What does 800 LOANMART mean on my credit report?
Learn about 800 LOANMART, an auto title provider offering loans for financial assistance. Check the impact to your credit report and financial status.
What is 800 LOANMART?
800 LOANMART is shorthand for
LoanMart Wheels, with the company name being
LoanMart Wheels Financial Group, LLC
800 LOANMART is a
Auto Title Loan Provider. They could be on your report for a number of reasons, for example:
⚫ You missed a repayment.
⚫ You opened an account with LoanMart Wheels.
⚫ You opened a credit card / loan / mortgage with this company.
⚫ Someone fraudulently opened a credit line under your name.
About the account
The account is classified under the following METRO2 categories:
- ⚫ Collection Agency/Attorney
- ⚫ Auto Loan
- ⚫ Auto
How do I contact them?
Here is the current contact details for LoanMart Wheels:
- Wheels Financial Group, LLC dba LoanMart P.O. Box 8075 Van Nuys, CA 91409
To make a payment at www.800loanmart.com, customers can apply over the phone or online and submit necessary documents by 2 pm PT. Payment options include: mailing a payment to the main center, using cert, online payments, or calling a toll-free hotline. Customers can pay with a Visa, MasterCard, Discover debit card, Apple Pay, or bank account. LoanMart also offers payment plans and does not charge any prepayment penalties. Customers can access their account information through the mobile app available on Google Play and ITunes, or by contacting 800loanmart with billing inquiries via phone (800-562-6627) or email (email@example.com).
|Do they offer a monthly payment plan?||Yes|
|Can I make payments over the phone?||Yes|
|Can I make payments online?||Yes|
|Do they offer a discount for automatic payments?||Yes|
|Can I make a payment using a mobile app?||Yes|
|Can I make a payment using a prepaid debit card?||Yes|
|Can I make a payment using a wire transfer?||Yes|
Forgiveness and Cancellation
800LoanMart.com does not offer loan forgiveness, however borrowers may be eligible for loan forgiveness if they meet the conditions of the Public Service Loan Forgiveness (PSLF) Program. Additionally, LoanMart does not offer a title loan forgiveness program but they do have competitive rates and convenient terms to help customers manage their loan payments.www.800loanmart.com offers loan consolidation services. This includes access to the U.S. Department of Education’s Direct Consolidation Loan program as well as competitive rates from a variety of lenders. The process typically takes four to six weeks and can offer a variety of benefits, such as one servicer and statement, one payment, access to different repayment plans, and potential eligibility for Biden-Harris student debt relief and Public Service Loan Forgiveness. However, borrowers should note that the active duty military benefits may no longer apply if they consolidate, and changes announced in April 2022 may bring borrowers closer to forgiveness under income-driven repayment plans.To qualify for loan forgiveness at www.800loanmart.com, applicants must register at the U.S. Department of Education’s website and meet certain eligibility criteria. Public Service Loan Forgiveness (PSLF) is available to federal, state, local, tribal government and non-profit employees who have worked in public service for 10 years or more, even if not consecutively. For a limited time, applicants who have not yet worked for 10 years can still receive credit toward loan forgiveness if they make 120 on-time payments for their student debt. The application process opened on October 14th at https://studentaid.gov/debt-relief/application and most borrowers can expect to receive debt relief within 4-6 weeks of applying. Eligible loans include Direct Stafford Loans, all Direct subsidized and unsubsidized federal student loans, Parent Plus and Grad Loans. Individuals and married couples who earn less than $125,000 and $250,000 respectively in either 2020 or 2021 can have up to $10,000 of their federal student loan debt forgiven.
|Do they offer loan consolidation?||Yes|
How to Apply
It is possible to apply for a loan online, over the phone, or in person. LoanMart offers title loans serviced by LoanMart to provide quick and easy funding for those who need it, using the positive equity of a car as collateral. The process is fast and involves filling out a fast info form online and calling a toll-free hotline to speak with a specialist. Customers can sign the credit application online in order to speed up the process, and can have the loan contract emailed to them at the end of the process. The loan can also be sent directly to their bank account or picked up at a participating location. To apply, you need to have a qualifying car with the title in your name, and documents must be submitted by 2 pm PT to get your cash the same day. LoanMart offers a mobile app for both Android and Apple IOS systems which allows customers to access and manage their title loan funding. The app allows for potential borrowers to calculate a pre-approved title loan amount and also continue the application process after receiving their pre-approved loan amount. Being a cosigner means being equally responsible for the debt, if the borrower fails to repay.
|Can I apply for a loan online?||Yes|
|Can I apply for a loan over a phone call?||No|
|Can I apply for a loan in person?||Yes|
|Can I apply for a loan using a mobile app?||Yes|
|Can I apply for a loan with a cosigner?||Yes|
IdentityIQ Report Example
- This is an example of what this creditor will look like on your IdentityIQ report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
How do I remove 800 LOANMART from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.