Did you know that there is an entire legal document dedicated to explaining title loans? In the state of Missouri, all of the terms, requirements, and other legal details of title loans can be found in the “State of Missouri Consumer Credit Laws.”
This legal document takes up about 183 pages of double column text. But thankfully you don’t have to spend a week trying to actually read it all to get the important information. LoanMart has your back, that’s why we did the reading and researching for you.
First and foremost: what is a title loan? A title loan is a way to use a qualified vehicle title as collateral in order to borrow money. But, title loans can also go by various other names that you should definitely be aware of. Here are some other terms that title loans might go by:
- Car Title Loan
- Auto Title Loan
- Car Equity Loan
- Title Loans with Bad Credit
- Cash for Car Title Loan
- Auto Collateral Loan
When getting a title loan, the borrower usually gives the title lender their vehicle title as pledged property in exchange for title loan funding.
Woah, wait—what’s pledged property? Or what about a borrower or a lender? Title loans might seem confusing, but once you have all the information you need you may see how easy and convenient they really are.
OTHER KEYWORDS TO KNOW ABOUT TITLE LOANS
You know what a car title loan is now, but what about other terms that are used in the title loan industry? Here are some of the key words defined in the “State of Missouri Consumer Credit Laws:”
- Borrower – That is you! The borrower of a title loan refers to the person who is taking out the loan—or borrowing money. If you get a car title loan with LoanMart, you would be considered a “borrower” once you’ve been approved1—you could also get your money as soon as the next business day3!
- Title Lender – That is us! In a title loan situation, the financial institution who distributes the title loan funding is considered the “title lender.” Getting a title loan with LoanMart would mean that LoanMart is your title lender. Fun Fact: LoanMart is a leader in non-traditional lending and has been for over a decade!
- Title Loan Agreement – This is a written form of compliance between the borrower and the title lender. The title loan agreement is essentially your title loan contract, that’s where we will lay out all the details of your LoanMart car title loan. At LoanMart, we work at your pace—so we don’t move on with the title loan process until you are ready and comfortable with your title loan agreement.
- Titled Personal Property and Pledged Property– This refers to the possession that is used to secure a loan. When you get a car title loan, you use your vehicle title as collateral to secure your loan. Bonus: with LoanMart title loans, you keep your car and drive it every day like normal when you make your convenient monthly installments.
- Title Loan Office / Title Lending Office – This term refers to the places where title loan lending takes place. Many financial institutions do business online. But according to the “State of Missouri Consumer Credit Laws” these kinds of businesses must have a physical location as well. At LoanMart, there are multiple participating stores all over the United States, you can even get a LoanMart car title loan in Missouri1.
Important Things to Know About LoanMart
So now that you know about title loans and some of the terminology that surrounds them, it is time to pick the best title loan lender. Since 2002, LoanMart has been one of the best title loan lenders on the West Coast. To read though some personal stories our family of customers have sent us, check out our awesome thank-you page.
Here are a few other key points that you should definitely know about LoanMart car title loans:
- High Approval Rate1 – Are you apprehensive about getting a car title loan because you fear rejection because of your credit score? Leave that fear behind! Other lenders might immediately reject you because of poor credit but not LoanMart! Actually, we care more about the equity of your vehicle and your ability to repay the loan more than your credit score.
- Top-tier Customer Support – At LoanMart, we are dedicated to you! We have qualified title loan representatives available seven days a week with extended hours, so we can be there for you when you need us. Also, if you happen to start your LoanMart title loan process late after we have closed for the night, you will be one of the very first customers we contact when we open up for business the next morning.
- Fast Funding – LoanMart auto title loans are known for their fast and efficient funding. In some cases, people who are approved for LoanMart auto title loans get their money in as little as 24 hours3!
It only takes 5 minutes to get started. Get your LoanMart auto title loan now!