LoanMart Reviews and Ratings

LoanMart Official Company Logo

LoanMart has been in the title loan business since 2002. The company markets fast cash to borrowers who use their vehicle as collateral. But is LoanMart a safe choice for someone in a tight financial spot?

Millions of Americans face unexpected expenses every year. Many of them have limited access to traditional bank loans due to poor credit. Title loans fill that gap, but they come with serious risks. High interest rates, short repayment windows and the threat of losing a car make this a high-stakes decision.

This review breaks down everything readers need to know about LoanMart. It covers the loan process, rates, eligibility, real customer feedback and the risks involved. By the end, readers will know if LoanMart is the right fit or if better options exist.

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What is LoanMart?

LoanMart Website Homepage

LoanMart is a title loan servicer founded in 2002. The company operates under Wheels Financial Group, LLC and is headquartered in Van Nuys, California. Its NMLS ID is 1442517.

The company has served more than 345,000 customers since it launched. LoanMart operates in more than 30 states across the United States. It markets itself as a leader in non-traditional lending.

One important detail is that LoanMart often acts as a servicer, not the direct lender. In some states, a partner bank originates the loan. LoanMart then services the loan on behalf of that lender. This structure has drawn regulatory attention in states like California and Oregon.

The company is a member of the Online Lenders Alliance (OLA). It holds an A+ rating with the Better Business Bureau (BBB), although it is not BBB accredited.

How LoanMart title loans work

The LoanMart application process follows three simple steps.

First, applicants fill out a short form online or over the phone. This step takes five minutes or less. The form asks for basic personal and vehicle information.

Second, applicants submit their documents. These typically include proof of income, a government-issued ID and the vehicle title. Documents must arrive by 2 PM Pacific Time for same-day funding.

Third, approved borrowers receive their money. Funds go directly to a bank account. They can also be picked up at a participating money transfer location.

The borrower hands over the vehicle title as collateral. They do not hand over the vehicle itself. Borrowers can keep driving their car during the repayment period. However, if the borrower fails to repay, LoanMart can repossess the vehicle. This is a real risk and should not be overlooked.

LoanMart title loan features

LoanMart loan amounts

LoanMart bases loan amounts on the vehicle’s equity and the borrower’s verified income. Credit score is not the main factor. The minimum loan amount starts at $2,000 in most states. Maximum amounts depend on the value of the vehicle.

Borrowers can use the online calculator at 800loanmart.com to get a quick estimate. Exact figures will vary by state and vehicle condition.

LoanMart rates and fees

LoanMart advertises “competitive interest rates” on its website. However, it does not publish a specific APR range on its homepage.

Consumer reports and legal filings reveal a wide range. Interest rates typically fall between 36 percent and 99 percent annually. Some borrowers have reported rates exceeding 100 percent. A 2020 lawsuit alleged that one California borrower paid an Annual Percentage Rate (APR) of 100.73 percent on a loan that should have been capped at 36 percent under state law.

LoanMart also offers a product called ChoiceCash. This is a “shrinking payment” loan. The interest rate starts high but drops each month with consistent on-time payments. It can eventually fall to 36 percent. However, the starting rate can reach as high as 170 percent based on publicly available Q&A responses.

LoanMart does not charge prepayment penalties. Borrowers can pay off the loan early without extra fees.

LoanMart repayment terms

LoanMart offers both short-term and long-term repayment options. Exact term lengths depend on the state and the loan amount. Borrowers should note that longer repayment terms mean lower monthly payments but significantly more interest paid over time. On a high-APR product, this difference can be substantial.

LoanMart funding speed

Same-day funding is available when borrowers submit all documents before 2 PM Pacific Time on a business day. Funds can be deposited into a bank account or picked up at a participating location. Weekend and holiday submissions may take one additional business day.

LoanMart eligibility requirements

LoanMart accepts applicants with bad credit and past bankruptcies. There is no minimum credit score stated on the website. The main requirements are a qualifying vehicle, a clear vehicle title and verifiable proof of income.

The vehicle can be any make, model or year according to the company’s marketing. However, it must have enough equity to support the loan amount. Borrowers with existing liens on their vehicle may not qualify.

LoanMart does not operate in all 50 states. The company currently serves borrowers in approximately 30 states, though exact availability changes over time. Applicants should check 800loanmart.com/locations to confirm service in their state before applying.

LoanMart pricing and fees

LoanMart does not charge application fees or prepayment penalties. These are confirmed on the company’s website.

The main cost of a LoanMart title loan is the interest rate. As noted above, rates can range from 36 percent to well over 100 percent APR depending on the state and loan structure. The ChoiceCash product offers a declining rate, but the initial rate remains high.

