Title Loans in Kentucky

Kentucky is a state that is known for its beautiful scenic nature, which can be found throughout. With the Ohio River north of the state, and the Appalachian Mountains just east, no matter what part of Kentucky you visit, chances are that the scenery will be absolutely breathtaking.

The second thing that may come to mind with Kentucky, may be Louisville, the largest city in the state. Louisville is famously known for the Kentucky Derby which takes place every year. Residents who get to live in this state have access to the luxury of city life, and the peaceful, serene qualities that nature offers.

At some point or another, a resident of Kentucky may need some extra funding to cover an unexpected bill or a necessary pricey expense. When looking for some extra funding in Kentucky—for whatever reason—consider Title Loans serviced by LoanMart.

What is a Title Loan?

wallet of cash from title loan

A title loan serviced by LoanMart is a unique kind of title loan. They are available to inquire about online or over the phone.

For those who aren’t too familiar with title loans, they are a type of secured lending. Secured lending requires an asset from the borrower in order to provide security for the loan, which is known as the collateral.

In the case of title loans, the asset is the borrower’s vehicle. Many people turn to title loans for funding because the lending process is both fast and easy. Not to mention, credit history isn’t the main criteria when determining eligibility because several factors are considered1.

Title loans serviced by LoanMart work in a similar fashion to other title loans—as they offer a fast and easy process for eligible borrowers.

What makes title loans serviced by LoanMart different from standard title loans? They provide unmatched flexibility and customers could receive unique rewards.

How to Get a Title Loan in Kentucky?

The process of inquiring for a Title Loan in the state of Kentucky is actually quite simple. The initial inquiry process can be done online or over the phone with a loan agent. The application process only takes a few minutes to complete and requires basic information.3

The title loan process involves a series of three easy steps:

1. Inquiring for a Title Loan in Kentucky

The initial application, as mentioned above, only takes a few minutes to complete and can be done online or over the phone.3 Once you fill out an application, you’ll know right away whether you are eligible to continue on to the next steps of the title loan process.

2. Talk to a Loan Agent

loan agent will then contact you with more information about eligibility and request certain documents from you. Once that information is sent in and verified, a loan agent will then give you details about loan amounts and repayment terms.

3. Get Your Funding

Once everything is squared away, an official loan contract will be made up and you can then review it with the loan agent. Once the loan details are looked over, understood, and agreed upon, you can go ahead and sign the loan contract. Finally, after following these three steps, funding can be made available!

Title loans serviced by LoanMart have such a simple funding process because there isn’t much needed to get started! The knowledgeable loan agents of LoanMart work hard to save borrower’s time by quickly answering any questions that arise during the process!

What Will the Customer Service Look Like with Title Loans Serviced by LoanMart?

As a customer, the way that you are treated can be one of the most important parts of any transaction. Great customer service right off the bat can set the tone for how the rest of the business transaction will look like.

With title loans serviced by LoanMart, superior customer service is made a priority. Whether it is the initial inquiry or during the loan process, a loan agent will be happy to assist with questions or concerns.

Here is what you can expect with LoanMart customer service:

Longer Contact Hours

LoanMart agents are available beyond the traditional 9am to 5pm business hours held Monday through Friday. So no matter when a resident of Kentucky may want to speak to a loan agent, chances are that a loan agent will be available quickly. It may also be helpful to know that LoanMart agents are available over the phone or through email!

Transparency and Honesty Throughout the Process

Unlike other loan processes, title loans serviced by LoanMart will not sugarcoat anything. Terms and conditions are made clear and honest so that a borrower knows exactly what they are signing up for. Along with that, LoanMart does not have any hidden fees attached to repayment, so borrowers aren’t left struggling to come up with extra money to repay.5

Care, Understanding, and Compassion

This quality is unexpected, especially when it comes to the loan industry. LoanMart provides customers with compassion, care, and understanding. Finances can be volatile, and unlike a lot of other financial businesses, loan agents from LoanMart try to make the title loan process a lot more pleasant.

What is the Mission of Title Loans Serviced by LoanMart?

After learning a bit more about title loans serviced by LoanMart, you may be wondering why these loans were created in the first place.

By understanding the mission that comes with these loans, you can try and figure out whether this a product you’d want to get behind.

