balloon payments are involved.
Monthly Billing Statements
An Auto Title Loan Online is similar to any other loan in the fact that monthly billing statements are sent from LoanMart. However, paying off an online title loan is made significantly easier with the utilization of technology. We make the process exceedingly more convenient by making your current balance and payment history available online. The billing statement includes important information about the loan.
- Payment History
- Basic Account Information
- Billing Information
- Payment Methods
- Important Messages
By having all the information of the loan constantly available to the borrower, it is far less likely that a default will occur on the loan; increasing the likelihood that the online title loan will be paid off in a timely fashion.
We offer several convenient payment methods to ensure that we are meeting the needs of all of our customers. 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. Our customers do not need to have a bank account to obtain an Auto Title Loan from LoanMart unless the funds need to be wired or transferred. Therefore, there are several ways to pay off the online title loan that do not include the use of an actual bank account.
Monthly payments can be made each month in one of the following ways:
- Mail payments to the payment center
- Pay by phone with a credit card or a check
- Monthly automatic electronic payments from any checking account
- Pay online by using the MyAccount tab
- Visit a payment location 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 payment
- Keep up to date with all your billing statements
- Check in with us on a regular basis to feel more secure
- 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.
Borrowing Made Easy
Here at 800LoanMart, we want the borrowing process to be easier than ever before. We are here to help customers understand the process each and every step of the way. We want our customers to know exactly what is expected of them along with what they can expect of us. Call us today at LoanMart to see if we can help start the journey towards a brighter financial future.