If you’ve recently found yourself holding an unexpected bill, you may be wondering how you’re going to cover it. If you’ve been doing loan research, you’ve probably found a few different ways to obtain emergency money. If you’re in South Carolina, you may have considered a LoanMart car title loan. If you’re hesitating, you probably want to know how they stack up to other loans you could potentially get.
How does a LoanMart Car Title Loan Compare to a Traditional Loan?
Car title loans differ greatly from loans borrowers may encounter if they went to a traditional lender. For example, traditional financial institutions can drag their feet when it comes to approving or denying you a loan. Oh, and if that wasn’t bad enough, they also place a heavy emphasis on your credit score when you apply for a loan. In contrast, car title loans can offer qualified borrowers fast approval. Depending on when you get all your documentation in, you could be approved in as little as one business day3. Finally, car title loan lenders such as LoanMart, are far less interested in your credit score than a traditional lender. Instead, they are much more concerned with the equity of your car, and your ability to pay your loan back.
How does a LoanMart Car Title Loan Compare to a Payday Loan?
You may think that a payday loan is superior to a LoanMart car title loan. After all, you don’t need to possess a car to obtain a payday loan! That may sound great, but there are some important differences between payday loans and car title loans. While it is true that you’ll need a car with a qualifying title in your name when you apply for a car title loan, this provides borrowers with several benefits over payday loans. Because you’re using your car title to secure a loan, lenders are frequently able to offer superior interest rates, and maybe even more money, than if the loan was unsecured, like a payday loan.
Now that you know about the many advantages that car title loans provide borrowers over other borrowing methods, you’ll probably want to know exactly how you can apply for a car title loan from LoanMart!
What Do I Need to Obtain a Car Title Loan from LoanMart in South Carolina?
If you’re considering applying for a car title loan to handle a current financial dilemma, you’re going to need the following:
- Qualifying title to a qualifying vehicle
- Photos of the front, back, and sides of the vehicle
- Proof of residence current mail, such as a utility bill)
- Proof of income
- Government-issued photo I.D. (driver’s license, state I.D., passport, etc.)
Are you wondering why you need photos of your car? That’s because LoanMart uses photos as part of the appraisal process. Other lenders require potential borrowers to bring their car down to their storefront for a once-over in person. LoanMart understands that not everyone has the time to drive all the way down to a lender’s brick and mortar location so they can look at your car for five minutes. We value your time!
What can I use as Proof of Income for a Car Title Loan from LoanMart?
There are plenty of people who believe that the only way you can demonstrate your ability to pay back your car title loan is through a recent paystub. There are actually a number of different documents you can use to show proof of income. For example:
- Social Security
- Settlement/Court-Ordered Award
- Workers’ Compensation
How do I Apply for a LoanMart Car Title Loan in South Carolina?
If you’ve decided that a car title loan may be the right way for you to resolve your financial issue, you’ll be able take advantage of LoanMart’s streamlined application process. It’s so fast that you may be able to obtain your car title loan money in as little as one business day after you finish submitting all your documentation1,3. If you’ve got a qualifying car title in your own name, you may qualify for a car title loan from LoanMart worth up to $30,0001.
If you’re ready to apply, you’ll just need to complete these three simple steps:
- Send in an information request form
- Send in your important documentation to your LoanMart representative
- Collect your funds1!
No matter where you want to apply from, LoanMart has several easy ways for you to get your car title loan process started. You can:
- Call LoanMart at 877-787-4923
- Sign up online
- Visit a participating location
Now that you know the many benefits that car title loans provide when compared to other loans in South Carolina, a LoanMart car title loan may be just the solution to your unexpected expense1. The helpful customer service representatives at LoanMart are standing by to answer any questions you may have. So don’t hesitate; get in touch with LoanMart to start your car title loan process today!