LoanMart

featured graphic for DFPI California Department of Financial Protection and Innovation after COVID-19

The California Department of Financial Protection and Innovation (DFPI) today announced it entered a novel consent order with Los Angeles-based Wheels Financial Group, Inc., doing business as LoanMart, that prohibits the company from marketing or servicing automobile title loans of less than $10,000 with rates greater than 36 percent in …continue reading

featured graphic for California Department of Business Oversight during COVID-19

The California Department of Business Oversight (DBO) launched a formal investigation into whether prominent auto title lender Wheels Financial Group, LLC, which does business as LoanMart, is evading California’s newly-enacted interest rate caps through its recent partnership with an out-of-state bank. In 2019, culminating a multiyear effort of Assemblywoman Monique …continue reading