Here are a few things LoanMart wanted to achieve:

Accessibility to Many

When it comes to the lending industry, those with less than perfect credit usually have a harder time obtaining funds. LoanMart aims to provide a positive loan experience for those whose finances are deviated from the norm—even those who are unemployed1.

Unparalleled Flexibility Throughout the Process

Title loans serviced by LoanMart provide a huge amount of flexibility. Because these loans are made to be accessible to the masses, they can be adjusted more than other types of loans1. With title loans serviced by LoanMart, an applicant will find that there is less rigidity with loan terms.

Loan Rewards for Borrowers

This is possibly one of the most unique missions that other types of funding do not provide. With title loans serviced by LoanMart, borrowers who make steady, on-time loan payments could earn lower payments each month2.

What Documents Does a Person Need to Apply in Kentucky?

Because title loans serviced by LoanMart are secured by a vehicle, a borrower will need to have a car in safe, working condition. In addition, a handful of documents will be needed to complete the title loan approval process in Kentucky.

Here are some documents you will need to apply for a title loan serviced by LoanMart:

  • A valid photo ID (state ID, driver’s license, or passport)
  • The vehicle title in your name
  • VIN (vehicle identification number)
  • Proof of income (paystubs, or bank statements)
  • Proof of residence (recent mail or lease/mortgage info.)
  • Four references
  • Photos of the car
  • Other documents may be requested for clarification of information.

The personal information that is requested will be used to verify an applicant’s identity and get a picture of what their finances look like. The information for the vehicle will be used to verify ownership, condition, make, model, and the year.

What Role Will the Car Play with Title Loans in Kentucky?

father and son near water at sunset, SUV in foreground

The car is an important part of the title loan process and it may be helpful to understand why.

Here are all the different roles that a car will play with the title loan process:

Tangible Security as Collateal

When the phrase “securing the loan” comes up, it is important to understand the weight that comes with this statement.

With title loans serviced by LoanMart, the car is the only tangible way that the loan can be secured, so there is a sense of security if the borrower defaults on the loan.

Coming Up with a Loan Value

The borrower’s car will also play a large role with the value of the loan. Most of the time, with car title loans, the loan’s value will not surpass the car’s current resale value. This rule is in place in-case needs to sell the repossessed car to get their funds back if the borrower is unable to repay.

Reducing the Role of Other Eligibility Requirements

With title loans serviced by LoanMart, the risk for the funding is greatly reduced because the vehicle is used as collateral. With any kind of loan, the amount of risk will be the basis for eligibility requirements. Because title loans serviced by LoanMart are secure, a loan agent can work with other risk factors, factors other types of loan options may not be able to put aside—such as past bankruptcy or low credit.

Can a Person with Low Credit Get a Title Loan?

This question briefly ties in with the information listed in the previous section. Low credit scores have become a common occurrence with the finances of many Americans, and title loans serviced by LoanMart were created to reflect that reality.

One of the most flexible things about title loans serviced by LoanMart in Kentucky is that credit is not a huge factor when it comes to meeting eligibility requirements

Instead, a loan agent will focus on several other important factors:

The Borrower’s Income

A borrower’s income will be an important part of eligibility and will determine how the repayment terms will look with title loans serviced by LoanMart.

The Borrower’s Ability to Repay the Loan

This factor will encompass income, existing debt, and monthly expenses.

The Value of the Vehicle

The value of the vehicle involved will play a huge role with eligibility for title loans serviced by LoanMart, as well as how much funding the borrower obtains.

Due to all these factors that a loan agent has to work with, credit is not the main qualifying factor with eligibility for title loans serviced by LoanMart.

How Flexible Are Title Loans Serviced by LoanMart?

When looking to choose title loans serviced by LoanMart, applicants may have questions about the flexibility that these loans offer.

With title loans serviced by LoanMart, flexibility is a fundamental part of the loan process. With these loans, a borrower will experience:

Flexibility with the Application Process

When it comes to the application process, title loans serviced by LoanMart provide flexibility. This is greatly apparent in the application process. An applicant can complete the title loan application process from the comfort of their own home in just a few short minutes3.

