LoanMart Personal Loan Review

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

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What is LoanMart?

LoanMart is a nonbank lender operating out of the greater Los Angeles area. Since its founding in Sherman Oaks in 1999, LoanMart has helped over 250,000 customers in over 500 cities across the U.S. The company says it prides itself on its customer service, which is U.S.-based and available six days a week.

While LoanMart does offer unsecured personal loans, it’s known for its auto title loans. The auto title loan industry doesn’t have the best reputation, but LoanMart aims to change that by providing personalized customer service and transparent loans.

This LoanMart review will lay out the details of its personal loans while also touching on the company’s auto title loans. We’ll review the pros and cons of this lender and compare it to other personal loans on the market.

LoanMart personal loan highlights

  • Fast loans: The application only takes a few minutes to complete online. After that, you could get your loan funded as soon as 24 hours after approval.
  • Short term: While LoanMart does not offer longer loan terms, it’s an option to consider if you’re looking for a small amount of short-term money. You can take out loans with terms as for 18 to 30 months, so you’ll have your debt paid off more quickly.
  • Easier approval: If you’ve found it difficult to get approved for a loan from a traditional lender, you might have better luck with LoanMart. It offers loans to people with bad credit.
  • High APRs: In exchange for easier approval, you’ll be paying interest rates on your loan that are significantly higher than market standard APRs for personal loans — 60.00% to 165.00%.
  • Minimum credit requirement: No minimum credit score
  • Fees: Varies by state
LoanMart Personal Loan Details
Fees and Penalties
  • Term lengths: 18 to 30 months
  • APR range: 60.00%–165.00%
  • Loan amounts: $1,500–$3,100
  • Time to funding: 24 hours
  • Credit check: Hard Pull
  • Origination fee: Varies by state
  • Prepayment fee: None
  • Late payment fee: Varies by state
  • Other fees: There may be a returned payment fee in some states

LoanMart product details

LoanMart offers small unsecured personal loans meant to be paid off within 1½ to 2½ years. Its loan process is fast, and approval is easier than it would be with a traditional lender, although interest rates are also higher. It offers a free pre-qualification tool that allows you to see the type of loan for which you might be eligible, and checking won’t impact your credit. If you accept a loan offer and change your mind, LoanMart loans come with a “Peace of Mind Guarantee” that gives you three days to return your loan and avoid any fees or interest charges.

Secured loans are also available at LoanMart in the form of auto title loans. Instead of lending to you against your credit score, auto title loans use your vehicle as collateral to secure the loan. While you can continue driving your vehicle while repaying the loan, you risk having your vehicle repossessed if you’re suddenly unable to repay your loan.

LoanMart’s title loans allow you to borrow up to 120% of your car’s equity with a repayment term of up to 48 months. The interest rates are slightly lower, ranging from 30% to 165%. That being said, auto title loans aren’t always a good idea. Its rates are lower than what many payday lenders and pawn shops offer, but they’re still some of the most expensive loans you can get. If you find yourself buried under interest payments and unable to pay, you risk losing your car.

Eligibility requirements

  • Minimum credit score: No minimum credit score
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

If you’re worried about your credit score, LoanMart’s credit requirements are less strict than what you’d see at a traditional lender. You’ll need to submit a government-issued form of identification, proof of residence and proof of income to qualify. While your application will need to demonstrate that you’re capable of repaying the loan you’ve requested, this can be done using your income in conjunction with your credit history. That being said, you’ll still be subject to LoanMart’s credit standards.

Eligibility for LoanMart’s title loans works a little differently. Besides submitting identification and income information, you’ll also need to own a vehicle and show both your driver’s license and a vehicle title. If you are unemployed, you can show income from sources other than employment, such as retirement, disability, self-employment or Social Security.

Applying for a personal loan from LoanMart

Find out if you’re pre-qualified. You can do this on the LoanMart website within minutes, and it won’t affect your credit. You’ll need to submit identifying and contact information as well as income and employment. Or you can check if you’re pre-qualified over the phone by calling 844-648-6691.

