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Personal Loans

Upstart Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

APR

6.46%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Upstart personal loan details
 

Fees and penalties

  • Terms: 36 & 60 month terms
  • APR range: 6.46% to 35.99%
  • Loan amounts: $1,000 - $50,000
  • Time to funding: If you accept your loan before 5 p.m. EST Monday through Friday, you should receive your loan proceeds the next business day. If accepted after 5 p.m. EST Monday through Friday, you should receive your loan proceeds two business days later.
  • Hard pull/soft pull: Soft Pull for your quote rate, but a hard pull once you accept your rate and proceed with the loan application
  • Origination fee: Up to 8.00% of the target amount (deducted from the loan before it’s delivered)
  • Prepayment fee: None.
  • Late payment fee: 5% of past due amount or $15, whichever is greater monthly past due amount or $15 (per occurrence)
  • Other fees: Return check or refund feed ($15) and paper copy fees ($10)

Upstart offers fixed-rate loans, but the loan interest rate depends on the borrower’s education, credentials, work history and credit score. Your loan can be used for a wide variety of purposes including (but not limited to) paying off credit card debt, paying off student loan debt, medical bills, travel, starting a business or paying for college or grad school.

Borrowers can even use Upstart loan funds to attend a coding boot camp. Upstart supports funding for a few coding boot camps (see the full list here) so if an applicant is accepted, they won’t need to possess a 4-year degree or have a job offer.

If you already have an Upstart loan and you’d like to apply for an additional loan, you’ll need to meet the following qualifications:

  • Made on-time and consecutive monthly payments for the past six months
  • Have no more than one outstanding loan through Upstart at the time of application
  • Have no more than $50,000 of outstanding principal at the time the loan originates

In order to receive your loan funds, you must add and verify a personal bank account in your name; from there, you’ll need to disburse the funds from your checking account so you can spend as needed.

However, this may be an inconvenience for people looking to consolidate their debt by applying loan funds directly to the creditor or business owners looking to deposit the funds automatically to their business account. For example, if you’re receiving a large lump-sum loan to cover the cost of college tuition for the semester, you’ll have to have the discipline to make sure the payment goes directly to the school and you avoid spending part of the money on another expense.

Speaking of Upstart loans that are being used for educational purposes only, keep in mind that there is an additional three-day business period between when you accept your loan and when you will receive the funds.

For loans intended for other funding purposes, Upstart will usually grant funds by the following business day, as stated above.

Eligibility requirements

  • Minimum credit score: 620 FICO or Vantage score
  • Minimum credit history: Will accept clients with insufficient credit history to generate a credit score
  • Maximum debt-to-income ratio: Not provided

While Upstart’s website doesn’t get into too much detail about the debt-to-income ratio or minimum credit history requirements, we do know that the company checks how much debt you have in relation to the income you receive.

In order to qualify for a loan, you must not have any accounts currently in collections or delinquent, or any bankruptcies or public records on your report. You must also have fewer than six inquiries on your credit report in the last six months, not including inquiries related to student loans, vehicle loans or mortgages. You cannot reside in West Virginia or Iowa.

Other qualifications include:

  • Minimum age of 18 (Residents of Alabama and Nebraska must be at least 19.)
  • U.S. citizenry or permanent residency
  • Valid email account
  • Ability to verify name, date of birth, Social Security number
  • Possession of a full-time job, full-time job offer starting within 6 months, a steady part-time job or other source of regular income
  • Possession of a U.S. bank account

While Upstart’s website states that you can borrow between $1,000 and $50,000. However, when you read the fine print, you’ll notice there are a few state-specific minimum loan amounts. The three state limitations are shown below.

  • Georgia: $3,100 minimum
  • Massachusetts: $7,000 minimum
  • New Mexico: $5,100
  • Ohio: $6,000 minimum

Applying for a personal loan from Upstart

Upstart’s personal loan application process is set up to be simple and quick. You’ll start by submitting a rate inquiry on Upstart’s website. Just click on the “Check Your Rate” button in the center of the page. This takes only a few minutes and you’ll answer some basic questions.

If you accept your rate, you’ll be prompted to complete an online application. Here, you may have to provide evidence of your bank account and upload supporting documents, which could include verification of your employment and work experience, academic credentials and credit information.

Once your application is approved, you will be asked to review final disclosures and sign a promissory note.

From there, you can receive your loan funds the following business day if you accept your loan before 5 p.m. EST Monday through Friday. If you accept your loan after 5 p.m. EST Monday through Friday, you will receive your loan funds two business days later.

