Explore Your Loan Options

You are here: Home  »  The LoanMart Advantage  »  Your Loan Options

Auto Pawn Loans

This phrase can be so confusing! In states like Georgia, Florida and the eastern states, title loans are known as auto pawns. This confusion has lead people to believe that we hold your vehicle. We do not. A true pawnshop that holds your car does the technical ‘auto pawns’.

Auto pawn loans and auto title loans are very similar in some ways and completely different in others. Both are relatively short-term solutions for people who need money fast. Both use your car as collateral (something provided to a lender as a guarantee of repayment). But, only one allows a customer to keep driving their car while paying back the loan and that’s an auto title, not pawn, loan.

An auto pawn loan is when a vehicle is taken to a pawn shop, pawned for money and left there until the loan is paid back. People who choose this borrowing option lose a valuable transportation method. Auto title loans allow customers to keep driving their car even as they tap into the value they have invested in it. With auto title loans from LoanMart, customers allow us to be added as lienholders until the loan is paid off. This is something the average person is used to doing if they purchased their car with help from a bank. When the loan was paid off, the lienholder removed themselves from the title. It’s the same with an auto title loan. As you make monthly payments, you can keep driving it. Once the loan is paid in full, the car title is released back to you.

Auto pawn lenders don’t care as much about you losing your car. They have your car on their lot. So if you miss payments, the car is theirs and off it goes for sale. LoanMart cares—that’s the difference. LoanMart wants to make sure you have the ability to repay the loan and wants to work with you along the way. This makes auto title loans a better option for those who are self-employed, retired, or on social security or disability. It also gives you more peace of mind that you have the car and that we care enough to make sure you are going to be able to handle the loan.

If a customer is unable to make the payments, we will do our best to work with them to avoid repossession of their car. Our goal is to help our customers out of a financial jam without making them lose their car. This is a level of understanding that would be hard to find with auto pawn loans. Let’s face it—why would they care if your car is sitting in their back lot behind a fence? We do.

We want our customers to make the best borrowing decisions for their personal situation, so we strive to educate them on the types of loans available when money gets tight.

See if LoanMart can help you. Call us today at 1-844-237-5530 to see if you qualify to get an auto title loan with us.

Payday Loans

When money gets tight and you are unable to come up with the cash to pay for your emergency expenses, flashy advertisements for “fast cash” can seem tempting. Many customers see “cash now” and turn to payday loans in times of need. We are here to educate you on how these work and how they differ from auto title loans.

Payday loans are often seen as a quick solution to a problem, but the repayment period can come up faster than anticipated. When a payday loan is granted it can typically be for a couple hundred dollars. It is short-term loan that usually has to be completely paid back in 31 days or less. Payday loans rely on specific income for their repayments (such as your next paycheck or a pending tax refund). On the other hand, an auto title loan is designed to give much larger loan amounts (thousands of dollars), and can be paid back over a longer period of time (usually 12 to 36 months).

When you get a payday loan, you may be asked to write a check for the amount you are borrowing plus an additional fee from the lender. The lender will then cash your check several weeks later to get their money back all at once. If you don't have enough, you may be forced to roll your loan over for a few more weeks with added interest. Over and over; interest compounding with late fees. It never seems to end. This is quite different from the monthly payment plan with an auto title loan from LoanMart. Our loans are fully amortized and have an end.

Auto title loans from LoanMart allow you to pay back your loan over a longer period of time without sacrificing the quick access to the funds you need. We will work with you regardless of your situation to determine if you are eligible for one of our loans.

Our representatives are available seven days a week to answer your questions and help you understand the benefits of auto title loans. Call us today at 1-844-237-5530 today to start the process.

Installment / Signature / Unsecured Loans

Unsecured loans are their own category of loan. They can also be called installment or signature loans, but they’re the same thing.

An unsecured loan is the opposite of a secured loan, meaning there is nothing that you’re giving to a lender to guarantee your repayment. They may be harder to get because the lending decision can be completely based on your credit score. And, because there is no requirement for a collateral with unsecured loans, lenders consider them a higher risk and therefore will often charge higher interest rates.

Credit cards are not always thought of as a loan but they are. They’re probably the most common example of unsecured loans. You should be sure the company you choose to work with clearly explains your interest rate. To draw in a customer, some will try to advertise interest rates that won’t necessarily end up applying to the specific terms of your plan. You should also be sure the lender is upfront and honest about all the fees that may apply, as some will try to throw in hidden charges. This is where you’ll want to ask about the APR to get a more complete idea of how much this loan will really cost you.

Marketing practices of other unsecured loans have come under close watch from the government when promises made on a postcard or letter says you are pre-qualified for a fairly high amount. They say it’s quick and easy, but in the fine print they may do a “hard credit pull” and then see what you may not have wanted them to see on your credit report. By then you have one more inquiry on your file and a loan with high interest that you simply do not want. With LoanMart, we are clear and concise on the amount you will get and with your rates and payments to make sure you know everything before you sign. There is no obligation just to find out, no pressure. We don’t start until you tell us to start. So, it’s safer.

Loan structure is very important. Some unsecured loans are “total package” loans. Meaning the end amount of the loan is the amount you will pay no matter how long you have the loan taken out. Because you have a total purchase price from when you entered into the contract, technically, they can say that there are no pre-payment penalties, even though paying early won’t benefit you. We do not do that.

With these loans you want to look carefully at how much extra they are charging you. When it comes to added fees, the biggest one that you want to lookout for are penalties for paying off a loan early. Some lenders will charge additional fees if a borrower attempts to repay a loan ahead of schedule. We at Loanmart believe that borrowers should never be punished for being financially responsible and striving to make early payments. That is why there are no pre-payment fees on any of our auto title loans. While some companies find it acceptable to slip in hidden costs, LoanMart believes in being open and showing you all the details.

If you own a car and are looking for a faster borrowing option to cover you, LoanMart’s auto title loan could be the perfect solution to your problem. We want you to make the right borrowing decision. That is why we have our representatives available seven days a week to answer your questions and help you understand the benefits of auto title loans. Call us today at 1-844-237-5530 today to begin your review process.

Traditional Bank Loans

When you need money, the first place you might think of turning is your bank. However, traditional lenders like banks deny customers more often for a variety of reasons. All traditional financial institutions are different from each other, but they all tend to be the pickiest. Some of the common reasons banks turn people down for loans are:

I

They can’t show enough income: Lenders don’t want to put customers in a situation where they cannot actually repay the loans they have taken. Unless they can show proof of their income to demonstrate that they can pay back the loan in full and on time, they will probably be rejected for a loan by that lender.

I

They don’t have a credit history: Lenders like to see a credit history because they want to know if a customer has experience in paying back money that they had borrowed in the past. If a potential customer is young or new to borrowing and doesn’t have any previous credit linked to their name, the lender doesn’t see a lot of reason to trust them.

I

They have a poor credit history: Similar to the reason above, if a lender sees evidence that a person has taken out loans before but not made regular repayments, defaulted on the loan or filed for bankruptcy, it could raise a big red flag for them. Rightly or wrongly, they will assume it is safer not to lend to them.

I

They ask for too big of a loan: Lenders may refuse to approve a loan if the customer needs more than what they are comfortable letting the customer borrow. This is because, again, they want to see that people are likely to repay what they have borrowed.

If you have been refused by other lenders for loans in the past, but have a car and a source of income, you might want to check if you qualify for an auto title loan from LoanMart.

We do things differently. Part of our mission is to serve those who need a lender with different requirements. We want to be a responsible company and we do not want to give out auto title loans that borrowers cannot pay back. However, we do try our best to provide options to those who have been refused by other lenders. We look forward to working with people who might have bad credit or no credit history but would still be able to repay the money we lend to them.

It is free and easy to check if you qualify. Just call 1-844-237-5530.

Family and Friends

It can be tough to ask, but many people turn to their family and friends for money in an emergency. And even though your family and friends might want to help you out, they have their limits too. Most of the time, they are not always able to help right away or with enough.

A trusted member of your family or a close friend might be a good option for taking care of what you need. You might think that the worst thing that can happen when considering borrowing from them is that they might say no. However, this option comes with its own unique risk. If you are not able to return the borrowed money on time, your family member or friend might lose their trust in you and your personal relationship with them might be damaged beyond repair.

Mixing money problems into personal relationships can make things complicated. You risk awkwardness at best to a serious falling-out at the worst. Many would say that their relationships are more important than money and look elsewhere to get it.

By opting for an auto title loan you could not only be doing yourself a favor, but your family and friends too. At LoanMart, we want to teach our customers how to take charge of their financial future and be independent. We want our customers make the decisions that are best for them, their family and their specific situation.

We want our customers to review all of their options. If you think an auto title loan may be the best fit for your own situation call us today at 1-844-237-5530 so we can try to get you money in as little as the next business day.