Title Loans in the State of Michigan
For people who reside in the great state of Michigan, there are many options available when it comes to getting a loan. To start, there are traditional loans that can be obtained from either banks or online loan options.
The problem with those types of loans though, are that they require a person to have a decent credit score to be approved. While that may not be a problem for some, it can definitely alienate those whose credit scores are less than ideal.
If a traditional loan is not on option, then an inquirer could always turn to title loans to help them out. But even title loans have their share of problems too, as terms could be short and interest rates vary greatly.1
So, what is a person to do if they need emergency funding but don’t like either option? Well, that is where Title Loans serviced by LoanMart comes in.
What is a Title Loan Serviced by LoanMart?
A title loan serviced by LoanMart is a unique type of loan that’s designed to help people in times of financial need. While title loans serviced by LoanMart are technically a title loan and do require a borrower to use their vehicles title as collateral, they offer so much more than any other title loan out there.
When it comes to a title loan serviced by LoanMart, there are many benefits that this loan can provide, like loan rewards, competitive interest rates, and no hidden fees2. So while a title loan serviced by LoanMart may be similar to a traditional title loan in some ways, it definitely differs as well.
How You Could Obtain a Title Loan Serviced by LoanMart in Michigan
In order to obtain a title loan serviced by LoanMart, a person could easily apply online in just a few short minutes1. Since title loans serviced by LoanMart are designed to help people, every aspect of this loan has been created to reflect that.
To obtain a title loan serviced by LoanMart, there are only 3 steps that are involved in the whole process:
Applying for a title loan serviced by LoanMart can be done either online or over the phone. The application will ask for detailed information about the borrower and the vehicle.
2. Being Approved
After a person has applied for a title loan serviced by LoanMart, they will know rather quickly if they have been approved or not. If a person has been approved, then a loan agent will provide an estimate on what that person is eligible to borrow.1
3. Receiving Funds
After a person has been approved, they will need to provide their loan agent with the necessary documents so they can then acquire their funds. Funds can be acquired in several different ways, either by check, money transfer, or by direct deposit.1
If you would like to discuss any of these steps with a LoanMart agent, or if you have additional questions, reach out anytime by calling 1-855-914-2945.
Additional Information About Title Loans Serviced by LoanMart in Michigan
If you are still unsure if you should get a title loan serviced by LoanMart, here is some additional information that may interest you.
To help you understand a title loan serviced by LoanMart better, a list of frequently asked questions has been provided below.
- Why Should I Get a Title Loan Serviced by LoanMart in Michigan?
- How Does a Title Loan Work?
- Will My Credit Score Affect My Chances to Get a Loan?
- How Will a Title Loan Affect My Credit Score?
- What Documents are Required to Get a Title Loan Serviced by LoanMart in Michigan?
- Can I Keep My Car with a Title Loan?
- What Can I Use the Funds For?
- How Does Loan Repayment Work?
- What If I Am Struggling to Make My Monthly Payments?
- What if I Default on a Title Loan?
- How Can I Get My Car Title Back if I Default?
How Does a Title Loan Work in the State of Michigan?
Aside from the benefits a title loan serviced by LoanMart offers, the process is pretty much the same as any normal title loan.
To qualify for a title loan serviced by LoanMart, an inquirer will need:
- A valid car title in their name
- Car evaluation to determine its overall value
- Reliable source of income
Will My Credit Score Affect My Chances to Get a Loan?
When someone applies for a title loan serviced by LoanMart, oftentimes they want to know what factors go into being eligible for this type of loan. More specifically, they want to know how much their credit score will affect their chances of being approved.1
Unlike other types of loans that require borrowers to have a decent credit score to be approved, title loans serviced by LoanMart are not like that. Since the borrower uses their vehicle title as collateral, a person’s credit score is not the main qualifying factor1.
Factors a lender looks at when deciding to approve a new borrower:
The Vehicle's Value
For a title loan serviced by LoanMart, the equity in a person’s vehicle is crucial, as the vehicle has to meet the state's requirements for title loan approval. The vehicle's equity will also determine how much funding the borrower receives.
Amount of Income
A person’s income is considered when a person applies for a title loan serviced by LoanMart. This is because proof is needed to verify how much the borrower could afford to repay and how much the monthly loan payments will be. While it is necessary to have some form of income, it’s not necessary for inquirers to have a job1.
If an applicant is retired, unemployed, or self-employed, they could use these documents to show proof of income:
- Disability checks
- Social Security checks
- Recent tax forms
How Will a Title Loan Affect My Credit Score?
When talking about any type of loan, people always want to know how their credit score will be affected. This information is good to know, as a person’s credit is used to determine their eligibility for other types of funding, including a mortgage.
A title loan serviced by LoanMart could affect a person’s credit in several different ways. First, if a person is diligent with their bill and never misses a payment, it’s possible that the loan could reflect positively on their credit. By constantly making payments on time, it shows you can responsibly hold a loan, therefore they may offer better rates and terms.1
Unfortunately, missing payments or defaulting on a loan has a negative effect on credit. That is why it’s important to make loan payments, and other bills, on time.
What Documents Are Required to Get a Loan in Michigan?
Once approved for a title loan serviced by LoanMart, it will be required for you to provide several documents to your loan officer.