Borrowers can set up easy and automatic monthly payments and even pay their loan off early without penalty.

Pros and cons of an Upstart personal loan

Pros:

Cons:

  • Lower fixed rates: Upstart offers loan rates as low as 6.46%, meaning borrowers who qualify for low rates could save money when consolidating credit card debt with a personal loan.
  • Quick access to funds: Borrowers can receive funds in as little as one business day after loan approval.
  • Unique selection process: Upstart considers applicants on a variety of factors including credit score, credit history, employment status, academic history and area of study
  • Soft Pull to check eligibility : Upstart determines eligibility and offers you a loan rate with a Soft Pull.
  • Origination fee: Loan origination fees can be Up to 8.00%. These will be deducted from the loan prior to delivery.
  • Limited repayment term options: While you can choose to pay off your loan early, you can only choose from terms of 36 & 60 months.

Who’s the best fit for an Upstart personal loan?

Upstart is a reasonable solution for those in their 20s or college grads who are having a difficult time obtaining a personal loan elsewhere. The process is convenient and can be solely completed online. Upstart can also be a solid option for borrowers who haven’t developed a strong credit history.

You’ll need a minimum credit score of 620 to meet the credit qualification, but you can also strengthen your application with your employment status, job history and academics. While Upstart’s interest rates are competitive with other peer-to-peer lending companies, other competitors rely heavily on credit to approve applicants while Upstart doesn’t.

Upstart would also be a great option if you’re looking for funding to attend a coding bootcamp, since eligibility requirements are very lenient.

Lastly, if you meet the eligibility requirements and need a loan quickly, you can have funds in your personal account by the next day. If you need funds to help you pay off debt or finance a large purchase, and can comfortably pay back the loan within five years or less, Upstart’s personal loan could also be a good fit.

But if you’re unsure about Upstart, our lender marketplace is a great place to compare lenders, terms and more in one spot.

Upstart consumer reviews

Upstart has an A+ rating with the Better Business Bureau (BBB) and has been accredited since 2015. Among LendingTree reviewers — MagnifyMoney is owned by LendingTree — 76 percent of borrowers recommend Upstart, though most of those recommendations came prior to 2016. While most users noted Upstart customer service’s politeness and courteousness, fewer recent reviewers were happy with loan application outcomes and reported applying for loans unsuccessfully and, as a result, receiving a negative impact on credit reports they were actually trying to improve in applying for debt consolidation loans through Upstart.

A number of reviewers reported experiences of receiving an initial soft offer followed by denial once their credit reports had been pulled. “Now I have another hard inquiry on my credit report and no loan,” noted applicant Ian from Westfield, N.Y. back in March 2018. “For people in the same situation as [I am] who are trying to improve their credit, trying to get out of debt with a credit card consolidation loan, trying to lower [their] monthly payments, this is extremely frustrating!! This made my credit rating worse!”

However, in Upstart’s defense, no soft credit approval with a lender is a guarantee of approval after a hard credit check.

Prior to 2016, LendingTree reviewers routinely provided positive reviews of Upstart, citing its easy application process, speed of approval, and speed of funds delivery. “The application process was very simple,” Tara from Rockville, Md. noted in an August 2015 review. “I received a call to verify my information within the hour on a Sunday and was approved within 15 min after the call. I had money in my account within 2 days. It was the fastest, easiest loan I’ve ever applied for.”

Meanwhile others cited Upstart’s attention to individualized customer service: in an August 2015 review, L.C. from New York City found that the company “cares about your financial situation.”

“Instead of just approving me for a loan,” the review continued, “they talked with me about my situations and options—to ensure that I was making the optimal decision.”

Upstart FAQ

Upstart offers personal loans as well as loans for debt consolidation, student loans, vehicle purchase, and other personal expenses.

Your credit history (if you have one), as well as your education, work history and credentials all help determine the interest rate you’ll receive. The lower your risk, the lower interest rate you’ll receive.

At a minimum, you will need to supply your name, address, and social security number. You may also need to provide pay stubs, tax returns or college transcripts.

You can use your personal loan for almost anything, including debt consolidation or to make a large purchase for which you don’t have the funds, such a vehicle, home improvement project or wedding.

Yes, you can if you have made on-time payments on your current loan for at least six months, have no more than one other loan with Upstart, and I have no more than $50,000 of outstanding principal on your current loan.

