Car title loans in Utah are an express way to get funds in an emergency. They are usually more convenient than traditional loans for a number of reasons:
- There’s no restriction on how you spend the money
- There’s no lengthy application process
- There’s no credit check until the end of the process, lenders are more concerned with the value of your car and income
If you have all your documentation together, a qualifying car title and a few other things, you can potentially get a title loan in as little as one business day3.
What do I need to get a Title Loan?
There are only a few things you need other than a qualifying car title to get a title loan:
- Photos of the front, back, and sides of vehicle
- Government-Issued I.D. (Driver’s License, State I.D., Passport, etc.)
- Proof of Income
- Proof of residency
What is considered proof of income for a Title Loan in Utah?
Paystubs are a common way to show proof of income for a title loan in Utah. However, it isn’t the only way. See below for a number of other things commonly used to show proof of income for a title loan:
- Workers’ Compensation
- Social Security
- Settlement/Court-Ordered Award
How much money can I get for a Title Loan in Utah?
In Utah, lenders are allowed to lend up to $25,000 with a title loan. However, there are a number of other factors that determine the amount you’ll actually be able to borrow:
- Value of your vehicle
- Loan Terms
Usually, the more money you make and the more valuable your car, the more money the lender will be able to lend you1.
How do I get a copy of my vehicle’s title?
A duplicate title may be available from your local Department of Motor Vehicles (“DMV”). Some DMVs might even be able to provide you with a service where they express you your title. Depending on the circumstances, LoanMart may be able to direct you to the nearest DMV that can help you get an express title, or even help you get a duplicate express title from a DMV. If you add LoanMart as a lienholder at that time, it can help make the loan application process go even faster.
How much interest can I be charged for a Title Loan in Utah?
While 25% per month is not considered an unusual amount, there is no ceiling on the interest percentage you can be charged on a title loan in Utah.
Are there any costs other than the interest for a Title Loan in Utah?
Applying for a title loan is free. There may be other fees or costs associated with a title loan. However, your lender should outline any of these to you during the application process.
How long do I have to pay back my Title Loan in Utah?
There is no maximum duration for title loans. Because of this, the length of the loan should be outlined by your lender.
What happens if I don’t pay back my Title Loan in Utah?
If you are unable to pay back your title loan, your car might end up repossessed. There is no right to cure in Utah, this means that your lender can begin trying to repossess your car as soon as you are late on payments. They don’t have to give you notice of any kind. However, Utah, unlike some other states, forbids your lender from pursuing payment from you after they sell your car, even if they don’t recoup the full cost of the loan. Additionally, if they recoup more than the cost of the loan, they must return the excess to you.
Is there any way I can extend the terms of my Title Loan in Utah?
You may be able to extend the terms of your loan by speaking to your lender. You will be required to pay the interest due up to that point. You may be able to extend it multiple times, but you will need to be current on the interest each time.
How to get a Title Loan with LoanMart
If you need express funds, a title loan may be a great way to get them. You can use them to pay things like an unexpected medical bill or emergency expense. If you have a qualifying title in your name, you may qualify for a title loan of up to $25,0001. LoanMart uses a streamlined application process. This means you may be able to receive your money in as little as 24 hours after you finish signing up3.
With our easy process, we give you three ways to contact us that make it convenient for you:
- Visit a participating LoanMart store
- Call us at 1-855-422-7412
- Sign up online without leaving your home
Once you’ve decided how to get in touch, all you have to do is follow these steps to get the money you need1:
- Fill out the registration form.
- Submit the required documents to your LoanMart representative.
- Sign your LoanMart agreement
- Collect your funds!
If you need some express money in a hurry, you should consider a title loan. Don’t let an unforeseen bill or medical expense ruin your financial plans. In a few easy steps, LoanMart may be able to help you get the funds you need. Give LoanMart a call today and get your finances back on track.