Being in the middle of a financial emergency can be stressful. If you are thinking about getting a title loan, the last thing you want is for it to be a complicated process. Some title loan companies advertise that they offer easy title loans. How do you know if their title loans are as hassle-free as they are claiming? Here are some of the things you should expect from a title loan lender committed to giving you a no-hassle title loan:
- Online Application
- No In-Person Inspection
- Documentation Submission by Text
- Mobile App
- Extended Hours
- Same Day/Next Day Funding
- Multiple Channels to Receive Money
- Simple Loan Terms
Many title loan lenders can give you things like same-day funding or extended hours of operation. However, only larger companies will have the infrastructure necessary for things like a mobile app or being able to provide your money through multiple channels. One such company is LoanMart.
How does LoanMart provide hassle-free title loans?
LoanMart helps take the stress out of getting a title loan by offering features like:
- Online Applications: No need to drive across town, or even walk down to the corner title loan store. Borrowers can apply for a title loan with LoanMart anywhere they have access to the internet, from the comfort of their sofa perhaps.
- Document Submission by Text: Once borrowers have finished their application, they’ll need to submit documents for things like proof of income. Borrowers don’t need to email or fax them in. They can just take a photo and text it to LoanMart.
- No In-Person Inspection: It wouldn’t make much sense to have an online application and text submission of documents if borrowers then had to then drive their car town to the lender’s office to be inspected. With LoanMart, borrowers can submit photos of their car to show its general condition, which influences the amount of money they may be able to borrow1.
- Mobile App: LoanMart’s app allows borrowers to stay up-to-date on things like the balance of their loan or when their next payment is due. They can also do things like make a payment on their loan or update their personal information.
- Extended Hours: Just because a borrower applied online and submitted their documents virtually, doesn’t mean they’ll never need to speak to a live person. LoanMart staff are available to answer borrower questions either online or over the phone outside of 9-to-5 business hours.
- Same-Day/Next-day Funding3: LoanMart understands that borrowers don’t always have the time to prepare for financial emergencies and sometimes they need their money as fast as possible. Because of this, LoanMart has adopted a streamlined application process designed not only to make it easy to apply, but also to get borrowers their money fast, in as little as one business day3.
- Multiple Channels to Receive Money: LoanMart maximizes customer-convenience by providing several avenues for borrowers to receive their money. In addition to receiving their money via something like direct deposit, borrowers can opt to pick up their funds at a participating money transfer location nearby.
- Simple Loan Terms: Short-term loans can get quite complicated. When borrowers need money fast, the last thing they want to do is have to muddle through a long, convoluted contract. LoanMart understands this and tries to keep things simple. As a result, LoanMart doesn’t include things like early payment penalties or balloon payments at the end of a borrower’s loan. Instead, LoanMart spreads the full cost of the loan over each monthly payment. Additionally, there are no penalties for paying early. If borrowers feel like paying their loan off before the due date, it’s easy to do.
- Direct Lender: Borrowers typically go through a broker or a direct lender when looking for a short-term loan. Brokers contact multiple lenders for loan offers and present them to the borrower. Direct lenders communicate directly with borrowers, which can reduce wait times on loans. Additionally, brokers are given guidelines to follow by lenders and have little flexibility to make exceptions. In contrast, the person the borrower speaks with when contacting a direct lender likely has some influence over whether or not they’ll receive their loan. Because of this, they are better able to offer exceptions in unusual circumstances.
- Title Loan Grace Period: What happens if a borrower take out a title loan and the next day they decide that they don’t want it? Well, if they got their title loan from LoanMart, they can return the money4.
- Transparency: LoanMart does their best to make sure borrowers understand all the terms of their loan. If they ask a question, LoanMart representatives won’t be evasive or give half-answers. Instead, the representatives will answer borrower questions as thoroughly as possible and ensure that borrowers understand exactly how their loan works.
- Working to Avoid Repossession: LoanMart understands how important a borrower’s car is. They need it to do things like, get to work, pick up their children, etc. Because of this, LoanMart tries to work with borrowers and create a loan plan that fits with each borrower’s unique situation.
Financial emergencies can cause a huge amount of stress. The last thing anyone needs is to have to jump through even more hoops to get the money they need to solve their problem. A good car title loan lender will do their best to create a hassle-free experience for borrowers. You can use the above list to guide you while you’re looking for a car title loan lender that makes things easy for you.