What is an Average Title Loan?

 
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What is an Average Title Loan?

Getting a title loan can be a quick way for you to get money for whatever you may need but can’t afford right away. You can even pick how you get paid to get access to your money, easier and quicker. The amount you receive will reflect on certain conditions from which state you live in, the equity of your vehicle, and your ability to repay the loan. Our agents will do our best to work for you and get you the amount you need.  The average title loan amount can vary but the simple 3-step process to get one makes it easy to get paid how and when you need it.

How much money can I get with a title loan?

We have found that most forms of financial emergencies and need for emergency cash can take the form of $2,500. This is just enough to get you out of a tight spot while still giving you room to breathe. Getting $2,500 at once can make the difference in a bad situation to spiraling debt. While we cannot guarantee that we can get you $2,500, however we have found it to be the average loan amount.

Is there a maximum amount I can receive for my title loan?

There is a maximum that LoanMart can lend. If the equity of your vehicle and the state law mandates that you can borrow up to $50,000, then we will work with you to get you a competitive interest rate and your money. The best way to find how much you get paid is to submit your paperwork and apply.

What are the factors that determine the amount I receive for my title loan?

How much money you get from a title loan depends on several factors and conditions for approval. The value of your vehicle, or the condition of your vehicle may not be the sole determining factor when applying for an average title loan. When you consider what a title loan is, then you will understand how much you can expect to get paid for your title loan.

When you apply for an Auto Title Loan with LoanMart, you will need the following ready and available during the application process

  • A car title to a qualifying car in your name,
  • A government-issued ID (driver’s license, state ID, etc.)
  • Proof of income (such as paystubs, invoices or bank account statements) to show your ability to repay the loan
  • Proof of residence (such as a recent utility bill). You can fax, email or text us pictures of your documents to us, and our helpful agents are available to help you, wherever you are.

You can fill out an online form on your computer, tablet or smartphone to apply. You can also call us at 1-877-787-4923 or drop in at a participating store and we can let you know in an hour or less whether you are approved and for how much.

The average title loan can range depending on many factors such as which state you are in, your ability to repay the loan and how much your vehicle is worth.

We service several states such as Alabama, Arizona, California, Georgia, Illinois, Missouri, New Mexico, South Carolina and Utah. Different states have different minimum and maximums. If you have any questions as far as how much you can receive in the state you live in, you can call us during our regular and extended hours at 1-877-787-4923.

The amount you get paid will vary from vehicle to vehicle so make sure you pick the best vehicle to get paid the best loan amount we can offer you. If you do have several vehicles, consider the amount of money you need and the equity of both vehicles.

An older vehicle such as a 1998 Toyota Camry in poor condition will have less equity than a 2015 version with fair condition. With the help of our agents and your documents, we can find out how much we lend you through our online process or you can give us a call at 1-877-787-4923. Do remember that the equity is not the only determining factor when it comes to the loan amount.

Your credit is also a part of the information we may need to approve your application. We understand life happens and having bad, fair and even good credit are not limiting factors. We only run a credit check in the last steps of the loan process. We also report your payment history to Experian and Equifax which may help reestablish your credit history by making  timely payments.

How long will it take to get paid?

Once you decide to borrow funds with LoanMart, you can get the loan within 24 hours or as little as one business working day3. LoanMart will become your title holder until you pay off the loan. You may continue using your vehicle without any restrictions. Terms range from 12-48 months and there are no penalties for paying early.

After signing and completing your paperwork, you can choose how you get paid –

  • Electronically
  • With a check
  • By visiting one of the participating stores

Once your car title loan is paid off, LoanMart will release interest in your vehicle.

Because each state we service has different regulations for their lending, we cannot say exactly how much the average title loan amount will be, however LoanMart is a leader in non-traditional lending and we have been for over a decade. Our agents work quickly and efficiently to make sure you get the most value and most competitive interest rates for your title loan. If you have any questions about the process, give us a call at 1-877-787-4923, or visit us at any of our participating stores. If you are ready to apply, then you can begin the approval process whenever you are ready and get cash when you need it.

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