If you’ve found yourself holding an unexpected bill, you may have considered getting a car title loan. And if you’ve considered getting a car title loan, you may have wondered how you’ll receive your money. Upon approval, LoanMart provides their customers with a number of different ways to pick up their car title loan money. They do this because they understand that each customer’s financial circumstances are unique. Some borrowers may not have a bank account. Others may prefer to get their money in the form of cash.
What Are the Different Ways I Can Pick Up My Car Title Loan Money From LoanMart?
- Direct Deposit – LoanMart is happy to place your funds directly into your bank account.
- In Person: If you prefer your money in the form of cash or a check, you can pick it up from a participating money transfer location in your area.
- Licensed Location – You can also pick your money up from the LoanMart Licensed Location.
- Mailed Check – LoanMart can even mail you a check that you can deposit or cash wherever is easiest for you.
How Much Money Can I Get For a Car Title Loan?
The amount of money you may be able to get through a car title loan from LoanMart depends on a few different things1:
- The equity in your car
- Your income
- The loan terms
The two most important things are the equity in your car and your income. This is because, unlike traditional lenders, LoanMart is more interested in your ability to repay your loan than what your credit history looks like. The greater the equity in your car and the higher your income, the more money you can potentially borrow.
How Do I Show Income For a Car Title Loan?
There are a lot of people who think that the only thing you can use as proof of income for a car title loan is a paystub. However, there are actually a number of things you can use other than a paystub to show proof of income to LoanMart. For example, you can use:
- Social Security benefits
- Worker’s Compensation
What Else Do I Need For a Car Title Loan?
There are a number of different documents that you need if you want to apply for a car title loan:
- Qualifying car title in your name
- Proof of income
- Government-issued photo I.D. (Like a driver’s license)
- Proof of residence
- Photos of the front, back, and sides of the car
How Do I Get a Copy of My Car Title?
If you need a new copy of your car title, you’ll need to contact your local Department of Motor Vehicles (“DMV”). Some DMVs will even be able to provide you with an expedited copy of your car title. LoanMart may be able to direct you to the DMV nearest you capable of assisting you with an expedited title. Depending on the circumstances, your LoanMart representative may be able to help you directly with your new title. If you are able to add LoanMart as a lienholder at that time, it may reduce the processing time of your loan.
What Happens If I Can’t Pay Back My Car Title Loan?
If you’re having trouble paying back your car title loan, you should contact your lender immediately. If your loan goes into default, your car can be repossessed. If this happens, your lender may take your car and auction it off to try and recover the balance of the loan.
While some title loan companies don’t mind repossessing borrowers’ cars, LoanMart understands how important those cars are to their owners. Because of this, LoanMart actively avoids repossessing cars and uses it only as a last resort to recover their money. To help prevent their customers from going into default, LoanMart representatives try to understand each borrower’s unique financial situation and create a set of loan terms that will work with their circumstances.
How Do I Get A Car Title Loan From LoanMart?
If you’ve found yourself holding an unexpected bill and need emergency money to cover it, applying for a car title loan from LoanMart may be just what you need. If you have a car with a qualifying car title in your own name, you might be eligible for a car title loan of up to $30,0001. LoanMart also offers a streamlined application process that helps customers get their car title loan money in as little as one business day after they’ve been approved3.
With LoanMart’s simple process, it’s easy to sign up. Use any of these convenient methods to get in touch:
- Visit a participating store
- Call LoanMart at 855-422-7412
- Sign up online from the comfort of your own couch
Once you’ve determined the most convenient way to get in touch with LoanMart, there are just a few simple steps to complete:
- Fill out an inquiry form
- Get your important documents over to your LoanMart representative. You may even text them!
- Review you loan offer1
LoanMart knows that everyone’s situation is different. Some borrowers may not have a bank account, or access to the internet. Because of this, LoanMart offers a number of different ways for their diverse customer base to pick up their car title loan money.