By Title Loans Expert | April 12, 2012
The title loans process at 1-800LoanMart is relatively simple compared to a bank’s application process, but it is still important to know what you are potentially getting yourself in for. 1-800LoanMart is a very transparent organization and we are happy to answer your questions. In regards to today’s question, a title loan underwriter figures out how much your loan will be worth.
When you get started with 1-800LoanMart, you have to fill out our application—this can be done online or over the phone. As soon as we receive the application, one of our loan underwriters is assigned to work for you and they’ll start putting together your free loan estimate. Though 1-800LoanMart does perform a credit check, we do not base our loans off your credit score. All of our title loans are based off the value of your vehicle.
We do our best to secure you the loan amount that you’re looking for, but there are a few other factors involved. The amount we can lend is regulated on a state by state basis, so while a person in California might be eligible for the maximum $30,000 with their vehicle, the same vehicle in Illinois can only be eligible for $4000. 1-800LoanMart would like to be able to offer more, but the law is the law. Our loan underwriter also looks at your income to make sure this loan will be the best thing for you.
Once the loan underwriter has put together our offer, they will call you and give you our estimate and tell you everything you need to know about rates and payments. This is a no-obligation offer, so don’t feel that you have to accept it if it doesn’t best suit your needs. Stay tuned tomorrow as 1-800LoanMart answers another title loan question!