If you’ve found yourself holding an unexpected bill, you may have considered getting a car title loan. And if you’ve considered getting a car title loan, you may have wondered how you’ll receive your money. Upon approval, LoanMart provides their customers with a number of different ways to pick up their car title loan money. They do this because they understand that each customer’s financial circumstances is unique. Some borrowers may not have a bank account. Others may prefer to get their money in the form of cash.
What are the different ways I can pick up my car title loan money from LoanMart?
- Direct Deposit – LoanMart is happy to place your funds directly into your bank account.
- In Person: If you prefer your money in the form of cash or a check, you can pick it up from a participating money transfer location near you.
- Licensed Location – You can also pick your money up from the LoanMart Licensed Location.
- Mailed Check – LoanMart can even mail you a check that you can deposit or cash wherever is easiest for you.
Now that you’re familiar with the multiple options you have for picking up your car title loan money from LoanMart, you may have a few other questions about car title loans.
How much money can I get for a car title loan?
The total amount of money you may be able to borrow with a car title loan will depend on a number of factors1:
- Vehicle equity
- Loan terms
Of those three, the equity in your car and your income are the most important. These help to determine the amount of money you may be approved for and are able to reliably pay back each month.
How do I show income for a car title loan?
There are a lot of people who think that the only thing you can use as proof of income for a car title loan is a paystub. However, there are actually a number of things you can use other than a paystub to show proof of income to LoanMart. For example, you can use:
- Social Security benefits
- Worker’s Compensation
What else do I need for a car title loan?
There are a number of different documents that you need if you want to apply for a car title loan:
- Qualifying car title in your name
- Proof of income
- Government-issued photo I.D. (Like a driver’s license)
- Proof of residence
- Photos of the front, back, and sides of the car
What do I need to do to get a copy of my car title?
If don’t have your car title, you’ll need to get a new copy from the Department of Motor Vehicles (“DMV”). Some DMVs are even capable of give you an expedited copy of your title. LoanMart may be able to tell you the location of the nearest DMV capable of assisting you. Or, depending on the circumstances, they may be able to help you directly with your new car title. If you can, adding LoanMart as a lienholder at that time may reduce the wait time on your loan.
What do I do if I can’t pay back my car title loan?
If you’re having difficulty paying back your car title loan, you need to contact your lender immediately. If the payments are late, your loan may go into default and your car might be repossessed. If it does get repossessed, your lender may auction it off to try and recover what you owe.
While there are loan companies that aren’t bothered by repossessing a borrower’s car, LoanMart realizes how important that car is. That’s why LoanMart tries to avoid repossession wherever possible and uses it only as a strategy of last resort. To help borrowers from going into default, LoanMart customer service agents strive to get a feeling for each borrower’s unique financial circumstances and create a set of loan terms that will work for their situation.
How do I get a car title loan from LoanMart?
If you’ve found yourself holding an unexpected bill and need emergency money to cover it, applying for a car title loan from LoanMart may be just what you need. If you have a car with a qualifying car title in your own name, you might be eligible for a car title loan of up to $30,0001. LoanMart also offers a streamlined application process that helps customers get their car title loan money in as little as one business day after they’ve been approved3.
With LoanMart’s simple process, it’s easy to sign up. Use any of these convenient methods to get in touch:
- Visit a participating store
- Call LoanMart at 855-422-7412
- Sign up online from the comfort of your own couch
Once you’ve determined the most convenient way to get in touch with LoanMart, there are just a few simple steps to complete:
- Fill out an inquiry form
- Get your important documents over to your LoanMart representative. You may even text them!
- Review you loan offer1
LoanMart knows that everyone’s situation is different. Some borrowers may not have a bank account, or access to the internet. Because of this, LoanMart offers a number of different ways for their diverse customer base to pick up their car title loan money.