LoanMart Reviews - What Is It?

WARNING: DO NOT USE LoanMart Until You Read This Review!
Is it a Scam? Does It Really Work?


LoanMart is the company that provides its clients with the cash they need including through personal and car title loans. If you have any credit issues it is not a problem. The process of application takes several minutes, and you are going to get your cash in a few hours. The company started as a single pawn shop in 1999 in Sherman Oaks, California. In our days, LoanMart has branches in Illinois, California, and Arizona and services eleven states around the USA. The company specializes in auto title loans. One of the major benefits the company offers is fast turnaround. Most clients can get their loans within 24 hours of applying. There is Five Day Peace of Mind Guarantee. If you are not sure whether a title loan is right for you or not, you can take comfort in this service. Within this period of time you can try out your loan. If you change your mind, just return the finances to the company. The application fee will be waived, just like any other fees and charges associated with the loan. You can also benefit from In-house DMV, which means that you can skip the hassle and long lines of the DMV while working with the company. LoanMart has their own in-house DMV to save you valuable time and process paperwork.

The company can boast having easy document submission. You can easily submit your documents online when applying for a loan. Simply send an email, fax, or a picture of your documents. There are many payment options, so you can choose the method of getting money: with cash, check, or wire transfer. Choose the one that is more suitable for you, and receive your cash fast. Check with your bank in advance if it charges for wire fees. LoanMart loans are said to be best for car owners who need cash immediately. The company is based at Van Nuys, California, and has been in business since 2002. as it was mentioned, the company specializes in car title loans but if you need a loan without using your car as collateral, you will be offered an unsecured personal loan. Not all consumers will be able to qualify for a personal loan. LoanMart provides personal loans to the residents of California only. If you live elsewhere, you will need to turn to a car title loan in order to take out a loan from the company. According to the company's website (, the APR on personal loans ranges from 60.00%-165.00%. The headquarters of LoanMart is based at 15400 Sherman Way Suite 170; City Van Nuys, California. If you have any questions, you can call as their phone number: (888) 851-2008.

Customer Reviews - Does LoanMart Really Work?

There are certain eligibility requirements at most loan companies; however, LoanMart does not list any minimum debt-to-income ratios or credit scores on its official site. It is mentioned, though, that it will pull the credit of applicants. Their loans are designed mainly for people with less than perfect credit. Credit history is important. Thus, a history of late payments and bankruptcies will be viewed negatively. Maximum debt-to-income ratio is not listed on LoanMart website, but the company excludes medical debt student and loans from its calculations. As it was mentioned earlier, personal loans are available to residents of California only. A consumer must have a bank account to get funds from the company.

During our research of LoanMart we have encountered a great number of customer reviews about the company online. Most of them report that the clients of the company are satisfied with their services. They say applying for a personal loan is fast and easy. The easiest way to do this is by speaking with a representative at 1-888-393-5924 or online. You will need to click on the "Get Prequalified" button to get a link to a brief application form. You'll need to answer a few basic questions including your name, cell phone, address and email. You will also be asked your gross monthly income, how long you have lived at your address, the number of years you have worked at your job as well as the sum of your desired loan. You will need to provide your Social Security number and your birth date. LoanMart will do the so called "soft pull" on your credit. The company can reject your application even after it prequalified you for a loan. It will verify your income and check your credit. If you receive a final approval, you will receive money into your bank account via an ACH transfer. You are expected to see your finances as soon as 24 hours after the company approves your loan. Here is what one of the clients is saying in his testimonial online.

The man says these were his friends who told him about LoanMart and since then he has taken two loans from the company. He started the application process online and finished it over the phone. The loan officer was polite and understanding. In general, his underwriting and application process took several days because the customer kept running out of time at the end of the day. In four working days he received his cash. According to the man's words, it was his fault that he did not manage to get things earlier. The company's client is planning to pay the percentage off early like the previous time. He says, LoanMart is a good loan company. Another customer mentions in her review that she had done a title loan with another company but they had certain issues and recommended her LoanMart. In addition, the woman has been getting letters and emails from LoanMart for a while. They went with a title loan for a few reasons. It was less expensive than taking a loan from any other company of the kind. The application process was fast and easy, according to customer feedback online. Even though LoanMart's rate and terms are a bit high but they are still less expensive than payday loan. The woman confessed, though, that getting the funds was a challenge since she had to drive 90 miles to get it. There was no closer place to her location. The woman received her funds in Gilroy. She wished they had their people in her town too. Here are some more customers' testimonials.

"One of my friends told me about LoanMart and I am glad he did. I was given the best interest ever. I received a title loan from them. Initially I asked for more cash, but they said I qualified for that very amount of money, not more. I applied over the phone, and was pleased with the process. The loan officer filed the application and I was approved in about two hours. I had the access to the money the next day. I was ok with the rate and terms. LoanMart is a good loan company with nice staff."

"The LoanMart team that worked with me was responsive and helpful in the course of the borrowing process. The company's reps were professional and kind on every step. This was my first time of receiving a title loan and I was pleased with everything. I got the funds in a timely manner. I will certainly recommend this company to any of my friends and I will address LoanMart without any hesitation if I need finances again."

"Nadja working at LoanMart made my experience efficient and fast. It was great working with her. She was friendly, professional and efficient! She made the process of getting a loan easy. I felt confident with her and I would definitely recommend Nadja to others. This is truly one of the best companies I have dealt with in business. If I could give the company ten stars I would."

My Final Summary

Although LoanMart started its business in 2002, it has quickly grown into one of the largest loan platforms in the United States of America. It mainly operates for people with less than perfect credit because it intends to help them quickly get the funds they need via personal loans and vehicle secured loans. The company's skilled and experienced agents work with each client to get them money as fast as possible. Some people received their finances the same day they apply for a loan. The application process is fast and easy. It usually takes about five minutes. Applications processed by the company may be funded by one of a few lenders, including by LoanMart, a Utah-chartered Bank and a licensed lender in some states. The company has high customer reputation online. The clients of LoanMart estimate their Interest Rates, Fees and Closing Costs as good. They are pleased with the professionalism and responsiveness of the customer service. The only disadvantage is that the maximum LoanMart personal loan is $3,100. There is no prepayment penalty. The size of your interest depends on how fast you pay off your loan. If you don't pay it off early and you carry it to full term, the amount in interest may grow. A LoanMart personal loan is a good option for those who live in California and need quick cash. It is safe to apply with this loan company because all LoanMart loans are made in accordance with loan license laws in each of the states. Taking into account all advantages and disadvantages of LoanMart we do recommend this loan company to everyone who needs money urgently.

LoanMart Pricing and Rates

The term of a LoanMart personal loan varies from 18 to 30 months in the sum from $1,500 to $3,100. APR range is 60%-165%. according to the company, it can provide finances as quickly as 24 hours after approving your application. Going through prequalification doesn't influence your credit score but going further will. The company will check your credit leading to a hard inquiry. Origination fee is not specified. There is no prepayment penalty. Late payment fee is $10 but it can be avoided by signing up for automatic payments. With this method, you will have a reduced APR. There are no other fees. In fact, all fees will be disclosed when you are presented a loan offer. Study your loan paperwork carefully to make sure you are aware of all fees. You can change your mind even if you have already received your money. Your loan can be canceled at no charge. To do this you will need to submit a cancellation request within 5 days of getting your loan. Also return the company all of the funds you have received.