Frequently Asked Auto Title Loan Questions

What happens when I get a title loan from LoanMart?

When you receive a title loan from LoanMart, you’re using the equity in your car as collateral to secure funding.Your car title is held by LoanMart, who becomes a temporary lien holder on the title. You continue to have full use of the car, and are able to drive it normally while making regular monthly payments. Once the title loan has been repaid in full, the lien is lifted and your car title is returned to you in the mail.

What if I can’t find my car title?

Your local Department of Motor Vehicles may be able to provide you with a duplicate of the car title. Our title loan agents can assist you in finding the nearest DMV to your location that is capable of getting an expedited copy of your car title. And by adding LoanMart as a lienholder when visiting the DMV, you could dramatically speed up the entire process.

Do I have to have a bank account?

LoanMart only requires customers to have an active bank account if they are self-employed, in order to verify income. Otherwise, you would not be required to have a bank account.

How fast could I get my money?

Typically, our customers receive their funds within one business day of applying.³ This depends on a few factors, including how early in the day you apply and if you are able to provide the necessary qualifying documents when you speak with a title loan agent.

How much money could I receive?

This depends on a number of factors, including your car’s current equity and your ability to make regular monthly payments. Our customers in Chicago are able to borrow between $1,500 and $4,000, based on these factors.¹ ⁵

How long are LoanMart’s title loan terms?

Our title loan terms typically range from 12-36 months. The exact length of your title loan term will be determined by your qualifying factors, including your car’s equity and your ability to make regular payments each month. To find out the exact terms you could receive with a LoanMart title loan, contact one of our title loan agents.

Does my car title have to be in my name?

Yes, if you are the person applying for the title loan, then your name must be listed on the title. If there are other names in addition to yours on the title, such as a spouse, that person must also be present at the signing of the title loan agreement.

Do you have any pre-payment penalties?

No, if you wish to make early payments, or pay off your entire car title loan ahead of schedule, you will not be charged any additional fees or penalties for doing so.

How fast is the process?

The process of receiving a car title loan from LoanMart can be completed in as little as one business day.When you apply, either over the phone by dialing 312-462-0430, or online using the information request form or live chat, we’ll get to work qualifying you for a car title loan by verifying the following information;

  • Your valid driver’s license or state-issued photo I.D.
  • The qualifying car title that is in your name to a car
  • Proof of income from bank account statements or paycheck stubs
  • Proof of where you live from current mail, like a utility bill

Once you have submitted this information and qualify, we’ll schedule you for a signing at our Chicago office. From start to finish, the process typically allows customers to receive their money as early as the next business day.³

Where do I pick up my funds?

Customers can stop into our Chicago office, conveniently located at 333 N. Wood Dale Rd. in Wood Dale IL. just minutes from Interstate 290. There, you will receive your copy of the car title loan agreement, which will be explained in detail by one of our experienced car title loan agents. Once you have signed the agreement, you will be issued funds within minutes.

Why do you need my Social Security Number?

LoanMart will ask for your social security number in order to verify your credit, as well as a part of our security measures. You will be asked to verify some information from your credit history, as a means of preventing identity theft by proving that the actual owner of the social security number is the person applying for the car title loan.

I have a question that isn’t on the list…

Our title loan agents are here for you, and will gladly answer any questions you may have about LoanMart’s title loans. Call us toll-free at 312-462-0430 or submit the information request form on our secure website.