5 Stars Loans

Good evening,

I was just contacted by 5 Stars Loans they said they found me on 123notary I googled them looks legit,had anybody worked with them?


If it is the same 5 star loan company I am thinking of, its like a HELOC, but instead of using their home, they are using their automobile for collateral. Basically, a borrower applies for a loan out of the equity of their vehicle, and the company basically refinances the vehicle (balance owed plus the cash out) and they use the vehicle as collateral (mortgage) to secure the loan by placing a lien on the vehicle title. A lot of owner vehicles value got inflated in value due to supply chain issues and microchip shortages as it relates to COVID, and owners and lenders are capitalizing off of it. IMO, one must be pretty desperate to do such, because they are at risk of going under water when the market catches up, and demand goes down, and their vehicle retail value sinks (the auto market is much different from the housing market). I personally have done one loan with 5 star and had no issues, but there are many other companies in the same business (Finova and Advance America). The workload they give you depends on how they pay you, as they usually have their own in house notaries, so if they are contacting you, either they cant keep up on the amount of loans they have, or they are short notaries on staff. Hope this helps!

Thanks for sharing! I appreciate going into details!That helped a lot


Hope all is well.

Did you have to sign an agreement with them?

I received a call earlier and was a bit wary.

Hello @buzybeenotary, Welcome to Notary Cafe! in the loan signing world, you are always signing/agreeing to some sort of “agreement,” usually provided in the assignment instructions and/or prior to accepting an assignment. Read it carefully, as some have a “blanket” agreement to work for them, and some agreements may be transaction specific. The answer, “yes” but it’s normal per se. They need to cover themselves should you make a mistake at the signing and/or don’t follow the instructions they provided. Most of it is the “normal” jargon, but you ALWAYS want to read such agreements in their ENTIRETY to make sure they are not trying to bind you/obligate you to anything beyond your control! Hope this helps!

And watch out for those companies that put in the agreement that if the loan does not close you don’t get paid. I turned down a few companies that had that in their agreement. And I let them know that as an independent contractor payment is required once my service has been successful completed.

1 Like

Agreed, also keep in mind that a good portion of companies will put their payment terms in the notary instructions, or the SS platform they use may have their own payment terms. The general rule for those saying in their payment terms "NET 30, 30 days, 60 days, etc.) is that it’s their insurance policy. It gives them ample time to ensure the loan closes before obligating them to pay you. Once you accept the order, you accept those terms. You can’t force them to pay you sooner if your order came with pre-stipulated payment terms, but if it didn’t, I always send an invoice to the client that hired me. Also be on the lookout for orders that will not have any payment terms, but will say to NOT send an invoice. Grab the order (before someone else does) then follow up with a call. You can always back out if their payout time doesn’t work for you.