If you are a title loan borrower and ever find yourself unable to make your monthly auto title loan payment by the due date, you might be wondering if someone else can make the payment on your behalf. With title loans serviced by LoanMart, you can ask others to assist with your car title loan payment to stay on track with your title loan payment schedule and keep your account in good standing.
Continue reading to find out about available options for others to make your title loan payment.
Have the Co-Signer or Co-Borrower Make The Payment
If your title loan has a co-borrower or co-signer, that individual is authorized to handle matters relating to the loan. In fact, they are equally responsible as the borrower for paying back the loan in a timely manner. In the event that you fail to make a monthly payment, the co-borrower or co-signer will be equally held responsible for paying back the loan.
Therefore, a co-borrower or co-signer may jump in and make the monthly title loan payments until you're able to take over the payment responsibility again. A co-borrower or co-signer can take advantage of all payment methods available to the borrower for title loans serviced by LoanMart. Since they are authorized on the account, they can call to inquire about the next payment due date, the amount due, and schedule a payment or make a payment.5
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Even if the borrower is financially able to take over the the payment responsibility again, the co-borrower is welcome to continue making payments.5
Have A Friend or Relative Make The Loan Payment
If no co-borrower is present on an auto title loan, the borrower can ask someone else to support them in making their monthly payments. A close friend, spouse, parent, or close relative can be asked if they would take over making loan payments on behalf of the borrower.
If someone else would like to make payments in the borrower’s place, please be aware that loan information for title loans serviced by LoanMart can only be provided to authorized individuals.
If you ask a friend or relative to make payments on your behalf, they can therefore not simply call LoanMart to find out when the next payment is due and how much is due. However, individuals who are not listed on the loan as borrower or co-borrower can become authorized parties with the borrower's authorization. Please contact a LoanMart customer service representative to find out how to authorize a third party to receive loan information and to over the loan payments on your behalf.
An friend or relative can make payments in the following ways on your loan:
- Make a payment at a participating money transfer location
- Pay by phone with a card or bank account (fees may apply)
- Schedule a payment online, if the borrower is logged on to their LoanMart customer portal
What If I Can't Find Someone to Take Over My Loan Payments?
If asking someone to help with your auto title loan payments isn’t an option, or if you can only acquire financial support for one month but need more time, consider contacting LoanMart to find out how you can temporarily get out of your title loan payment obligation.
The Bottom Line
If you are unable to make your auto title loan payment on time, someone else can make the payment on your behalf! With title loans serviced by LoanMart, a co-borrower can make the title loan payments without any extra steps in the process. If a friend or relative temporarily assists with your title loan payments but is not listed on the loan account, a third party authorization may be required so that the friend or relative can help you out.
