LoanMart Personal Loans Reviews: Compare Top Lenders of 2023
Why should you look at a loan from LoanMart when you are about to get a loan? Picture this, no prepayment fees, cheap origination fees, meager minimum credit history, etc.
What’s more? Your loan could be a secured loan or unsecured personal loans both you can get with a low minimum credit score.
Now, you also have several options when you get a loan from LoanMart as LoanMart offers auto title loans.
Overview: LoanMart Personal Loans Review
What is LoanMart Personal Loan?
LoanMart is an online lender that provides personal loans to over 250,000 people and they used to get quick cash and agree to pay back in monthly payments. Now, most lenders insist on having collateral before lending money to people, but LoanMart customers don’t need collateral before accessing personal loans from LoanMart.
Now, LoanMart loans are easy to obtain as you would get your full personal loan funds without deducting much origination fees from your personal loan funds. In addition, you can decide to repay your loan early without waiting for the originally agreed repayment date, and get this, you wouldn’t pay prepayment fees.
Okay, so many people look for comfort when they want to repay their personal loans, and LoanMart offers this option with its favorable loan terms. LoanMart uses your personal information, proof of income, credit history, minimum credit score to determine your loan terms that would fit within your lifestyle and be easy for you to repay.
The speed of LoanMart is unmatched as you will get a response to your loan application within a business day, or it might not even be up to a business day. You may get your response within hours of your loan application, with final approval to come later.
What other Loans Offered by LoanMart?
LoanMart has a very good understanding of the loan business, and you have to give it to them. Customers can get loans in such little time without the hassle they would get when dealing with other loan companies or traditional banks.
All you need to do is apply, and you will get your loan proceeds in your bank account within a few hours or a business day from the time you applied. Now, the loan proceeds you get into your bank account varies and do you want to know why?
The answer is simple. LoanMart offers different kinds of loans, which can be secured or unsecured personal loans.
They offer car title loans or auto title loans, whichever you prefer to call them. Whether secured or unsecured, some of the loans offered by LoanMart will be provided below.
ChoiceCash Title Loans Serviced by LoanMart
You should know that ChoiceCash car title loan is a secured installment loan where you get loan funds when you use your car’s title as collateral. Typical of LoanMart loans, the minimum credit is low, you don’t need to have an impressive credit history, etc.
ChoiceCash Loans Serviced by LoanMart is a type of LoanMart auto title loan which LoanMart provides. ChoiceCash auto title loan is LoanMart’s expansion project to include more American cities in its loan schemes.
Okay, so you see, LoanMart personal loan offers service to California, Mississippi, Ohio, Oklahoma, Oregon, South Dakota, Texas, Washington, Oregon, etc. It includes Missouri, New Mexico, South Carolina, South Dakota, Tennessee, etc.
ChoiceCash vehicle loans expand the LoanMart auto title loan experience to localities such as Virginia and Wisconsin. Like the regular LoanMart vehicle loan, the application process is straightforward and there are no hidden additional fees.
LoanMart Auto Title Loan
People know LoanMart for its auto title loan, which is more than a good alternative to most traditional moan companies’ normal vehicle loans. However, as mentioned above, LoanMart loans are only available in certain American states.
The best thing about LoanMart auto title loan is that the application process is easy to get approval or rejection in hours. Also, you get to use a mobile app that has many features that will help you manage your loan.
Unfortunately, unlike the LoanMart personal loan, which can be unsecured, the LoanMart vehicle loan needs collateral, and as such, you must use a vehicle as collateral. Fortunately, it doesn’t matter that you have paid off the loan on the vehicle, and also, there are no age, mile, or other restrictions on the vehicle you want to use as collateral.
Per LoanMart, the vehicle must be in good condition and must not have a disputed title. Also, you will need to provide your driver’s license, proof of accommodation, and a bank account if you want a direct deposit to your bank account.
How does LoanMart Personal Loan work?