Borrowers should ask about all fees before signing. Origination fees, processing fees and late payment penalties may apply depending on the state. LoanMart’s state disclosure pages at 800loanmart.com are the best source for specific cost details.

Compared to industry averages, title loan rates are significantly higher than personal loans or credit cards. A personal loan from a credit union may carry an APR of six to 18 percent. A title loan from LoanMart can cost several times that amount. Borrowers should weigh these numbers carefully before committing.

What customers say about LoanMart

Customer feedback for LoanMart is mixed. The company earns strong ratings on some platforms but faces serious complaints on others.

Better Business Bureau (BBB) reviews

LoanMart Better Business Bureau (BBB) reviews

LoanMart holds an A+ rating with the BBB. However, the company is not BBB accredited. There are 104 total complaints filed in the last three years. Of those, 23 were closed in the last 12 months. Common complaint themes include billing disputes, repossession concerns and difficulty reaching customer service.

Trustpilot reviews

LoanMart Trustpilot Review Profile

LoanMart has a 3.5-star rating on Trustpilot based on over 550 reviews. Positive reviews praise the fast application process and helpful staff. Negative reviews focus on high interest rates and confusing payment structures. Several reviewers mentioned frustration with how balances grew despite making regular payments.

Reddit reviews

Reddit threads paint a concerning picture. One widely shared post described a borrower who paid $5,700 on a $3,900 loan but still owed over $3,100. The borrower’s vehicle was repossessed despite significant overpayment. The poster filed complaints with multiple agencies, including the CFPB. This type of experience appears more than once in Reddit discussions about LoanMart and title loans in general.

Google and Yelp reviews

LoanMart has a 2.4-star average on Yelp based on 104 reviews across 47 locations. Common complaints involve high interest rates and aggressive collection practices. Some positive reviews highlight quick funding and helpful agents. Borrowers can view the full BBB profile for LoanMart for complaint details.

On ConsumerAffairs, LoanMart holds a stronger rating with over 500 reviews. Many reviewers on that platform describe a smooth application process and responsive customer service.

LoanMart complaints and red flags

Title loans as a product category carry elevated risk. LoanMart is no exception.

The Consumer Financial Protection Bureau (CFPB) database contains complaints filed against Wheels Financial Group and LoanMart. Common themes include incorrect debt reporting on credit files, excessive interest charges and inadequate assistance from agents.

On the regulatory front, LoanMart has faced scrutiny in multiple states. The California Department of Financial Protection and Innovation (DFPI) investigated LoanMart’s partnership with a Utah-based bank. The concern was that the bank-partnership model allowed LoanMart to charge interest rates above California’s legal cap. LoanMart eventually agreed to end this bank partnership lending program.

In Oregon, loans originated through this partnership carried APRs between 61.95 percent and 202.86 percent. The state’s Division of Financial Regulation issued a cease-and-desist order to LoanMart in July 2023.

A 2015 lawsuit alleged violations of the Telephone Consumer Protection Act (TCPA). The consumer claimed LoanMart made repeated automated calls to a personal phone and employer, sometimes five or six times daily without consent.

Industry data shows that title loan borrowers frequently reborrow. A meaningful percentage of borrowers experience vehicle repossession. These patterns are not unique to LoanMart but reflect the title loan industry as a whole.

LoanMart outcomes and success rate

LoanMart does not publish specific approval rates, savings benchmarks or performance statistics on its website. The company states that over 345,000 customers have been served since 2002.

Approval depends on vehicle equity and income rather than credit score. This means approval rates may be higher than traditional lenders for applicants with poor credit. However, approval does not equal a favorable outcome. The high interest rates mean many borrowers pay back significantly more than they initially borrowed.

Debt resolution through a title loan is not a long-term financial strategy. Borrowers should have a concrete repayment plan before signing any agreement. Without one, the risk of default and repossession increases substantially.

Title loan repayment may take 12 to 36 months depending on the loan amount and terms. Borrowers who make only minimum payments will pay the most in total interest.

LoanMart pros and cons

Pros

• Bad credit and past bankruptcy are accepted with no minimum credit score requirement
• Borrowers keep their vehicle during repayment
• No prepayment penalties on any loan product
• Same-day funding is available when documents are submitted before 2 PM PT
• Customer service is available six days a week by phone at 855-422-7412
• The ChoiceCash product reduces the interest rate with each on-time payment

Cons

• APR is not disclosed publicly on the website and can range from 36 percent to over 200 percent
• Vehicle repossession is a real consequence of missed payments
• Not available in all 50 states
• Loan amounts are limited by the vehicle’s equity
• The bank-partnership lending model has drawn regulatory scrutiny in multiple states
• BBB complaint volume is notable with 104 complaints in three years

Who should consider LoanMart

LoanMart may be a reasonable option for a narrow group of borrowers. The right candidate likely has no access to personal loans due to credit history. They own a vehicle outright or nearly so. They face a short-term financial emergency with a clear repayment plan. They live in a state where LoanMart operates.

