If you have ever driven by a store advertising “title loans”, then most likely you have seen LoanMart. After you learn more about their business model, you will probably do what you’ve always done, drive right past them.

Title loans are similar to pawn and payday loans as they are short-term. The main difference is you’re putting up the title to your car, otherwise known as a secured loan but that doesn’t necessarily make the loan cheaper. LoanMart in many states features triple digit APRs, from 180% APR in California to some CA customers reporting 460% APR since there are essentially no limits to what title lenders can charge. Thanks to a sponsorship deal with the Los Angeles Clippers, it’s no wonder why 800LoanMart mart made $19 million out of the $25 million industry-wide total in the state of California. Even at their maximum advertise APR of 180%, a $10,000 title loan over one year would make your monthly payment $1844.81 with total interest amounting to $12,138. Car-title lending is generally a terrible idea. You are better off with a payday loan paying similar high-interest but without having to put anything up.

LoanMart Ratings

4.6 Service
4.1 cost
4.7 timing
4.6 use again

On a more positive note, not all customers are created equal. They claim to make loans based on the car’s actual value and your ability to repay. Borrow up to $50,000, up to 3 year terms with no pre-payment penalties. LoanMart’s interest rates can’t always be triple digits - they wouldn’t have as many customers and would be out of business. The only way to find out what it will cost is to call (888) 562-6627 or visit one of their offices. Although they only have physical locations in California, they provide online services to residents of Arizona, Illinois, Missouri, New Mexico, South Carolina, South Dakota, Utah and Wisconsin.

Title loan requirements are basic but some laws may vary from one state to another. In almost all circumstances, titles must be free and clear with the car in working condition. Loans cannot exceed vehicle value and the borrower’s name must match the title. If you have further questions, email or visit