Flexibility with the Loan Process

The entire loan process offers borrowers plenty of options. From the way that documents are sent in, to how title loan funds are received (once a person is approved for the loan), it’s up to the borrower.

Flexibility with the Repayment Process

Repayment is another part of the title loan process with LoanMart where a borrower experiences flexibility. With other title loans, a borrower may find that they only get about one year to pay back their loan. With title loans serviced by LoanMart, repayment plans can be much more personalized and flexible.1!

Can I Get a Title Loan Serviced by LoanMart if My Car Title Has a Lien On it?

When a car title has a lien on it, this usually means that there is an existing title loan on the vehicle, or that the vehicle is being leased. When this occurs, the person driving the vehicle cannot legally sell the vehicle, and usually cannot take out another loan on it.

With title loans serviced by LoanMart ,however, a loan agent may be able to make that happen. Essentially what would happen, is that the existing loan would be replaced with a title loan serviced by LoanMart. With this exchange, a person doesn’t have to worry about the old loan and can focus on paying back a loan that is more ideal for their financial situation.

In order for this to happen, the following needs to occur:

  • An applicant will have to be initially approved for lending.
  • An applicant will have to be approved for at least the minimum amount that covers the previous loan (in order to completely pay off the existing loan).

A loan agent would be happy to discuss your title loan options, even if your vehicle currently has a lien on the title.

What Will Title Loan Repayment in Kentucky Look Like?

Keyboard next to wallet with cash

The monthly payments can be made:

  • With a check through the mail
  • Over the phone
  • Through the LoanMart website
  • In-person at a MoneyGram near you

The payment dates and the monthly payment amount with title loans serviced by LoanMart will vary from one person to another. The reason for this is because title loans serviced by LoanMart are personalized for each individual borrower.

One awesome perk that comes with these loans is that repayment can last up to 3 years1! This can be a huge deal, as the average repayment terms for other title loans usually only last one year long.

How Will Early Payments Work with Title Loans Serviced by LoanMart?

With title loans serviced by LoanMart, one of the most convenient parts of this process is going to be the repayment. These loans offer a person the ability to repay early without any penalties.5 In fact, borrowers are encouraged to repay their loan early to avoid financing fees.5/ Other types of loans surprise borrowers with hidden fees in the form of repayment penalties and balloon payments, but not title loans serviced by LoanMart.5

What If I Am Unable to Make a Loan Payment This Month?

If you are unable to make your loan payment for this month, the best thing that you can do is be open and honest with your title loan agent. They will try and come up with a reasonable solution to prevent the worst-case scenario—defaulting on the title loan.

If you think that your upcoming monthly payment will be impacted while repaying your title loan, this is another thing to discuss right away with your loan agent.

Is My Information Safe When Applying for a Title Loan Serviced by LoanMart in Kentucky?

When deciding whether to obtain title loans serviced by LoanMart, one of the main concerns that a person may have is the safety of the information that is sent in.

When you apply for title loans serviced by LoanMart in Kentucky, the inquiry form will ask for some basic information about you, your finances, and the vehicle that you want to use for the loan. Once a loan agent looks over all that information, they will then ask for some documents.

The great thing about title loans serviced by LoanMart is that there are tons of security measures taken in order to protect personal information that is sent in for review.

Here are a few ways that title loans serviced by LoanMart protect sensitive information:

Encrypted Servers

With the LoanMart website, the data is encrypted. This simply means that any submitted information is protected from unauthorized personnel that aren’t qualified and trained loan agents.

Proper Storage of Documents/Information

Another way that information is kept safe with LoanMart is through the proper storage of sensitive documents.

Proper Shredding of Documents

Important documents are taken care of immediately after use by proper shredding disposal!

Never Sharing Anything Without Permission

When it comes to sharing personal information, LoanMart agents make sure to never share anything that will compromise a client’s identity or personal information.

Where Can I Pick Up the Funds from Title Loans Serviced by LoanMart in Kentucky?

Once you are approved for a title loan serviced by LoanMart, picking up the funding is as simple as the rest of the process. For eligible applicants, title loan funding is available to be picked up at any MoneyGram location in Kentucky.1

Below is a map of the various MoneyGram locations available in Kentucky for residents, along with location details for a few stores: