What are Common Title Loan Scams?
Financial emergencies come unannounced, leaving you frustrated. That doesn’t mean you have to settle. Common title loan scams include terms that charge undisclosed interest, do not allow early prepayment, or require you to pawn your vehicle. The biggest scam of recent is companies that require you to send them money in order for them to process your loan. Beware!
LoanMart knows that you have enough on your plate to deal with. We want to help you out, not compound the problem. Do you have a vehicle? Great! You could be eligible to get the help you need in as little as one business day1, 3.
We want you to find the quickest solution to your financial emergencies. We can help you easily avoid common title loan scams. That’s why we are one of the leading auto title loans lenders with a reputation for customer satisfaction. Here are some reasons why LoanMart is the best option out there.
Get Money Fast
Our loan application and approval process are simple, fast and easy1. We ensure that you can get your money within 24 hours if you submit all the necessary documents and qualify.3 You can tell us which payment methods work best for you as well. With multiple options, we can send the money electronically, through MoneyGram or to a Walmart store near you.
At LoanMart we design the interest rates and loan amounts with you in mind. You can get a rate that best suits your financial situation. We understand that people have different needs and offer the most competitive rates available in the market.
We choose to be transparent about processes for both current and prospective customers. Easy online account management makes the terms and payment schedule of your loan easy to manage. We also provide detailed information upfront before signing any agreements. If you are interested in applying for a loan but are unsure if you want to accept it, that is fine too. At LoanMart applying is free, and there are no obligations. You can even decline our loan offer at any time before signing without being penalized for it.
Car title loans were designed to solve the problems that come with traditional lenders such as banks that have more restrictive and stringent practices. By choosing a reputable lender you can avoid scams and also get the best rates out there.
Making a good choice of lender is as important as getting your hands on the money to help in times of crisis. We are going to help you find out what to avoid with auto title loans so that you can make better decisions.
What is a car title loan?
It is a type of a secured loan where one uses their car title as collateral. Here’s how it works; the borrower temporarily adds the lender to their car title until the loan is fully paid. With LoanMart, we only add a lien to your car title until the loan is paid back. At LoanMart, we use your car, truck or any other motor vehicle, along with your ability to repay the loan, to help you get a loan1.
We want you to be satisfied when leaving our office. The process of securing a car title loan is easy, fast and efficient. Our customer service team both online and in person are always ready to help get the best deals possible to ease your financial troubles.
We are also interested in your opinion and specific circumstances. All these factors are taken into consideration before you sign up. The goal is to ensure that the terms are comfortable for you to make things easy, not hard when repaying the loan. We don’t have a flat rate for everybody but instead our terms consider unique circumstances or ability to repay.
There are a few other factors to consider when researching a car title loan to ensure that you are not the victim of common scams. Before you apply for a car title loan, here are a few pointers to help you avoid unnecessary pitfalls.
Check If There Is Any Processing Or Inquiry Fees
A predatory lender may want to make a killing out of you with fees. This may start as early as when initially requesting the loan quote. One common scam involves charging at each stage of the loan application process. There may be hidden expenses that are not brought to your attention too.
At LoanMart it is free to get a quote for a title loan. We believe it should not cost anything to find out how much you are eligible for. That’s why we don’t charge any processing fees when you are just getting started and all charges are clearly disclosed before you sign up.
A good lender should make information available online at no cost. On LoanMart’s website, you can find out all that you need to determine if you qualify, as well as how much you can get. We do not charge you any processing fees or for making inquiries with us.
Check if there’s a prepayment penalty.
When it comes to car title loans, some lenders may penalize you for paying off your loan earlier than expected. Any loan with a term that goes beyond 30 days may come with a prepayment penalty. That means that if you come into more money and decide to pay off your loan a couple of months early, you will certainly be penalized. This is a common title loan scam.
At LoanMart, we work with you on the interest rates and the terms of the loan to ensure that your opinion is considered when making these key decisions. With LoanMart you can relax because of our flexible terms. We also do not penalize our customers for making early payments.
Know the payment options available to you
Make sure you understand all the loan repayment options available to you before you take out a car title loan. Being aware of the payment terms and amounts is very important when it comes to title loans. You also need to know how long your loan will last. Longer repayment periods mean lower monthly payments are needed each month. At LoanMart we come up with a repayment plan that suits your unique circumstances and needs1. The best payment options are available to make things easy for you while suiting your lifestyle and budget.
This is just one of the reasons why we are the leading lender on the West Coast and across most of the US. We have served over 250,000 customers2 and have a pretty good idea about what you are going through in times of financial emergencies. At LoanMart, we help you find the quickest solution to your monetary troubles by offering competitive interest rates and terms.
Apply for a car title loan today to get the help you need!