The required documents you will be asked to provide include:
- Your vehicle title with your name on it
- A valid photo ID (driver’s license, state issued ID, military ID)
- Proof of income (pay stubs, bank statements, tax forms)
- Proof of residence (recent bill with your name and address on it)
- Photos of your vehicle (all 4 sides, the odometer and the VIN)
Can I Keep My Car with a Title Loan Serviced by LoanMart?
One of the greatest perks about title loans serviced by LoanMart is the fact that a borrower could keep their vehicle while they are paying back the loan!
When a person takes out a title loan, a lien is placed on their vehicle title. This lien indicates to other people that someone else owns the title to said vehicle, and thus, the vehicle itself until the loan is repaid. This acts as security for the loan and allows the borrower to retain use of their vehicle.
Once a borrower has paid off their loan, that lien will be removed from the title. Thus, giving the borrower full ownership of their vehicle once more.
What Can I Use the Funds For?
Since title loans serviced by LoanMart are designed to help people in times of financial need, they are best used for those unexpected financial emergencies.
Some examples of what borrowers have used their title loan funds for:
- Medical emergencies
- Emergency home repair
- Car repair and maintenance
- Funeral expenses
- Veterinary costs
- Emergency travel
- Legal or attorney fees
- Rent or mortgage
Title loan funds can be used to cover any and all unforeseen bills or expenses.
How Do You Repay a Title Loan Serviced by LoanMart?
Just like every aspect of a title loan serviced by LoanMart, even repayment is made quite easy. To repay a title loan serviced by LoanMart, the process can be done in several different ways:
- By mail
- Online by credit/debit card
- Over the phone
- Going to your nearest MoneyGram
Be aware that the monthly title loan amount will vary, as terms and rates are personalized for each borrower’s financial situation.5 And since there are no hidden fees to worry about, it’s perfectly acceptable for borrowers to make their loan payments early if they wish to do so.5
What If I Am Struggling to Make My Monthly Payments?
If a borrower is having a hard time keeping up with the monthly title loan payments, you should communicate with a loan agent immediately so a solution can be reached.
With a title loan serviced by LoanMart, borrowers in dire financial straits should contact their loan agent right away. By contacting a LoanMart agent, the situation can be addressed quickly so that the borrower’s finances don’t get negatively affected.
A few options borrowers should consider are:
Talking to Customer Service
If a person is struggling to keep up with their scheduled payments, they should speak to customer service. A loan agent can go over the options available or allow for an extension so the borrower can have more time to pay.3
Adjusting the Loan Terms
By adjusting the loans terms, a person could change the amount they pay each month and extend the loan duration term.1 If your financial situation has changed, choose to adjust your terms so that your monthly payment stays manageable.
What Happens if You Default on a Title Loan Serviced by LoanMart?
Defaulting on a loan means that a person is unable to make their monthly payments on time. By defaulting on a title loan, a borrower’s vehicle is repossessed until the missed payments are completed. If a borrower cannot continue making their loan payments, the repossessed vehicle will be sold, and the money will be used to cover the remaining loan balance.
This is not the case with a title loan serviced by LoanMart, however. When a person carries a title loan serviced by LoanMart, agents will work with the borrower to find a mutual solution.
A few options that a representative may suggest are:
Refinance the Loan
If a person finds themselves about to default on their loan, one suggestion a loan agent may give is to refinance the loan. Refinancing could mean reducing the size of the monthly payments and the interest rate as well1.
Stay in Contact
If you are concerned that you may default on your title loan serviced by LoanMart, your loan agent may suggest you stay in contact with them to better help you.
How Can I Get My Car Title Back if I Default?
One question that many people want to know when they take out a title loan serviced by LoanMart, is how they can get their car title back after the loan has been repaid. This is a valid question and an easy one to answer.
To get an understanding of how the process works, the following steps go into detail:
After a borrower has paid off their loan, they will then need to speak to a loan agent about the next steps. Typically, a loan agent will begin discussions on the title recovery process and what that entails.
2. Getting the Car Title Back
When discussing the car title recovery process, an agent will go over a borrower’s options on how to get their title back.
- Option One: Choose a lien release, which is a document that shows that no one else has more claim on the car title.
- Option Two: If a person’s title happens to be electronic, then the title itself can be released electronically as well. Though depending on which state you live in, the process could vary slightly.
- Option Three: The last option is to have an official letter written with the titles information on it, as well as the repayment details.
3. Going to the DMV
Depending on which state you live in, the process of removing a lienholder from a title can differ. One of the things that may differ, is the fee that will be charged for the car title transfer.
There are some documents that will generally be asked for, like:
- A government issued ID (driver’s license, state ID, military ID, passport)
- Proof of car insurance
- A completed title transfer form
- The title transfer fee
- A document showing the title loan has been repaid
After all the forms have been signed, and all the fees have been paid, then the other party is removed as the lien holder and you will once again have full ownership of the vehicle!
Though if you still have questions about this process, contact a loan agent at any time.
How to Acquire a Title Loan Serviced by LoanMart in Michigan
Since title loans serviced by LoanMart were created to help people in times of financial need, acquiring one has been made all the easier as well. That’s because Michigan residents can access their funds from any MoneyGram location in their state.
One of the great things about working with title loans serviced by LoanMart is that MoneyGram locations can be found throughout the country. Because MoneyGram’s can be found in most cities, a person doesn’t have to travel too far to inquire for a title loan or pick up their funds.
If you live in the state of Michigan and you wish to find your nearest MoneyGram location, use the map shown below, as well as the list of locations provided.