This works by allowing you to access cheap loans for your everyday need. You will be to get loans with a reasonable timeframe to pay back.
What’s more? You can get a secured loan or unsecured loans both you can get with a low minimum score.
However, to make the loan work for you, you have to apply. To apply you only need to visit the LoanMart website and supply your details.
Also, you could call their designated line to apply.
Click Here to Get Started With LoanMart Loans.
What are the Features of LoanMart Personal Loan?
Cheap Origination Fee
Not having an expensive origination fee is one of the best things about this loan. An expensive origination fee would mean you wouldn’t get the total value of your loan. So, not having an expensive origination is simply a way to save the cost you will need to get your loan.
The origination fee is for the lender, and, interestingly, lenders want to collect an expensive origination fee when you would already repay their loan in monthly payments with interest. Also, why collect an expensive origination fee when there is also the possibility of getting a late payment fee from customers.
It sometimes looks like lenders want to gain too much from offering financial services to customers. LoanMart got it right by not charging an expensive origination fee as they understand how an expensive origination fee can affect the customer budget.
Great job LoanMart
No Prepayment Fee
Sometimes, most customers need a quick loan to meet an urgent need. They might have the money to repay in just a while. So, charging those who want to repay their loans early looks a bit exploitative.
However, LoanMart doesn’t move like that as they charge no prepayment fee. They want you to discharge your loan obligations early.
Late Payment fee
This is as good as having a none late payment fee. Yes, a none late payment fee when you miss a monthly payment, and interestingly, people forget to make their monthly payments.
This is because they only charge you $10 for not paying early, and this is easily avoidable. You can set your loan repayment to automatic payments. When you do this, repaying your loans becomes faster and as such, you would avoid late payment.
Inclusiveness
Credit history, credit rating, credit score, all of this wouldn’t stand in the way of you getting your loan. The minimum credit score requirement is not mentioned, but customers with less than ideal credit scores have gotten loans.
Auto Title Loan
People know auto title loans from LoanMart, which is more than a good alternative to most traditional moan companies’ normal vehicle loans. However, as we have mentioned above, LoanMart loans are only available in certain American states.
The best thing about LoanMart auto title loan is that the application process is easy to get your requested loan or rejection in hours. Also, you get to use a mobile app that has so many features that will help you manage your loan.
Unfortunately, unlike the LoanMart personal loan, which can be unsecured, the LoanMart vehicle loan needs collateral, and as such, you must use a vehicle as collateral. Fortunately, it doesn’t matter that you have paid off the loan on the vehicle, and also, there are no age, mile, or other restrictions on the vehicle you want to use as collateral.
Per LoanMart, the vehicle must be in good condition and must not have a disputed title. Also, you will need to provide your driver’s license, proof of accommodation, and a bank account if you want a direct deposit to your bank account.
LoanMart Personal Loans Requirement?
Minimum Credit Score
The minimum credit score is relatively low, but LoanMart is not in the habit of disclosing it in their eligibility requirements. But, their service primarily targets people with bad credit who would also want to access the American financial system.
Minimum Credit History
LoanMart can approve your application even if you don’t have an ideal credit history but as part of their eligibility requirements, they do draw the line on some things. For instance, a customer’s application could be rejected if they have a history of bankruptcy and are not early with the monthly payments of their other loans.
DTI
Now, there is no minimum debt to income ratio when you want to obtain this loan. Although students loans, medical fees are excluded from its calculation. Although LoanMart has high-interest rates
Hard Credit Pull
You must know that this online lender will perform a soft credit pull on you to see if you pre-qualify for their loans. All you need to do is fill some forms and bam!
The soft credit inquiry won’t harm your credit scores, so it is beneficial. However, when you pre-qualify and would like to proceed, it performs a hard credit pull which can affect your credit score.
How to Apply for LoanMart Personal Loans?
