Understanding the Payment Methods Offered by LoanMart
LoanMart offers several convenient payment methods, allowing borrowers to have access to multiple choices that suit their preferences. Pick the available method that works best for you and pay back your title loan according to your payment schedule!1
Take a closer look at the various ways you can repay a car title loan serviced by LoanMart if you’re eligible for funding:1
- Set Up Automatic Payments from Your Bank Account
- Pay via Phone using your Bank Account or Payment Card
- Pay Online Through the Customer Portal or the Mobile App
- Visit a Nearby Money Transfer Location to Pay in Person
Whichever option you choose, you can expect to encounter a simple and convenient repayment process. With an online title loan serviced by LoanMart, you can continue driving your vehicle throughout the repayment period as long as you stay on top of your payments!1
Continue reading to learn more about repaying auto title loans in your state. Or, call a LoanMart title loan agent at 855-422-7412 if you have any payment-related questions, such as “Can I pay my car title loan early?”
How Can You Manage Your LoanMart Payment Plan?
Keeping track of your payment schedule is essential with an auto title loan serviced by LoanMart. But what if your monthly installments have become unmanageable? You may think you’re out of options when facing such a difficult financial situation.
Fortunately, you can do a few things to avoid the potential consequences of a title loan default. Here are some tips you can use to manage your title loan payments when paying back a car title loan:
- Set Reminders on Your Phone’s Calendar to Avoid Missing Payments
- Budget and Prioritize Your Loan Installments
- Set Up Automatic Payments to Pay on Time Every Month
- Ask for a Loan Extension To Get More Time to Make a Payment
- Try to Refinance Your Car Title Loan to Obtain New Loan Terms1
If you experience financial difficulties during the repayment process, you can easily contact a title loan officer at 855-422-7412. Title loan agents are available six days a week to assist you and discuss your available options if you’re facing a tough financial situation. Whether you are trying to pursue title loan refinancing or a loan extension, it’s important to call before you default to effectively work towards a solution!
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Take the first step and call our toll-free hotline to speak with a specialist.
How Can I Repay an Auto Title Loan Quickly?
After discovering the payment methods offered by LoanMart, you may wonder if it’s possible to repay title loans quickly. While it may seem challenging, there are some solutions you can use to get out of debt fast, including:
- Pay the Entire Amount at Once: Some lenders will penalize borrowers for paying their loans in full before their loan term ends, which can be frustrating when you want to get out of your loan as soon as possible! Fortunately, with LoanMart, you can completely pay off your loan as soon as you have the means to, because there are zero prepayment penalties or hidden fees.5
- Get a Side Hustle: A side hustle is a great way to earn extra cash to make larger payments and shorten the overall length of your loan. If you have free time during the week, consider doing side jobs like dog walking, cleaning services, or driving for a rideshare company like Uber or Lyft.
- Pay More Than the Minimum Amount: If you do not have the means to pay off your title loan all at once, then each month, make it a priority to pay more than the minimum amount due. By using this strategy consistently, you’ll be closer to finishing your payments than you would be if you only made the minimum payment on your car title loan each month. Making payments in excess of your minimum payment amount will also help you save on loan interest.
What Happens if You Don’t Repay a Car Title Loan?
Paying a car title loan back can be simple when choosing one of the payment methods offered by LoanMart. But what happens if you don’t repay it? Be aware that borrowers who consistently miss their payments and default on their loans may lose their cars to repossession. Before that happens, however, LoanMart will make several attempts to contact you after you miss a payment to resolve the situation and work with you to move forward. If you don’t respond to these attempts to contact you and refuse to settle your late payments, that will ultimately result in your vehicle being assigned for repossession.
Your financial situation can change throughout the duration of your loan. If you face issues during the repayment process, it is important to openly communicate with LoanMart by calling 855-422-7412. Make sure to reach out to a title loan representative before defaulting on your loan and let them know that you are facing financial hardship.
How Long Do I Have to Pay a Title Loan Back?
The repayment terms for auto title loans typically range from a few months to a few years. However, the length of a loan term will vary depending on the following factors:
- The Regulations of Your State
- Your Loan Amount
- The Lender You are Working With
Before you sign a title loan agreement, it is important to review your loan terms and the details written in your contract. If you want to repay a title loan quickly, you must ensure your lender doesn’t have prepayment clauses that will penalize you if you decide to pay off your title loan before the term ends. Additionally, you must be on the lookout for hidden fees in your contract to avoid any surprises during the repayment process.
It’s worth mentioning that some states have laws that regulate the terms of your loan and the amount you can borrow. These laws will vary from state to state, so it’s essential to understand the regulations in your state before applying for a loan. If you have questions about the terms of your loan agreement, don’t hesitate to discuss them with your title loan lender to fully understand them. A loan is an important decision, so you must be clear on everything before taking on this obligation.
With loans serviced by LoanMart, you will have flexible repayment terms to pay back your title loan. Conveniently dial 855-422-7412 if you have questions about your loan terms! If you qualify for an online title loan serviced by LoanMart, you will not encounter any balloon payments, prepayment penalties, or hidden fees during the repayment process.1 5
Apply for an Online Title Loan Today!
Now that you know more about the payment methods offered by LoanMart, it’s time to find out how to apply for a title loan. Thankfully, the application process for a title loan serviced by LoanMart is simple and convenient for those who need quick funding. Simply follow these three basic steps to get the cash you need to handle a financial emergency:1 3
- Start Your Title Loan Inquiry: There are two convenient ways to start the application process for an auto title loan serviced by LoanMart. You can apply online by filling out a brief prequalification form, or you can apply over the phone by calling a title loan agent at 855-422-7412.
- Submit a Few Documents: During your application, you will be asked to submit some documents to verify your information. The exact items will differ slightly by state, but you can expect to need these documents when applying for an auto title loan:1
- A Valid, Government-Issued Photo ID
- Proof of Residence & Income
- The Title of Your Vehicle, Which Must Be in Your Name
- Some Recent Pictures of Your Car or Truck
- Get Approved and Collect Your Money: After full loan approval, you can choose how to get your title loan money and sign your loan agreement! With LoanMart, you have the option to receive your funds via direct deposit, get a check sent in the mail, or simply pick up your cash at a participating money transfer location near you.1
Take advantage of a convenient application process and find out if you qualify for instant pre-approval today!1 3 Dial 855-422-7412 to get started or ask any questions you may have about the payment methods offered by LoanMart.
