Title Max Review

Rating: 2 / 5.0

Good for: Bad Credit Loans, Fast Cash, Easy Approval, Title Loans

Title Max Overview

TitleMax is one of the nation’s largest lending companies that specializes in car and motorcycle title loans. They’ve helped hundreds of thousands of people since they opened their doors in 1998. While they specialize in lending, they’re really in the business of helping people. TitleMax makes it easy to get money with their fast title loan approval process, “all-credit-welcome” policy, and their lightning fast turnaround time.

Services Provided

Title Loans
A title loan is a secured loan where the borrower uses the title of a paid off vehicle as collateral to qualify for a loan. This type of loan is a fast and easy way to get cash because you’re using your car’s value to determine how much you qualify for as opposed to your credit rating and credit history. While your credit score isn’t as important (it’s still a factor), your ability to repay the loan is so you want to make sure your financial house is in order before applying.

Title Pawn Loans
TitleMax offers Title Pawn Loans at their Georgia locations and the main difference between title and title pawn loans is that the credit restrictions are much looser and you can qualify even with bad credit. Another key difference is that the title pawn loan acts more like a payday loan in that payment is due within 30 days of the loan being issued.

Title Pawn Loans
TitleMax offers Title Pawn Loans at their Georgia locations and the main difference between title and title pawn loans is that the credit restrictions are much looser and you can qualify even with bad credit. Another key difference is that the title pawn loan acts more like a payday loan in that payment is due within 30 days of the loan being issued.

Title Max Loan Details and Statistics

Loan Amount$100 - $10,000
Loan Duration30 days to several months
Collateral Needed?No
Interest Rates170 - 230
Minimum Credit ScoreN/A
Approval Time~30 minutes
Loan Deposit Time~1 business day
Late Fees$7.50 or 5% left unpaid
Insufficient Funds Fees$30

Area of Operation

TitleMax is currently operating in 16 states throughout the country and you can visit one of their locations if you live in AL, AZ, CA, DE, GA, IL, MS, MO, NV, NM, SC, TN, TX, UT, VA, & WI.

Loan Process

TitleMax’s loan process is so fast and easy that it can be completed in 30 minutes! All you have to do is apply via their online form, get your quick approval decision, and have your cash deposited to your account (or cash in hand) in as little as 30 minutes! Once you’ve paid off your title loan, you’ll get your title back.

Loan Application Requirements

  • Government Issued ID
  • Lien Free, Paid Off Vehicle Title

How to Apply for a Title Max Loan

There are currently 3 ways to apply for a TitleMax title loan; 1) apply on their website via their online form, 2) call their toll free number (1-88-TITLEMAX), and 3) apply in person at one of their stores.

Title Max Review

There’s no question about it, TitleMax makes it easy to get cash when you need it. All you have to do is have an ID and a paid off car title and you’ll be approved for a title loan in roughly 30 minutes. This makes it extraordinarily easy for borrowers to get money when they’re in a bind instead of having to wait a few days to get approved.

While they have a respectable range of loan amounts ($100 - $10,000), their interest rates are among the highest of any lender we’ve reviewed (170 - 230%) with surprisingly short terms (30 days to several months). This makes their title loans heavily slanted into TitleMax’s favor than in the borrower, which is understandable because they’re running a business, but this is to an almost inexcusable degree.

In most cases, secured loans have lower interest rates than unsecured loans since the former requires some form of collateral for the applicant to qualify. This collateral can be a car title, property deed, or some item of discernible value. Which one depends on the loan provider and, as their name implies, TitleMax requires car titles to be used as collateral for their loans. For whatever reason, TitleMax has one of the highest interest rates ranges out of all the loan providers we’ve reviewed despite them not shouldering the same amount of risk as unsecured loan providers and them being able to not only hold your title over your head if you don’t pay, they can take your vehicle if you miss a payment.

So, to recap, they 1) shoulder no risk, 2) force you to put your vehicle up as collateral, 3) loan terms are in their favor, 4) charge higher interest rates than necessary, and 5) can take your vehicle is you miss a payment. If there’s an upside for the borrower, we’re completely missing it.

Is TitleMax Right for Me?

Title loans are never in your favor, especially the ones from TitleMax. We understand that there are times where money is tight, but you should never, ever put up something as necessary as a vehicle up for collateral. Especially with TitleMax’s unfavorable loan terms and interest rates. The deck is stacked against borrowers and you shouldn’t willingly put yourself in that position when there are countless other money lenders that offer unsecured loans in larger amounts at lower interest rates over longer periods of time than what TitleMax is offering FOR THE TITLE OF YOUR CAR AS COLLATERAL. There’s a reason why they have an F rating with the BBB and have had government actions against them. We cannot recommend TitleMax for any service under any circumstance. Avoid them at all costs.

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