Send in supporting documents. To process your application, LoanMart may ask for additional documents to confirm your identity, income or vehicle information. You can send these in by email or fax, or you can send a photo of your documents through text message.

Receive your funds. If you’re approved, you could receive your money in as little as 24 hours. LoanMart loans will be deposited directly into your bank account.

Pros and Cons of a LoanMart Personal Loan
  • Easy approval: Because LoanMart can loan you money against your income and/or vehicle title, you might have an easier time getting approved for a LoanMart loan than you would with a traditional lender, especially if you have bad credit.
  • Quick funding: The application and funding process is extremely quick, and you could have your money in as little as 24 hours.
  • Short-term options: If you’re looking for smaller loan amounts to borrow over short term lengths, LoanMart personal loans offer that.
  • No prepayment penalties: You’ll never be charged a fee for paying off your loan early. Making additional monthly payments will save you money on interest.
  • Expensive: LoanMart’s interest rates on both unsecured personal loans and secured title loans are incredibly high. There are plenty of lenders offering far more affordable loans, but LoanMart capitalizes on borrowers who have been denied by other lenders. Taking out a loan from a lender like LoanMart could leave you paying more in interest fees than you borrowed. Loans with high interest rates and short loan terms can quickly become unmanageable and difficult to pay off, especially if you’re already in a tricky financial situation.
  • Small loan amounts: If you need to borrow a lot of money, LoanMart loans probably aren’t the best option. Its unsecured personal loans aren’t offered in amounts of more than $3,100.
  • Watch out for title loans: You might be tempted to opt for a title loan for easier approval or lower rates. While it is easier to receive approval for a title loan (as long as you own a vehicle), the rates on LoanMart’s title loans are still very high. What’s more, you risk losing your car if you’re unable to make your loan payments.

Who’s the best fit for a LoanMart personal loan?

Given the high interest rates on LoanMart loans, this lender isn’t a good option if you’re looking for the best rates on personal loans. Anyone with good credit can easily qualify for a more affordable loan. With higher interest rates and shorter repayment periods, the monthly payments on a LoanMart loan will be very expensive, so it might not be a good option if you’re struggling financially.

That being said, if you find yourself in an emergency and you can’t qualify for other personal loans due to bad credit, LoanMart might be an option worth considering. Its loans are best for people who need smaller loan amounts — ranging from $1,500 to $3,100 — quickly and can repay their loan within 18 to 30 months. This means you’ll have high monthly payments, but you’ll have a better chance of approval and you can receive your funds in as little as 24 hours.

You should always shop around before making a decision, especially if you’re considering a loan with high interest rates.

Alternative personal loan options


  • APR range: 5.99% to 24.99%
  • Credit requirements: 640 minimum credit score
  • Terms: 24 to 60 months
  • Origination fee: 0.00% - 5.00%

Payoff offers a low APR with possible origination fees. Its main function is to help you consolidate credit card debt, and it offers loans as small as $5,000 and as large as $35,000.


  • APR range: 5.99% to 16.99%
  • Credit requirements: 680 minimum credit score
  • Terms: 24 to 84 months
  • Origination fee: No origination fee

SoFi offers some of the lowest rates on the market with highly flexible loan terms. Whether you’re looking for short-term loans you can pay off quickly or for manageable monthly payments stretched out over a longer period, SoFi can help. You can borrow anywhere from $5,000 to $50,000.


  • APR range: 5.99% to 29.99%
  • Credit requirements: 600 minimum credit score
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 5.00%

This peer-to-peer lending platform has lower credit requirements than many and still offers fairly affordable rates. The application process is very fast, and you can borrow anywhere between $4,000 and $25,000. Loans through Peerform come with no prepayment penalties and can be used to consolidate credit card debt.

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

5.74% – 16.99%1$5,000 - $100,000

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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