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
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.
- 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
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%
- 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!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
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 www.lendingclub.com 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 reviews.lendingclub.com
**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.
8 Important Disclosures for Avant.
* 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
** 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|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|