Upstart offers a 10-day grace period before assessing late fees. If your payment falls outside that 10-day grace period, you may be charged a fee equivalent to 15% of the unpaid amount or $15, whichever is greater.

Yes, if your account is current, and it’s at least 15 days until your next payment due date, you can schedule two automatically recurring payments per month.

Alternative personal loan options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

LendingClub is a peer-to-peer lending platform, which means borrowers are paired with and receive funds from individual or institutional investors. Interest rates range from 6.95% to 35.89% APR and you can borrow up to $40,000.

If you have good credit, you may be able to qualify for a lower interest rate that Upstart can’t offer. You can also check your rate without adding a hard inquiry to your credit profile so you can see what you’d qualify for.

Earnest

Earnest is a personal loan lender offering fixed-rate loans starting at 5.99% APR. With Earnest, you can borrow between $5,000 and $75,000 on 36 to 60 month terms. No origination fee with this personal loan also helps make this lender more affordable. Loans are offered throughout the U.S., but not available in Alabama, Delaware, Kentucky, Nevada and Rhode Island.

Similar to Upstart, Earnest considers your employment history, education, and salary when considering you for a loan. You will need a minimum credit score of 680 to qualify but again, a good credit score could qualify you for a lower interest rate that Upstart doesn’t offer.

Peerform

Peerform
APR

5.99%
To
29.99%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Even with a credit score of 600, you still might be able to secure a loan through Peerform. ... Read More

Peerform is another peer to peer lending site that offers personal loans to borrowers with a minimum credit score of 600. This could be a worthy alternative if you don’t think you’ll meet the credit score requirements to qualify for a loan with Upstart.

Interest rates for loans through Peerform range from 5.99% to 29.99%, and you can borrow up to $25,000. The maximum repayment terms are 36 or 60 months, and loans have a 1.00% - 5.00% origination fee.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Up to $50,000

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Personal Loans

The Best Personal Loans for People with Bad Credit

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

If you have bad credit, it can be difficult qualifying for a personal loan. Some of the best personal loans for bad credit — defined here as a credit score below 640 — come from lenders who consider other information in addition to your credit score. These lenders might not offer the lowest interest rates or biggest loan amounts, but you won’t be automatically disqualified just because your credit is less than stellar.

Read on to learn about the personal loan products we selected.

The 3 best personal loans for bad credit

 

LendingPoint

Learn more

Peerform

Learn more

Upstart

Learn more

APR

9.99% - 35.99%

5.99% - 29.99%

6.46% - 35.99%

Terms

24 to 48 months

36 or 60 months

36 & 60 months

Loan amount

$2,000 - $25,000

$4,000 - $25,000

$1,000 - $50,000

Origination fee

0.00% - 6.00%

1.00% - 5.00%

Up to 8.00%

Credit score requirement

585

600

620

LendingPoint

LendingPoint offers personal loans for fair credit borrowers. Although loan amounts are restrictive, the lender has more repayment terms to choose from (though a shorter maximum term) compared to the other options included here. The funds can be deposited the next business day after loan approval, as well.

LendingPoint considers more than your credit score when reviewing your application. The lender looks at factors such as:

  • Job history
  • Income
  • Financial history
  • Credit behavior

When applying, you can expect LendingPoint to request additional documentation, such as proof of income and recent bank statements.

Peerform

Peerform is a peer-to-peer lending platform through which borrowers may access personal loans. These loans come with the lowest APR range and the lowest maximum origination fee among the personal loans we reviewed on the MagnifyMoney marketplace for borrowers with credit scores below 640. That means Peerform may be a good option for bad credit borrowers hoping to minimize their overall cost of borrowing.

Potential borrowers should know that the process of getting a loan through Peerform is different from getting a loan through a traditional lender. After you register on Peerform and select your loan terms, your loan inquiry will be listed on the Peerform platform. From there, investors can choose to fund your loan.

The minimum credit score requirement for Peerform is reasonable, at 600. But as with any unsecured personal loan, only the most creditworthy borrowers will qualify for the lowest interest rates. Further, the loan amounts are more restrictive than for those offered through Upstart and LendingPoint.

Upstart

Upstart’s APR range is slightly higher than the two competitors in our selection. This includes a higher cap on the origination fee. Although Upstart has a higher credit score requirement than Peerform and LendingPoint, the lender specifies on their website that it considers education and employment information in their underwriting.

