By Title Loans Expert | April 11, 2012
At 1-800LoanMart, we receive many calls from individuals interested in pursuing a title loan, but they don’t know quite how the entire process works. In order to clear the air a bit, 1-800LoanMart is currently blogging about the difference steps in our title loans process. Our preliminary title loans application is quite easy to get through, but many people aren’t sure what happens next.
As soon as we receive your application, one of 1-800LoanMart’s title loan underwriters begins putting together a loan package for you. Approximately an hour after sending your application, you will receive a call from the loan underwriter who will tell you how much you have been approved for and explain the rates and payments of the loan. There is no obligation to accept the offer, but if you do, there are only a few more steps before you can receive the loan.
1-800LoanMart will need you to fax over a few things including identification, the title, proof of income and two personal references. After everything goes through, 1-800LoanMart will send you to a nearby signing location or send out a mobile notary should you live in a remote location. At the signing location, one of our employees will take a few photographs of your car and have you sign a few things and hand over your title (you will receive a new title in the mail very soon).
You are then free to drive off in your car—you retain possession during the loan—and can cash your check at your bank or any Wells Fargo location. There are a variety of ways to make payments, we’ll get to this in a later blog, but 1-800LoanMart is here to help throughout the process. Feel free to call 1-800LoanMart at any time!