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.

Settle your debt permanently with SoloSettle

Did you know you can settle your debts once and for all with SoloSuit? Watch this video to learn how:

SoloSettle is the best solution for anyone facing a current debt lawsuit. Before your court date, SoloSettle handles the debt settlement negotiation process for you.

We’ll negotiate a settlement on your behalf. Once you agree to it, we’ll make sure you have a written contract. Then, we’ll deal with the payment process, so you won’t need to worry about handing over your banking information to a debt collector.

SoloSettle is different from other debt settlement companies for several reasons:

  • SoloSettle can help you settle a debt of any size, whereas many debt settlement companies require you to have a debt over $15k.
  • SoloSettle actively attempts to settle your debt, whereas many debt settlement companies take a more passive role, waiting for settlement offers to come to them.
  • SoloSettle is offered by SoloSuit, a trusted brand and a legitimate company. Many traditional debt settlement companies are actual scams.
  • SoloSettle has legal defense built in with SoloSuit. While settling, you can use SoloSuit to block lawsuits if you need. Most debt settlement companies don’t provide legal defense; if you’re sued for a debt you are on your own.

Settle with SoloSettle

Make an Offer

What is Solo?

Solo makes it easy to resolve debt with debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt. SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

SoloSettle can help you contact your debt collector or creditor and negotiate the debt to settle for less, all online. It simplifies and streamlines the process to settling your debt.

No matter where you find yourself in the debt collection process, Solo is here to help you resolve your debt.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Debt collector guides

Are you being contacted by a debt collector? We’re making guides on how to resolve debt with each one.

Arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Bankruptcy

Bankruptcy is a great way to legally resolve debt, but it's usually best to consider it as a last resort. Here are some bankruptcy guides to help you decide which debt resolution option is best for you.

Check your case status

Don’t have time to go to your local courthouse to check the status of your case? We’ve created state guides on how to check the status of your case throughout the US, complete with online search tools and court directories.

Credit

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt, along with other credit-related resources.

Debt collection FAQs

Find answers to some of our the most commonly-asked questions about debt collection below.

Debt collection documents and templates

If you're dealing with debt, these documents and templates will help you respond, protect your rights, negotiate, and resolve your debts.

Debt relief

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt settlement

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created state guides on debt settlement. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

Eviction

Facing an eviction? The following guides will help you navigate your situation with confidence.

Federal debt collection laws

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Legal aid

Helping people find access to justice is at the heart of Solo's misison. If you're dealing with a legal debt issue, the following guides will help you through it.

Medical debt

Having a health challenge is stressful, but dealing with medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Personal finance

Learn how to manage your finances and overcome crushing debt. Check out our personal finance guides below.

State debt collection laws

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote guides on each state’s statutes and more.

Stop collection calls

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Wage garnishment

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in your state, plus other wage garnishment resources.

The Debt Hotline

Hosted by Team Solo, The Debt Hotline breaks down debt and personal finance topics with help from attorneys, financial experts, and industry pros. We respond to real questions to help you navigate debt with knowledge and courage.

Other debt resources


It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.


"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather



Get Started

Contents

Affordable Legal Help
Trustpilot

Respond to Your Debt Lawsuit

Get your professionally reviewed Answer in minutes. No expensive lawyers needed.

loading...
Get My Answer
Affordable Legal Help
Trustpilot

Respond to Your Debt Lawsuit

Get your professionally reviewed Answer in minutes. No expensive lawyers needed.

loading...
Get My Answer
loading...
Get My Answer