If you are searching for title loan forgiveness or title loan relief online, chances are that you’re looking to get out of an existing title loan since the loan payments are currently hard to manage. While your finances might be distressed at this time, don’t despair! Even though there is no official title loan forgiveness program, there are several options that can provide financial relief, and ultimately help you get out of your current title loan without risking your car.
Is There a Title Loan Forgiveness Program?
You may have heard about loan forgiveness programs in the media. While there are government programs for some educational loans, there is no official title loan forgiveness program. If you have a title loan serviced by LoanMart or a different title loan lender, you can therefore not count on a forgiveness program to help you get out of your loan without paying it back.
However, whether your existing title loan is serviced by LoanMart or a different lender, there are a few options you can consider to get help with your title loan so you can get temporary relief from making payments on your title loan debt.
Call Our Team
Take the first step and call our toll-free hotline to speak with a specialist.
Call Our Team
Take the first step and call our toll-free hotline to speak with a specialist.
Title Loan Help For Loans Serviced by LoanMart
If your existing auto title loan is serviced by LoanMart, below are some of the options that may be available to you, depending on the current status of your loan and your payment history. Besides these options, it is always recommended to communicate proactively with us if your current loan payments aren’t a good fit for your budget. Instead of defaulting on your vehicle title loan, be sure to give us a call to find out about your options.
- Due date change: If the primary reason why you are struggling to make your payments on time is merely a mismatch between when you receive your income vs. when your payments are due, you can contact us to inquire about a due date change to better align your loan payments with the timing of your income.5
- Payment deferral: If you had a temporary loss or reduction in income, or some unexpected expense that you needed to prioritize over making your car title loan payment, a payment deferral – also known as a payment extension – may give you the temporarily relief you need from your debt payments and allow you to catch up with your loan.5
- Title loan refinance: If your car title loan serviced by LoanMart is in good standing and has good payment history, your account may qualify for a title loan refinance.1 A title loan refinance may provide help with your title loan payments since it may come with different terms, including a lower payment.1 Also, since the first payment on a refinanced title loan will typically be due a month from completing the refinance, using this option may give you a few extra days until your next payment is due.
Besides the above payment assistance programs, it’s also good to be aware that with title loans serviced by LoanMart, you can ask friends or family for help making your loan payments. If you are unable to make your title loan payment, someone else can be allowed to pay on your behalf and help you get out of your car title loan debt.
Title Loan Assistance For Customers With A Different Company
If you currently have a title loan with a different company, for example TitleMax, it’s a good idea to check with your existing lender or loan servicer what payment relief programs they have available. The title loan company you work with may offer the same or similar options for their customers who are currently facing payments that have become unaffordable. So be sure to ask your existing lender about due date changes, payment deferrals, or the availability of loan modification or refinance programs for existing customers.
If you are considering to refinance your title loan, applying for a title loan serviced by LoanMart could help you get out of your existing title loan. There is no cost or obligation when inquiring about refinancing your title loan with a loan serviced by LoanMart
The Bottom Line
While you can’t simply get out of your title loan without paying, the financial relief you’ve been looking for can be available with car title loans serviced LoanMart!1 5 Even though title loan forgiveness is not available, you may qualify for payment assistance programs or even potentially a refinanced loan.
If your current title loan is with a different title loan lender or loan servicer, consider applying for a title loan serviced by LoanMart and see if you can get approved for a vehicle-secured loan that better fits your current financial situation.1
