What If I Can’t Afford My Title Loan?
If you’ve recently taken out a title loan using the title of your vehicle as collateral, there are many ways to approach the situation when you find yourself panicking and wondering – “what if I can’t afford my title loan?” At LoanMart, we take multiple steps to ensure that you aren’t breaking your budget if you can’t afford a title loan1:
- Title loan cancellation policy
- Exceptional customer service
- Refinancing with LoanMart
When You Can’t Afford a Title Loan – Existing LoanMart Customers
If you are an existing LoanMart customer and you have a title loan you just don’t think you can afford, we want you to know that we understand. Sometimes money can be tight and other situations can happen that could cause us to need immediate financial attention. That’s why we’ve put in multiple steps to ensure that if you can’t afford a title loan, we are here to help!
LoanMart Title Loan Cancellation Policy
There could be many reasons why you need to cancel your title loan. Some people find money to pay for their emergency expense while others just realize that it’s not for them. LoanMart has implemented a cancellation policy to give you the peace of mind. This way, you have a “trial period” to give the title loan a chance before fully committing.
Up to 5 days after you sign your title loan agreement, you can return your title loan funds. There are no hard feelings if you need to cancel it. All you need to do is:
- Send a letter to LoanMart in writing by midnight of the sixth day from signing.
- Return the money in full within one business day of the letter.
Once you have returned the money, we waive the application fee and other charges that might have been associated with the title loan.
Great Customer Service Staff
Our customer service call center is based here in the US and is available for you to call if you need help. If you’ve come across affordability problems after the 5-day cancellation window and you find you’re struggling, give us a call and we are more than willing to help.
We provide a customer service above and beyond what you might expect. We work with you to make sure your title loan experience is positive and supportive. LoanMart is willing to work with you to make your title loan affordable or answer any other questions that could help make your monthly payments affordable.
When You Can’t Afford a Title Loan – Refinancing with LoanMart
If you have a title loan with another company and realize you can’t afford your monthly payments, come to LoanMart and we could help you refinance your title loan to give you a lower monthly payment1. When you refinance your title loan, we pay off your balance with your former lender and re-establish your title loan with our company underneath our terms and interest rates. We have some of the highest approval rates and competitive interest rates around, so we may be able to work with you to give you a better payment option1.
Refinancing a title loan with LoanMart is like applying for a new one. All you have to do is:
- Apply online, over the phone, or at a participating store.
- Submit your documents and let your representative know you are refinancing.
- Establish your account with us and begin new payments1.
How to Apply with LoanMart
Decided that a title loan is for you? With our cancellation policy, it gives you the reassurance that you need so you don’t feel instantly locked in with our title loans. You have time to sit and think on it before you are committed. Inquiring for our auto title loans are simple and easy, and we’ve made it hassle-free.
- Apply with us. You can apply online, over the phone, or at a participating store. With LoanMart’s online application, you don’t have to worry about leaving your home to apply. You can apply right from your computer, phone, or tablet – and, yes, the entire loan process can be done online.
- Submit your documents. Using our phone number or email, you can text or email your documents and pictures of your vehicle. That way, your LoanMart representative will have your information after you send it to keep your application process running smoothly.
- Collect your money1! Once you’ve finished applying with LoanMart and you’ve signed your title loan agreement, you can collect your money. With LoanMart, you can either have your funds put directly into your account with direct deposit, pick it up at a participating store, or find the nearest MoneyGram location to have it ready for you. With MoneyGram, you can head to the nearest Walmart and collect your funds at their money center.