LoanMart Reviews: What Borrowers Need to Know Before Taking Action

When searching for a lending company, reviews matter. You want to choose a lender with solid ratings and happy customers.

LoanMart looks impressive at first glance. They boast high ratings on major review platforms. But reviews only tell part of the story.

Some borrowers took loans based on positive reviews. They later faced unexpected challenges and aggressive collection tactics. If you owe LoanMart money and feel trapped, you have options.

Here’s what you need to know about LoanMart and how to protect yourself.

Understanding LoanMart and How It Works

LoanMart is a title loan company serving 29 states. They’ve provided loans to over 250,000 customers in their 21 years of business.

Unlike other title loan companies that connect you with lenders, LoanMart funds loans directly. This direct funding approach speeds up the application process significantly.

The application process follows six simple steps:

• Visit the LoanMart website and click “Apply Now”
• Select your vehicle’s make, model, year, and mileage
• Choose your state of residence
• Enter personal information and upload required documents
• Review the disclosure and submit your application
• Receive your cash in person or via direct deposit

LoanMart accepts various repayment methods. You can pay by check, ACH transfer, or MoneyGram. Their mobile app helps you track your loan balance and payments.

You’ll receive monthly billing statements as payment reminders. Miss a payment, and you might face multiple daily collection calls. These calls can escalate stress when you’re already struggling financially.

You can stop collection calls by sending a debt validation letter. Our partner Solo can help you respond to aggressive collection tactics.

LoanMart Reviews Across Multiple Platforms

LoanMart maintains strong ratings compared to most loan financing companies. ConsumerAffairs gives them a 4.4-star rating. Trustpilot shows 4.2 stars. The Better Business Bureau also rates them at 4.2 stars.

These numbers look encouraging. But dig deeper and you’ll find concerning patterns.

The BBB profile shows 136 submitted complaints. The Consumer Financial Protection Bureau lists 45 complaints. Common issues include:

• Incorrect debt amounts reported to credit bureaus
• Excessive service charges beyond agreed terms
• Inadequate customer service assistance
• Predatory lending practices in certain states

Real Borrower Experiences

One Michigan borrower shared this experience on BBB:

“LoanMart is a predatory lender. I got a title loan for roughly $4,500. 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. They informed me that LoanMart was not reporting to the credit bureau. Since I live in Michigan, rates are fixed. Predatory lending is against the law there. Those $630 payments I’ve been making are not putting a dent in the loan.”

Stories like this highlight the gap between online ratings and actual borrower experiences. High review scores don’t always mean fair treatment during the collection process.

Your Rights When Dealing With LoanMart

Lending companies must follow strict federal guidelines. The Fair Debt Collection Practices Act protects you from abusive collection practices.

LoanMart cannot legally:

• Charge excessive or hidden service fees
• Deceive you about loan repayment terms
• Threaten arrest or document confiscation
• Report inaccurate debt information to credit bureaus
• Harass or intimidate you during collection attempts

Taking Action Against FDCPA Violations

Has LoanMart violated your consumer rights? You can fight back through multiple channels.

Report violations to these agencies:

• Federal Trade Commission
• Consumer Financial Protection Bureau
• Better Business Bureau
• Your state attorney general’s office

These agencies investigate complaints and hold companies accountable. Your report can protect other borrowers from similar treatment.

Settling Your LoanMart Debt

You don’t have to live under the weight of LoanMart debt. Settlement offers a way out without paying the full balance.

Our partner Solo specializes in debt settlement negotiations. They handle the entire process on your behalf.

Here’s how Solo differs from traditional debt settlement companies:

• Solo settles debts of any size, not just debts over $15,000
• Solo actively negotiates instead of waiting for collector offers
• Solo provides legal defense if you face a lawsuit
• Solo protects your banking information throughout the process
• Solo ensures you receive written settlement agreements

The Settlement Process

Settlement negotiations can reduce your total debt significantly. Solo manages communications with LoanMart’s collection department.

You review and approve any settlement offer before accepting. Once you agree, Solo handles payment processing. You never share banking details directly with collectors.

A written contract protects you from future collection attempts. Settlement resolves your debt permanently when done correctly.

What to Do If LoanMart Sues You

Facing a lawsuit from LoanMart? You must respond within the deadline stated in your summons.

Ignoring a lawsuit leads to automatic default judgment. The court will side with LoanMart by default. They can then garnish wages or freeze bank accounts.

Our partner Solo helps you draft and file a proper Answer to the lawsuit. Their step-by-step process covers all necessary legal defenses.

You can respond to the lawsuit while simultaneously negotiating settlement. This dual approach gives you maximum protection and flexibility.