What is the Difference Between a Cash Loan and an Impound Loan?

 
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What is the Difference Between a Cash Loan and an Impound Loan?

A cash loan, also commonly referred to as a payday loan, is a loan in which the borrower is granted money accompanied with high interest rates. The borrower is usually required to pay back the loan in full at the time of their next payday, or else face accumulating the high interest rates, and borrowing more money to pay the remaining balance.

An impound loan typically refers to a loan taken out by the borrower who needs the money to get their car out of impound. Usually, when a car is impounded it is taken to a tow yard where it is kept until the car owner can pay a hefty fine to get it out. Not everybody has hundreds of dollars to drop just to get access to their own car, so this can be a very frustrating as well as expensive experience.

A Better Alternative to Cash Loans and Impound Loans

Are you thinking about getting a cash loan because you need the loaned money to get your car out of impound? You might what to rethink this possibility and take a look at all your options.

A LoanMart car title loan might be a better choice for you. What is a car title loan? A car title loan is a way to use the title of your qualifying vehicle as collateral so you can borrow money. With a car title loan, you are using the money you have already invested into your vehicle to secure your loan, so you have already put in a bunch of the work.

Car title loans with LoanMart might be a better option than a cash loan because LoanMart can offer you competitive rates and convenient terms. Don’t worry about getting stuck with a payment plan that just doesn’t fit your lifestyle. LOANMART CAN WORK WITH YOU to determine a payment plan with the best rates and terms that make you feel comfortable with your loan contract. Unlike some other lenders, LoanMart cares about you and will put in the effort to make sure you have a payment plan you don’t feel overwhelmed by.

If you get a car title loan to get your car out of impound, you can get the money you need as soon as the next business day3, so your car gets back to where it should be—with you.

How You Can Get a Title Loan with LoanMart

LoanMart has a streamlined and efficient 3-step process that is designed with you in mind. When you go with LoanMart you can work with experienced title loan agents who know what they’re talking about, get you money quickly, all while keeping your personal information safe. Here’s how we do it:

1. Submit your information

The first step to getting your LoanMart car title loan is to complete an initial information request. The whole form should take about 5 minutes to complete, and you can know if you are approved soon. The form will have you fill out some information like:

  • Your name, date of birth, address, phone number, and email
  • How long you have lived at your current residence (in months / years)
  • Do you rent or own at your current residence?
  • Gross monthly income (from your job and any other resources)
  • Year, Make, Model, Style, and Mileage of your car
  • Social security number or Individual taxpayer identification number

2. Get Approved

Once LoanMart has received your successful information request, we will contact you to give you your free quote1. That’s right, we said FREE! LoanMart won’t charge you or tie you up with hidden strings during your title loan process. Get all the facts first before you make your important financial decisions.

The next step in the process is turn in some documents to your LoanMart title loan agent. Among the documentation they will request from you is:

  • Government issued form of photo ID
  • Proof of residence
  • Proof of income
  • Title to your vehicle with your name on it (LoanMart still may be able to help you if you cannot find your title of if your name is not the only one listed on your title)
  • Several pictures of your car (you can even take the pictures right from your mobile device and text them to LoanMart at 1-818-315-8741)

3. GET YOUR MONEY

After LoanMart has processed your information and your documentation, it is time to sign your title loan contract! At this time LoanMart will also sign onto your title as a lienholder, but this is only for the duration of your loan.

Once you have your LoanMart title loan, feel free to spend your money how you like. LoanMart will never require you to disclose your title loan spending history with us. However, some of our customers have chosen to share their stories with us to show everybody just how wonderful

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