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LoanMart Reviews

Dena Standley | March 21, 2023

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: LoanMart has great reviews on various online platforms compared to other loan financing companies. Despite the positive reports, some consumers have had challenges dealing with them. If you owe a debt due to a LoanMart loan, you can settle the debt once and for all with the help of SoloSettle.

When looking for a lending company, you would most likely research and settle on one with wonderful reviews on several platforms. Few people take out a loan with the intention of being unable to repay the debt as stipulated, but the reality is that life happens.

While reading reviews is smart when shopping for any product or service, it only paints part of the picture. LoanMart has exceptional reviews on platforms such as ConsumerAffairs (4.4-star rating) and Trustpilot (4.2-star rating).

If you based your financial decisions on nothing but solid reviews, you would likely think that LoanMart was a great option. In fact, some consumers took a loan with LoanMart based on these reviews, and instead of getting the fantastic services they read about, they had an unpleasant encounter with LoanMart.

To help you get a holistic picture of LoanMart, we will give you more information about them, discuss the customer reviews, and explain what action to take if LoanMart violates your rights.

What is LoanMart, and how does it work?

LoanMart is a popular title loan company. They have helped over 250,000 customers access loans from them.

Unlike other title loan companies that act as a title loan marketplace, LoanMart prepares your loan contract and funds your loan directly. This unique service makes them more appealing to consumers due to the fast loan-accessing process.

LoanMart is a legitimate title loan company that has been in business for over 21 years. It offers its loan services to twenty-nine states across the United States. To access their title vehicle loan, you must follow these steps:

  1. Go to the LoanMart website and click apply now
  2. Select your vehicle's make, model, year, and mileage
  3. Select the state of residence
  4. Enter your personal information and submit the required documents
  5. Read the LoanMart disclosure and click send (I want my cash)
  6. Once approved, you’ll receive your cash in person or sent to you

LoanMart offers various loan repayment methods, including checks, ACH transfers, and MoneyGram. You can keep track of your loan via their mobile app. You will also receive a monthly billing statement to remind you to pay.

However, if you are late on a payment, you may experience LoanMart calling you multiple times a day for the same debt. It can quickly add to an already rising stress level as you struggle to manage your bills. Stop their calls by sending a Debt Validation Letter.

LoanMart customer reviews

As mentioned earlier, LoanMart has excellent reviews compared to most loan financing companies. In addition to their 4.2 and 4.4-star ratings with Trustpilot and ConsumerAffairs, LoanMart also has a 4.2-star rating with the Better Business Bureau platform.

However, they have had 136 complaints submitted in their BBB profile and 45 complaints on the Consumer Financial Protection Bureau (CFPB) website. These complaints include wrong debt entered on their credit report, excess service charge, and lack of proper assistance from the agents. The following is an example from their BBB profile.

“LoanMart is a predatory lender. I got a title loan for my car for roughly $4500. I have been paying off the loan and finally realized my balance was over 8,000. I called my credit union and asked if they could get me better rates, and they informed me that LoanMart was not reporting to the credit bureau. And since I live in Michigan, rates are fixed, and predatory lending is against the law there. I just need to get from under LoanMart's thumb because those $630 payments I've been making are not putting a dent in the loan. Help. Someone.”

If LoanMart has violated your consumer rights, you can take action against them. Let's discuss how to do that.

Take action if LoanMart violates your rights

Lending companies are required by law not to mistreat, harass, or intimidate consumers as they collect their money. The Fair Debt Collection Practices Act prevents them from:

  • Charging excess service fees
  • Deceiving consumers on the loan repayment terms
  • Threatening arrest or confiscation of vital documents
  • Reporting inaccurate debt on your credit report

If LoanMart has violated any guidelines from the FDCPA, take action against them by reporting to the Fair Trade Commission (FTC) platform, CFPB, and BBB. In addition, report to your state's attorney general office, and they will hold them accountable.

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