Upstart offers the most generous loan amount range, potentially making them a good option if you want to borrow either very small amounts (less than $2,000) or large amounts (more than $25,000). Once your loan is approved and you accept it, you can receive funds as soon as the next business day.

How to compare and choose a personal loan

When comparing personal loans to find the best one for your financial situation, it’s important to read the fine print and make sure you understand each lender’s terms and conditions. The table below details important features to consider.

APR

APR (annual percentage rate) is the primary factor in determining how much your loan will cost over time.

Credit score requirements

Look for credit score requirements or a pre-approval tool to figure out your chances of approval before applying.

Loan amount

The loan amount determines how much money you can borrow, although only the most creditworthy borrowers will qualify for the highest loan amounts.

Loan term

The loan term determines how long you have to pay off your loan. The longer the loan term, the lower your monthly payments, but a long loan term also means paying more in interest.

Origination fee

Origination fees are charged by some lenders in order to process your loan, and they're typically deducted from your loan amount upfront.

Prepayment fee

Prepayment fees are charged if you pay off your loan ahead of schedule and should be avoided when possible.

Late payment fee

Late payment fees are charged if you miss a loan payment. Avoid these by always making payments on time.

Check processing fee

Many lenders charge a check processing fee if you choose to make your loan payments by physical check rather than electronically.

Loan restrictions

While personal loans are flexible, you can't always use them for any purpose. Check if there are restrictions on how you can use your funds.

The primary factors to consider are the APR — essentially the cost of your loan — as well as the loan term, loan amount and credit score requirements. If those factors match up with your needs, move on to considering other fees, such as origination fees, prepayment fees, late payment fees and check processing fees.

Finally, make sure that the personal loan you’re considering can be used for your needs. Some personal loans are geared toward paying off or consolidating debt, while others might be designed to pay for home improvements or a new car. By going through this checklist, you’ll be more likely to find a personal loan that’s the best fit for you.

The application process for a personal loan

  1. Determine your eligibility: Each of these lenders offer a pre-qualification tool that allows you to check what loan rates you might qualify for without impacting your credit. Use these tools to determine whether or not you’re eligible for the loan you need.
  2. Consider adding a cosigner: It’s easier to get a competitive interest rate for your credit profile if you can find a cosigner to lean on. However, this person will be held responsible for your debt if you can’t pay it off, so make sure you have a solid plan in place to repay your loan.
  3. Prepare your loan materials: To complete most loan applications, you’ll need to provide basic information like your full name, address and social security number, plus any documents required to verify your identity and income. These can include a driver’s license, passport, or government-issued ID, pay stubs, bank statements and information regarding your current debts if you’re consolidating.
  4. Complete the loan application: Once you’ve gathered the necessary materials, you can fill out your chosen lender’s online application form. You might receive a decision immediately, or the lender may ask to see additional materials to verify your income and identity. With peer-to-peer lending platforms, your loan will need to be funded by investors before you can receive your money.
  5. Add a bank account to receive your funds: If you’re approved, you’ll need to add and verify a bank account where you’d like your funds to be deposited. You’ll then receive your funds within one day to two weeks, depending on the lender.
  6. Follow up with lenders that reject you: If you’re rejected for the loan of your choice, it can be helpful to follow up with the lender and ask why. Their answer will provide guidance as to how you can improve your chances of approval.

Alternatives to a bad credit personal loan

  1. Ask for help from friends and family: The best alternative to a bad credit personal loan is borrowing from friends and family. Even if they charge you interest, you’re likely to save the most money with this method. Just make sure you have a plan to repay the loan, or you could risk destroying important relationships.
  2. Consider a home equity loan or line of credit (HELOC): If you’re a homeowner who has paid off a portion of your home, you may be able to take out a loan against the equity in your house. Home equity loans and HELOCs tend to be easier to qualify for and offer lower rates because you offer your house as collateral. Just know that you risk losing your home if you don’t pay off the loan.
  3. Secured loan: Secured loans are backed by collateral as well, making it easier to qualify for lower interest rates. Aside from borrowing against your house, you can often borrow against other property such as a car or a boat, or even an upfront deposit. Again, you risk losing your collateral if you don’t pay off the loan on time.
  4. Charge a credit card: Credit cards can come with higher interest rates than personal loans depending on your credit. However, if you need money now and can’t qualify for lower interest rates, you might be better off charging a credit card. Make sure you pay off your balance diligently to minimize interest charges.

Improving your credit score for future loans

If you can’t get approved for the best personal loans for your credit profile, it might be worth trying to repair your credit before you borrow money. A better score will help you qualify for loans with better terms and lower interest rates.