This product works best for someone who needs fast cash, understands the cost and can pay off the balance quickly. The ChoiceCash option offers a path to lower rates over time, but only for borrowers who can consistently make on-time payments.

Ideal candidates include borrowers who have been denied by traditional banks, have a vehicle with strong equity and expect a near-term income increase or lump sum that will cover the balance.

Who should look elsewhere instead of LoanMart

LoanMart is not the right choice for everyone. Borrowers in states not served by LoanMart will need to find another option. Anyone who cannot afford to lose their vehicle if repayment fails should avoid title loans entirely.

People with access to personal loans, credit union products or even credit card advances at lower APR should explore those options first. Borrowers who need a loan amount beyond what their vehicle equity supports will not find what they need here.

Title loans should be treated as a last resort, not a first choice. Those with multiple outstanding debts should consider speaking with a nonprofit credit counselor before taking on additional high-interest obligations.

LoanMart vs TitleMax

Both LoanMart and TitleMax are major players in the title loan market. LoanMart even references TitleMax on its own website as an alternative worth comparing.

• Geographic coverage LoanMart operates primarily online and covers more than 30 states. TitleMax is branch-based and operates in approximately 14 states. For borrowers who prefer a fully digital experience, LoanMart has the advantage.
• Credit requirements Both companies accept bad credit. Neither publishes transparent APR ranges on their main websites.
• Regulatory history TitleMax has also faced significant regulatory actions, including allegations of violating the Military Lending Act. Both companies carry risk in this area.
• Interest rate structure The LoanMart ChoiceCash product offers a declining interest rate over time. TitleMax does not currently market a similar feature. For borrowers who plan to repay over a longer period, this could result in meaningful savings.
• Funding speed Both companies offer same-day or next-day funding depending on when documents are submitted. Processing times are comparable.

Neither company is a clear winner across all categories. Borrowers should compare offers from both and read all terms carefully before signing.

Final verdict: Is LoanMart worth it?

LoanMart fills a specific gap in the lending market. It serves borrowers with bad credit who own a vehicle and need fast cash. The application process is simple. Funding can happen the same day. The ChoiceCash product offers a way to lower rates over time.

However, the risks are real. Interest rates can reach triple digits. Repossession is a documented outcome for borrowers who fall behind. Regulatory agencies in multiple states ha ve investigated the company’s lending practices.

LoanMart is conditionally recommended for borrowers who meet all of the following conditions. They have exhausted all lower-cost borrowing options. They own a qualifying vehicle with sufficient equity. They have a concrete plan to repay within the loan term. They fully understand the risks of title loans as outlined by the FTC. They fully understand that their vehicle is at risk if they default.

For anyone else, personal loans, credit union emergency lending or even negotiating directly with creditors are safer paths forward.

Visit LoanMart to check eligibility, or explore personal loan alternatives through the CFPB’s consumer tools for lower-cost options.

Frequently asked questions about LoanMart

Is LoanMart a legitimate company?

Yes. LoanMart has operated since 2002 under Wheels Financial Group, LLC. It holds an A+ BBB rating and an NMLS ID of 1442517. The company has served over 345,000 customers across more than 30 states. However, legitimate does not mean risk-free. Borrowers should review all loan terms and state disclosures before signing any agreement.

Does LoanMart check credit scores?

LoanMart does not require a minimum credit score for approval. The company bases its lending decisions on vehicle equity and verifiable income. Applicants with bad credit or past bankruptcies can still qualify. However, credit history may affect the interest rate offered on the loan.

Can LoanMart repossess a vehicle?

Yes. If a borrower defaults on the loan, LoanMart has the legal right to repossess the vehicle used as collateral. Multiple consumer complaints and public reviews confirm that repossession does occur. Borrowers should only take out a title loan if they are confident in their ability to repay on time and in full.

What interest rates does LoanMart charge?

LoanMart does not publish a standard APR range on its website. Consumer reports and legal filings indicate rates typically range from 36 percent to over 200 percent depending on the state and loan terms. The ChoiceCash product starts with a higher rate that decreases with each on-time monthly payment, eventually reaching as low as 36 percent.

How fast can someone get funded through LoanMart?

LoanMart offers same-day funding for borrowers who submit all required documents before 2 PM Pacific Time on a business day. Funds are sent via direct deposit to a bank account or can be picked up at a participating money transfer location. Applications submitted after the cutoff or on weekends may take one additional business day to process.

Disclaimer. This article is for informational purposes only and does not constitute legal, financial, or tax advice. Always consult a licensed professional for advice tailored to your situation.