Wednesday, June 22, 2011

1-800 Loan Mart was the correct choice after all my research.

After reading some of the complaints about 800loanmart I think most of these people must not pay on time, or don't pay at all. I don’t understand these people. 1-800 Loan Mart is a car title loan company that lets people borrow money to help them out in emergencies by using their car as collateral, not necessarily using their credit. How can you complain about late fees and interest rates if you knew about them before taking out the loan? Did these people read the contract before signing it? Every time I sign a contract I make sure I read it before I sign it. To me, that's like complaining about the bank taking your house when you didn't pay the mortgage. Every loan has penalties for late or defaulted payments, why would you think a car title loan would be any different? I was in a very tough situation last month; my paycheck was late, and my mortgage was due. I researched title loan options in California. I found 1-800 Loan Mart online I ended up taking out a loan. Other title loan companies charged a lot more interest, so I stuck with 1-800 Loan Mart for my title loan. I repaid the loan after receiving my check so i didn't even pay that much in interest. I have no complaints at all.


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Friday, June 17, 2011

Are you looking for complaints, reviews or information on 1-800LoanMart?


If you are looking for more information because you are in need of some cash and you are looking for a company that can approve you but you have bad credit, you have heard of 1-800LoanMart, you are thinking of getting an auto title loan from them and you are asking yourself if they are a legit company and not a fly by night operation or scam, I have some very useful information for you. Please read below:

All of these types of alternative finance loans such as payday loans, cash advance loans, car title loans or pink slip loans are usually very, very expensive. The reason for the high interest rate is mainly because customers that usually try to get these loans are high risk customers with really bad credit. Also, the credit is not based on your credit score but is for the most part based on the value of your vehicle and your ability to pay back the loan. There are no banks out there that will lend you money like this, althought major banks like Bank of America, Chase and Wells Fargo have been secretly in the payday loan industry for years in the form of "overdraft fees" and even "ATM fees". Try to ask a bank to loan you money on your car title and see what they say. It will be a big fat "NO".

The most important thing to remember here is to make sure you do your research before you get any of these types of loans and make sure that the company you use is licensed with the California Department of Corporations. There are many sites out there that are not lenders, not licensed and are just lead generating sites or scams. You can go to http://www.corp.ca.gov/ to find out if a company or website is legit or not. Visit the California Department of Corporations website. If they are a legit company they should have a valid license in good standing and if they have done anything illegal it should show up on this site.

While on the site, go to the "Financial Services" Tab and click on "Licensee Listing".

Select "Company contains" and "Active" type "800loanmart" in the "Company Name" Field and hit the search button.

You should see their license information. Do the same for any company that offers loans and if they are not licensed by the California Department of Corporations then I would not do business with them.


If you search for "800loanmart" you will see that they are licensed with the California Department of Corporations and is a legit company but keep in mind that car title loans are very high cost of loans. You may or may not be able to obtain a loan from someone else at a lower rate of finance charge. Think carefully before you decide to take this loan. These types of loans should be considered short term loans too. You should pay them off as quickly as possible. The longer you keep them, the more you will pay in interest.


Also, in your research, ask the companies you are calling if they report your on-time monthly payments to the Credit Bureaus. If they do, this will help you improve your credit score. Just make sure you make your payments on time for at least 6 months. Your credit score could go up as high as 80 points if you do this. If you already have a car title loan and you call your current lender to find out if they report to the Credit Bureaus and you find out that they DON'T report, there is still something you can do about it. There are other car title loan companies that do report. Start calling other car title loan companies and refinance your loan with a car title loan company that does report to the Credit Bureaus.


The truth is that this is a good service if you use it wisely. For example: If you are a business owner like a roofing company owner and you need to make payroll for about 10-12 employees but the contractor your doing work for hasn't paid you yet, where are you going to get the money to pay your employees? The Bank? A friend? A family member? Unless you know someone that can lend you $40,000 quick and without any hassles, an auto title loan is probably your best or only option, of course if you own your car and it's worth at least $45,000.


A bad way to use an auto title loan is to use the money for gambling or a weekend of partying like a rock star or going on an unneccessary shopping spree. Also, if you know you can't pay it back or if you have a history of not being organized financially and have a bad habit of not paying your bills or paying late.


One last piece of advice is if you already have a loan with 800loanmart or any other title loan company and you found out how high the interest rate is after you started making payments because you didn't bother to read the contract, there are still a few positives you can take from this. First, as I mentioned earlier, paying on-time for at least 6 months can help your credit score. If your current car title loan company doesn't report to the Credit Bureaus you can refinance it through a company that does report to Credit Bureaus. Second, when you refinance with a different company since it is a very competative industry you will most likely be able to get a better interest rate. You can also call your current car title loan company and tell them that you are having a hard time paying and would like your interest rate lowered. Companies rather you pay them instead of having to repo your car since it's very expensive to repossess a vehicle. Companies usually lose money and time when they repo a car so believe me, they rather work with you instead of having to take your car away.

I noticed 99.9% of complaints I've seen on the internet are from people that didn't make their payments, fell behind and were never able to get back on track. This blog will hopefully give you enough useful information so that if you do decide to get this loan you will be OK. Remember, this is a very expensive loan so try your best to pay it off as soon as you can and make sure you will be able to pay it back or don't borrow the money. Here is a very helpful tip if you are planning on getting this loan: By making an extra $50.00 payment per month on a $2, 600 loan, you will shorten your loan term to 19 months and you will end up saving thousands of dollars in interest. So again, be careful, and do your research. Hope this information is helpful to you.

Please submit your comments and let me know if this information I provided helped you or if it didn't or if you disagree with me. Also, if you have had any positive or negative experiences with these types of loans please let us know. Thanks!

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