While improving your credit takes time, you’re bound to see your credit score increase if you can consistently follow the steps below:

  1. Go through your credit report and dispute any errors
  2. Pay all of your bills on time, and make any late payments before your debt goes to collections
  3. Pay off debt, focusing on paying down high credit card balances first
  4. Consider applying for a secured credit card and using it responsibly and regularly

Methodology

Our selection of the best personal loan lenders for bad credit was based on offers listed on MagnifyMoney’s personal loan marketplace. Lenders were chosen on December 18, 2019 assuming:

  • Credit score of poor (below 640)
  • Loan amount of $5,000
  • Zip code 11220

Lenders were chosen based on APR ranges for each of the above credit score ranges. Ties were broken by assessing: 1) Origination fees 2) flexibility of term lengths. Lenders who do not specify credit score requirements on their website were excluded when assessing lenders for borrowers with poor credit.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Personal Loans

LoanMart Car Title Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

LoanMart
APR

30.00%
To
199.00%

Credit Req.

Not specified

Terms

Up to 60

months

Origination Fee

Varies by state

LEARN MORE Secured

on LoanMart’s secure website

LoanMart auto title loan details

Terms

Fees and penalties

  • Term lengths: Up to 60 months
  • APR range: 30.00% - 199.00%
  • Loan amounts: $2,600 - $50,000
  • Time to funding: As soon as 24 hours after submitting required documentation
  • Credit check: Poor-credit applicants will be considered
  • Origination fee: Varies by state
  • Prepayment fee: None
  • Late payment fee: Varies by state
  • Other fees: DMV charges possible in some states

LoanMart product details

LoanMart offers auto title loans at a lower interest rate than most of its competitors, but they are still an expensive form of credit. To secure your loan, you will have to sign over the title of your vehicle as collateral. It’s easiest to do this if your car is paid off, but you may still qualify if you have a few payments left depending on your vehicle’s equity.

The APR you are charged will include any origination fees, as well as possible Department of Motor Vehicle fees, though these do not appear to be excessive. If the title is in your name and you’re looking to get a loan, LoanMart will contact the DMV on your behalf.

One of the most noteworthy things about LoanMart’s auto title loans is its terms. While many auto title loans require you to pay back your loan within a month, LoanMart gives you up to five years. Its term lengths are more in line with what you would find with an unsecured personal loan. And your car can be repossessed with an auto title loan, which makes unsecured personal loans preferable. Not everyone will qualify, though.

Eligibility requirements

  • Minimum credit score: Not specified, though LoanMart says almost anyone can qualify for its car title loan
  • Minimum credit history: You can still qualify if you have poor credit or a bankruptcy on your record, but it will most likely to impact your APR
  • Maximum debt-to-income ratio: Not specified

The primary thing you’ll need when applying for a car title loan from LoanMart is a vehicle. While your credit history will be evaluated, a bad credit history won’t necessarily disqualify you like it does with other lenders.

You must also be a resident in one of the states in which LoanMart issues auto title loans:

  • Alabama
  • Arizona
  • California
  • Missouri
  • New Mexico
  • South Carolina
  • Utah

Applying for an auto title loan from LoanMart

  • Fill out an application: You can apply online, via phone (855-422-7412) or at a LoanMart location.
  • Receive a quote: Within an hour of submitting your application, you should receive a quote — if you’ve been approved — with the amount you are able to borrow.
  • Submit documentation: If you move forward, you will need to submit documentation to support your application. This includes a government-issued ID, your car title, proof of income and proof of residence.
  • Sign and cash: After you submit your documentation, you will sign the final paperwork. You can then choose to receive your money electronically, via paper check or in person at a LoanMart location. You may also be able to pick up your funds through MoneyGram at select Walmart locations.
Pros and cons of a LoanMart auto title loan

Pros:

Cons:

  • Longer loan terms: LoanMart loans can be repaid over up to 60 months. Many car title loans are extremely short, ending within 15 to 30 days.
  • Lower APR: LoanMart’s APR offerings can be notably lower than other auto title lenders.
  • Quick turnaround: LoanMart will provide funding in as few as 24 hours if you submit the necessary documents and signatures by 2 p.m. Pacific time on a business day.
  • Credit reporting: LoanMart reports your payments to two of the three major credit bureaus: Experian and Equifax. This can help you rebuild a positive credit history.
  • Expensive form of borrowing:  Even the lowest APR available through LoanMart is higher than what you’re likely to be offered via an unsecured personal loan with another lender.
  • You could lose your car: If you can’t repay your loan, you could lose your vehicle.
  • Limited availability: LoanMart only issues title loans to residents in 7 states.
  • Amount you can borrow depends on your car: Newer cars with a clean title will yield a higher offer from LoanMart than a vehicle of an earlier model year with a rusted-out bottom. That’s good news if you have a newer vehicle, but potentially disappointing for everyone who does not.

