Alternative lenders, like LoanMart, can be a quick and convenient approach for individuals looking for help with their financing.
Before deciding on an alternative lender, potential borrowers should understand a few Car Title Loan basics, such as rules and regulations that vary from state to state.
Utah Car Title Loan: Basic Requirements
In order to receive a Car Title Loan in Utah, a set of requirements must be met by both the lender and borrower before a loan can be secured.
- Borrower must show a reasonable ability to repay in order to receive a Car Title Loan
- The loan amount may not be rolled over unless requested by the borrower
- Only one loan may be issued per title
- Automobile must be paid off before receiving a Car Title Loan
For additional information, please contact the Utah State Department of Financial Institutions, which regulates the industry.
What Borrowers Need to Know
For most prospective borrowers in Utah, LoanMart can provide a financial estimate directly from their website, LoanMart.com. By revealing ALL charges and fees, the loan process is transparent and upfront. Our goal is to help.
- Apply online or on-the-go by visiting LoanMart.com with a smart phone or computer
- There are no caps on interest rates; however, all Car Title Loans must adhere to the amortization schedule administered by the Utah State Department of Financial Institutions
- If a borrower defaults on a loan, the automobile may be repossessed but LoanMart will work with you if contacted ahead of time
Additionally, LoanMart fully amortizes each loan by disclosing all charges and fees. For most Car Title Loans secured in Utah, the annual percentage rate is between 80% and 180% depending on creditworthiness. And, with no pre-payment penalties, a borrower may pay off the loan at any time.