LoanMart Review: Rates, Coverage, Complaints, and Borrower Experience

LoanMart is one of the names that shows up most often when people search for title loans online. Its pitch is convenience: apply by phone or online, send photos of your car, and get funded without much time in a store. Before you apply for loanmart title loans, though, you should know what to ask, how to check the company’s record, and how the cost compares with other options. In this review from Auto Cash Title Loans, we stick to what can be verified, flag what you should confirm directly, and give you a checklist for evaluating any offer.

Part of our Lender Reviews guide →

Company background

LoanMart, which also markets itself as 800LoanMart, is a California-based lender. According to the company’s own materials, it has been in business since the early 2000s and describes itself as a direct lender rather than a broker. It focuses on online and phone applications for car title loans in the states where it operates.

Which states LoanMart serves, and under which licensed entity, can change. Some lenders operate in a given state through a licensed affiliate or partner. Confirm on the company’s website which entity would make your loan, then look up that exact name with your state financial regulator.

How the loan typically works

1. Apply online or by phone with basic information about you and your car.
2. Verify the vehicle through photos or, in some cases, an in-person inspection at a participating location.
3. Provide documents, such as ID, proof of income, proof of residence, and the title.
4. Review the offer and disclosures, including APR, finance charge, total of payments, and the payment schedule.
5. Sign and get funded, often by direct deposit or check.

LoanMart’s loans are generally structured as installment loans paid over months rather than a single payment due in 30 days. The company has advertised terms of up to several years in some states, but available terms depend on your state and the loan, so get the exact schedule in writing.

Rates and total cost

LoanMart does not publish one rate that applies to everyone, and prices depend on your state’s rules, the loan amount, and the car. Like other title lenders, its loans are expensive compared with bank or credit union credit. Expect a triple-digit APR in many states and verify the exact number on your disclosure.

Longer terms lower the monthly payment but can raise the total cost sharply. Here is an illustration at 150% APR, which is a hypothetical rate, not a LoanMart quote:

• A $3,000 loan accrues about $375 a month in interest at the start.
• A $5,000 loan repaid over 36 months would have a monthly payment of roughly $634, for a total of about $22,800.

That is why the total of payments matters more than the monthly figure. Our guide to what title loan APR means explains how to read the disclosure.

Typical requirements

• A car with a title in your name. Some lenders consider cars with an existing lien if there is enough equity.
• Government-issued photo ID.
• Proof of income, such as pay stubs, bank statements, or benefit letters.
• Proof of residence.
• Photos of the car or an inspection.

Income verification is a good thing for borrowers, because it helps show whether you can actually afford the payments.

How to check complaints and reviews

Rather than rely on any summary of reviews, including ours, look at the primary sources yourself:

• Search the CFPB’s consumer complaint database for the company name and read how it responded.
• Check your state regulator for licensing status and any enforcement actions.
• Read reviews for repeated themes, such as surprises at payoff, slow title release, or difficulty reaching customer service, rather than star ratings.

If you have a problem after borrowing, our guide to the CFPB complaint process explains how to file.

LoanMart vs. other title lenders

Compared with storefront-focused lenders such as TitleMax, LoanMart puts more emphasis on remote applications, which can be easier if there is no store nearby. Compared with single-payment title loans, an installment structure can be easier to manage month to month, but a longer loan can cost more overall. The only reliable comparison is written quotes for the same amount. See our side-by-side look at TitleMax vs. LoanMart and our guide to comparing title loan offers.

Questions to ask before you sign

• Which legal entity is making my loan, and what is its license number in my state?
• What is the APR, the finance charge, and the total of payments?
• Can I pay early without a penalty, and how much would I save?
• What fees apply, including any for late payments or repossession?
• How many days late before repossession, and what notice will I get?
• How quickly is the lien released and the title returned after payoff?

Bottom line

LoanMart offers a convenient, mostly remote process and installment-style loans, which some borrowers prefer to single-payment title loans. Convenience does not make the loan cheap. Check lower-cost options first, such as credit union Payday Alternative Loans capped at 28% APR or a payment plan with the creditor you owe. If you proceed, borrow the minimum, get every term in writing, and plan to pay off early. More lender reviews are on the title loan lenders hub.

Red flags to watch for with any title lender

• A quote by phone that does not match the written disclosure.
• Pressure to borrow the maximum your car qualifies for.
• Add-on products, such as roadside assistance or insurance, presented as required.
• Vague answers about how long payoff and title release take.
• A company name on the contract that differs from the one you applied with, without explanation.
• Requests to pay fees before the loan is funded.

Any of these is a reason to slow down, ask for clarification in writing, or walk away. Legitimate lenders, including large ones, should be able to answer every question before you sign.

Frequently asked questions

Is LoanMart a direct lender?

The company describes itself as a direct lender. Confirm the legal entity named on your loan documents and check its license with your state regulator.

What are LoanMart’s interest rates?

Rates vary by state, loan amount, and vehicle, and are not published as one figure. Get the APR and total of payments in writing before you sign.

Do I have to visit a store to get a LoanMart title loan?

Often not. The process is largely online or by phone, with vehicle photos, though some loans may require an in-person inspection.

Can I pay off a LoanMart loan early?

Ask about prepayment terms before signing. Paying early on an installment title loan can save a significant amount of interest when there is no penalty.