Who’s the best fit for a LoanMart auto title loan?

If you have no other options and are determined to take out an auto title loan, LoanMart is one of your better options:

  • APRs are clearly advertised
  • APRs for qualified applicants can be lower than the competition depending on the state in which you live
  • Your credit history plays less of a role; if it’s poor, though, you’re likely to end up at the higher end of the APR range

Auto title loans are an expensive form of borrowing. While LoanMart can be preferable to other lenders in its space, that doesn’t change the fact that you should explore all other options before putting up the title of your car as collateral for fast cash.

LoanMart consumer reviews

Borrowers have ranked LoanMart a 4.3 out of 5 (53 reviews) on LendingTree, which owns MagnifyMoney. That ranking does include customers that have used its other products, such as personal loans or auto refinance.

Borrowers praised the ease of the application process with LoanMart, and the assistance provided by loan officers. Dan from Tucson, Ariz., wrote: “They were all very nice and the process moved very quickly. I had my loan in less than 24 hours. I would use them, again.”

Negative reviews cite not being approved after submitting documentation or rising APRs after documentation was reviewed. If you are applying for an auto title loan from LoanMart, be aware that your quote is not set in stone until after your loan officer has reviewed your documentation.

LoanMart FAQ

Yes. You don’t need to have to have a job to qualify for an auto title loan from LoanMart, but you need income. This income can potentially come from retirement, disability or Social Security benefits. You can also qualify with a cosigner.

If there is an “or” between the names on the title, you can apply like normal. If there is an “and” between your names, both of the owners will need to be on your LoanMart application. If your title reads “and/or,” you will need to contact LoanMart to guide you through the process.

You don’t need a bank account unless you are trying to prove self-employment income or you would like your funding deposited directly into your account.

Typically, your first payment is due 30 days after your funds are disbursed.

You can pay via the mobile app, online, with Automated Clearing House (ACH) auto payments, paper check via mail, over the phone or in person at a LoanMart location.

Worst-case scenario, your car is repossessed. But if you can’t make an on-time payment, LoanMart encourages you to contact them right away to work out an alternative.

Besides auto title loans, LoanMart offers high-interest, unsecured personal loans. LoanMart personal loans do not offer competitive terms.

You can spend this money on whatever you’d like. However, with the lowest possible APR at 30.00%, the bill or circumstance has to be dramatically dire to justify the costs of financing.

One may be requested if you take out a loan for $10,000 or more.

LoanMart subtracts the remaining balance on your traditional auto loan from the current market value of your vehicle if you still owe car payments.

Alternative loan options

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

LendingPoint offers personal loans rather than title loans. These loans hands-down beat LoanMart loans, whether you’re considering a LoanMart personal loan or title loan.

LendingPoint’s APR offerings are substantially lower, and you can borrow a larger amount of money when compared to LoanMart’s unsecured personal loans — up to $25,000.

However, you do need to have a credit score of at least 585 to qualify for a loan from LendingPoint, where LoanMart’s credit requirements are more flexible (at a cost).

Upstart

APR

6.46%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Upstart connects borrowers with partner lenders for unsecured personal loans.

Again, unsecured loans are usually preferable to title loans, and Upstart’s rates are superior to LoanMart’s. It also allows you to borrow outside of the range offered by LoanMart. With Upstart, you can potentially borrow as little as $1,000 and as much as $50,000.

Upstart’s credit standards may be higher than LoanMart’s, but it does strive for some flexibility. Besides your credit score, Upstart looks at your:

  • Education
  • Area of study
  • Career history

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

LendingClub’s most comparable product to LoanMart’s auto title loans is its unsecured personal loans, which come with lower rates but higher credit standards.

LoanMart can get you your money in one day, while LendingClub will take at least four. LoanMart can also loan you up to $10,000 more than LendingClub. Regardless, there will be very few circumstances where it wouldn’t be worth applying with LendingClub for its competitive APRs.

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Get Personal Loan Offers
Up to $50,000

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