To apply for this loan is not as cumbersome as you might have thought. To get a loan from LoanMart, you only need to get their form online or call a designated telephone number if you prefer to interact with someone.
When you click on a get pre-qualified icon on their website, you would be asked to supply some personal details, which after supplying, you would be asked to provide so insight. The form would require you to drop when you’ve been living at your house, your gross monthly income, years spent at your work, and your loan amount.
Now, after you’ve supplied the required documents, LoanMart will soft pull your credit, which determines if you’re pre-qualified. When you pre-qualify, they will perform a hard credit inquiry that can affect your credit score.
Note that Pre-qualification doesn’t mean that your loan will be approved. It is independent of loan approval which is solely the decision of LoanMart as they could reject your application process if they are not convinced by your demand for their loan or unconfident of your repayment ability
How much does LoanMart Personal Loan Cost?
True, they are no prepayment penalties, but some costs are attached to the LoanMart loans. These costs are not so crippling compared to other companies that also offer personal loans.
Costs attached to loans are not a strange thing. Below, you will see a highlight of the costs and other fees involved.
Click Here to Get Started With LoanMart Loans.
Annual Percentage Rate (APR)
The APR on these loans is high. However, you can make a case for this as the company will loan people money even if they have bad credit.
Their loans have an APR of 60% to about 250%.
Late Payment.
They have a late payment fee which borders on being ridiculous. Their late payment penalty is $10, and you can easily avoid with when you use the auto pay feature.
Origination Fee
There is an Origination Fee of between $0 to $100. There are not hidden other fees
Who is LoanMart Personal Loan Best For?
Those Looking Small Quick Cash
To start with, this loan is best for anyone looking to get quick cash without collateral. LoanMart offers small loans with a minimum loan of $1,500 and a maximum of $3,100.
However, there is a catch. You must not hold on to the loan for so long before repayment as the interest is a lot. Interestingly, LoanMart encourages early payment as it doesn’t charge a prepayment fee.
LoanMart Personal Loan Pros and Cons
LoanMart Personal Loan Compare to other Lenders
Click Here to Get Started With LoanMart Loans.
LoanMart Loan vs. BadCreditLoans.com
Badcreditloans.com and LoanMart? This is a tough one.
Badcreditloans.com offers loans to people with bad credit as in the name, just as LoanMart does. However, there is a teensy difference.
When it comes to short-term loans, LoanMart loan offers slightly better options than Badcreditloans.com.
>> Full Article Review: BadCreditLoans.com Reviews • Personal Loan For Low-Credit
LoanMart Loan vs. PersonalLoans.com
Personalloans.com and LoanMart are notoriously similar. So, this isn’t easy
Personalloans.com is like LoanMart offers loans to people with bad credit. Only that LoanMart has an advantage.
LoanMart is faster when supplying you with the funds you need. So, get on your cell phone and apply.
LoanMart Loan vs. 100Lenders.com
100lenders.com is an excellent lending option for people that don’t have excellent credit. Although they have a slight problem.
Most of their information is shrouded in Mystery. LoanMart on the other hand is open
Openness is the advantage LoanMart has over others.
Final Verdict
So, LoanMart offers you loans that will encourage you to repay. How?
The straightforward answer is they have a high interest that could become expensive if you decided to run the loan term to an end. So, early payment is better.
LoanMart also helps you save some costs, especially in prepayment penalties. In addition, it’s an origination fee, and also late fees are cheap.
It is easier to see the appeal when you balance this with the low credit score requirements.
LoanMart Loan FAQs
Why get an auto title loan from LoanMart?
LoanMart customers don’t need collateral before accessing personal loans from LoanMart. It can be secured or unsecured.
How do I pay off LoanMart?
You can pay off loans using their schedule or the schedule you would prefer but you must stick to it.
Is my personal information safe with LoanMart?
Yes, it is. LoanMart encrypts their data making it difficult for hackers to get your details.
