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  LoanMart Personal Loans
LoanMart Personal Loans
in Personal Loans from LoanMart
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LoanMart Personal Loans

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in Personal Loans from LoanMart
SuperMoney Net Recommendation Score -21  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -21, equating to 2.6 on a 5 point rating scale.

-21

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly not recommended

5 users recommend
5 users are unsure
9 users don't recommend
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Highlights
Community Rating Mostly not recommended
APR  (Fixed APR) 60% - 249%
Loan Amount $1,500 - $3,100
Loan Term (Months) 30 months
Number of Reviews 19

LoanMart Personal Loans Review

LoanMart Personal Loans is offered by LoanMart, a direct lender founded in 2002 and based in Van Nuys, CA. LoanMart Personal Loans are available in 6 states across the USA.

Key Takeaways

  • APRs starting at 60%. Interest rates vary by state. Personal loan interest rates typically range between 5% and 36%. The starting rates for LoanMart Personal Loans are on the higher end of the spectrum.
  • Same day funding available. In some cases you may be able to access your money the same day you apply.
  • Origination fees of $0 to $100.

Loanmart Pros & Cons

Pros Cons
  • $0 prepayment fee.
  • Considers applicants with fair credit.
  • Funding available within 1 business day.
  • APRs as high as 249%.
  • Charges an origination fee.
  • Do not offer pre-approval with soft credit pull.
  • LoanMart Personal Loans does not report to credit bureaus.
  • Charges a late fee of $10

Loanmart FAQ

What interest rates and personal loan terms does Loanmart offer?

Loanmart has higher than average interest rates for lenders reviewed on SuperMoney.

What interest rates does Loanmart offer?

Loanmart offers a fixed APR personal loan product that ranges from 60% APR up to 249% APR. Interest rates vary by state.

How much can you borrow via Loanmart?

Personal loan amounts start at $1,500 and go up to $3,100.

What is the maximum loan term you can get with Loanmart?

Loanmart offers loans with terms of 30 months.

Loanmart Interest Rates & Loan Terms
Personal Loan Amount $1500 - $3100
Loan Term 30 months
APR 60% - 249%

What fees does Loanmart charge?

Does Loanmart charge an origination fee?

Loanmart may charge a personal loan origination fee of $0 to $100

Does Loanmart charge a late fee?

Yes, Loanmart may charge borrowers a late payment fee if you miss one of the monthly payments of up to $10.

Does Loanmart charge prepayment fees?

No, Loanmart does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Loanmart Fees
Origination Fee No
Prepayment Fee No
Late Payment Fee $10

What do you need to qualify for LoanMart Personal Loans?

The minimum age to be eligible is 18 or the state minimum, whichever is higher.

LoanMart Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. LoanMart Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the LoanMart Personal Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by LoanMart Personal Loans.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Proof of identity
Loanmart Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Credit Score 300 - 640

What is the estimated funding time for a personal loan via Loanmart?

Loanmart will typically approve (or deny) a loan application within 24 hours and fund loans within 1 business day of approval.

Is LoanMart a legit company?

LoanMart was founded in 2002, it is a well-established company that has been in business for 21 years. LoanMart Personal Loans are mostly not recommended by SuperMoney community users.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Loanmart

LoanMart understands your needs and will work with you to determine a payment plan that will fit comfortably with your lifestyle. Whether your credit history is good or bad, you can get approved for a LoanMart Personal Loan.

Contact

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Availability

  Available in 6 states
  • Alabama
  • Georgia
  • Idaho
  • Missouri
  • New Mexico
  • Utah

Feature Breakdown

Late Fee Amount $10
No Prepayment Fee
Origination Fee ($) $0 - $100
Checking Account Required
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Proof of Identity
Credit Score Range 300 - 640
APR Type Fixed APR
Loan Amount $1,500 - $3,100
APR (Fixed APR) 60% - 249%
Loan Term 30 months

LoanMart Personal Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -21, equating to 2.6 on a 5 point rating scale.

-21

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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† To check the rates and terms you qualify for, one or more soft credit pulls will be done by SuperMoney, and/or SuperMoney's lending partners, that will not affect your credit score. However, if you choose a product and continue your application at a lending partners' website, they will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.