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LoanMart Auto Title Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

LoanMart offers an auto title loan, which might be good for people looking for an alternative to a traditional personal loan. LoanMart loans are only available in select states. One benefit of a LoanMart auto title loan is that once your application is submitted, you might get an answer as quickly as within an hour. There are no prepayment fees but APRs run high. Read this review to learn more about LoanMart loans.

LoanMart auto title loan highlights

  • Fast approval: Once the application is submitted, applicants can hear back from a LoanMart loan specialist in as little as an hour about loan approval; however phone approvals are instant.
  • No prepayment fee: If a borrower chooses to pay off their loan early, they will not be assessed a prepayment fee.
  • High interest rates: LoanMart’s interest rates range between 60% and 222%, which borrowers may feel is high.
  • Mobile app: Borrowers can use LoanMart’s mobile app to do things like review their account information and make loan payments.
  • Loans only available in seven states: LoanMart only offers auto title loans in Alabama, Arizona, California, Missouri, New Mexico, South Carolina and Utah.

LoanMart at a glance

  • APR range: 60.00% to 165.00%
  • Minimum credit score:Not specified
  • Terms: 18 to 30 months
  • Origination fee: Not Specified

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.

Terms Fees and penalties
  • Terms: 18 to 30 months
  • APR: 60.00% to 165.00%
  • Loan amounts: $1,500 to $3,100
  • Time to funding: As little as one business day or 24 hours
  • Credit check: Not specified
  • Origination fee: Not Specified
  • Prepayment fee: None
  • Late payment fee: Not specified
  • Other fees: Not specified

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

LoanMart requires borrowers to have a vehicle to secure an auto title loan, even if the vehicle has not yet been paid off. The lender does not specify any restrictions on the make, model or year of the vehicle that a borrower can use as collateral. However, LoanMart has specified that the vehicle must be in good condition and must have a clean title.

Additionally, borrowers will be asked to provide a copy of the vehicle title, proof of residency, proof of income and a valid state issued ID or driver’s license. If funds are to be received via direct deposit, a bank account is also a requirement.

What borrowers are saying about LoanMart

LoanMart has a rating of 4.3 out of 5 stars on LendingTree. Many of the positive reviews made by LendingTree users focused on the lender’s quick and easy loan application process.

Leslie from Logan, Utah stated that “The process was easy. I was well informed through the entire process and every person I had an interaction with had a great attitude, was very helpful and knowledgeable. I was in a jam and needed help quick. They were great!”

While many customers praised LoanMart’s application process, there were a few customers who felt the opposite and rated the lender below 5 stars for the difficulties they experienced when attempting to secure a loan.

Applying for an auto title loan from LoanMart

An application for a LoanMart auto title loan can be completed online, in person at a LoanMart store, or over the phone with a specialist by calling 855-422-7412.

To start, you will first be asked to provide details about your vehicle. LoanMart will use this information to pre-qualify the vehicle for up to a certain amount. If the potential loan amount is suitable for the applicant’s needs, they can then proceed with the application process by providing their personal information.

Along with the application, applicants will be required to submit a few documents to LoanMart in order to be approved. The required documents include:

  • Copy of the title
  • Images of the vehicle
  • Proof of residency
  • Proof of income
  • Government-issued ID or driver’s license.

Applicants have the option to submit these documents via email, text or fax.

LoanMart can then perform a review of the application and the required documents and inform applicants if they have been approved, which can take as little as an hour depending on how they apply. Borrowers can then sign their loan documents and select how they will receive their loan funds.

Borrowers may be able to receive their loan funds via check, direct deposit, or MoneyGram in as little as 24 hours following loan approval if the loan is approved on a business day.

Pros Cons
  • Fast application process: The application process for an auto title loan can take as little as five minutes.
  • Three Day Peace of Mind Guarantee: If a borrower changes their mind about the loan, they have up to three days to return their loan funds without being charged any of the associated fees.
  • Applying with co-borrower is an option: Applicants who have doubts that they will be approved for an auto title loan from LoanMart have the option to apply with a co-borrower.
  • Fast funding: Borrowers may be able to receive their loan funds in as little as 24 hours.
  • High interest rates: Interest rates for an auto title loan with LoanMart ranges from 60.00% and 165.00%.
  • Website does not provide detailed information regarding loan fees: LoanMart’s website does not specify if there are additional fees that borrowers may be asked to pay.
  • Vehicle and state determine loan amount: Since the vehicle and state determine the amount of the loan, there is no guarantee that all borrowers will get the amount of money they need.

Who’s the best fit for a LoanMart auto title loan?

A LoanMart auto title loan is the ideal fit for someone with not-so-perfect credit who needs cash fast. The lender will review an applicant’s credit score once an application is submitted, but since approval is more based on the borrower’s vehicle, a poor credit score may not be an obstacle. LoanMart’s website states that even someone who has filed for bankruptcy can be approved for a loan.

Borrowers will find that LoanMart charges high interest rates for an auto title loan. This is one thing that borrowers may be willing to overlook considering the minimum funding time of 24 hours. Depending on how quickly the loan is repaid, the interest rate may not have a huge impact on borrowers. Additionally, borrowers won’t be penalized for prepayment.

Borrowers in need of a personal loan do have other options if a LoanMart auto title loan isn’t exactly a good fit for their needs.

Alternative personal loan options

OneMain Financial

  • APR: 18.00% to 35.99%¹
  • Minimum credit score: Not specified
  • Terms: 24 to 60 months
  • Origination fee: 1.00% - 10.00%

OneMain Financial offers personal loans ranging from $1,500 to $20,000. However, the minimum and maximum loan amounts vary by state.

Depending on a number of factors, borrowers will be offered a secured or unsecured loan. If an applicant only qualifies for a secured loan, they can choose to use their vehicle as collateral. Should a person use their vehicle as collateral, they will be responsible for paying a fee that will cover the cost of the lien OneMain Financial will have to place against the vehicle.


  • APR: 4.37% to 35.99%
  • Minimum credit score: 600
  • Terms: 36 or 60 months
  • Origination fee: 0.00% - 8.00%

Upstart is an online lending marketplace. Borrowers can find unsecured personal loans ranging from $1,000 to $50,000. With this loan being unsecured, collateral is not of concern, especially for borrowers who do not have a vehicle or a vehicle that would allow them to secure a loan large enough for their financial needs.

However, without collateral, Upstart will rely on other factors to determine a borrower’s eligibility, such as credit score, credit history, education and job history. Funds may be received one day after the loan is approved.

Happy Money

  • APR: 5.99% to 24.99%²
  • Minimum credit score: 640
  • Terms: 24 and 60 months
  • Origination fee: 0.00% - 5.00%

Happy Money (formerly Payoff) offers personal loans ranging from $5,000 to $40,000. Collateral is not required for a loan with Happy Money because it is an unsecured loan. Although there is an origination fee that may be charged, a personal loan from Happy Money allows borrowers to make fixed monthly payments without having to worry about late fees or prepayment fees. With this particular lender focusing on eliminating credit card debt, Happy Money may appeal to borrowers who have a significant amount of credit card debt that they want to take care of as soon as possible.

¹Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. 

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

²All 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.


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