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LoanMax Review

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About Company

LoanMax Title Loans is a financial services company that specializes in providing car title loans to individuals in the United States. The company is based in Jonesboro, Georgia, and was founded in 1990.

LoanMax Title Loans offers loans that are secured by the borrower's vehicle, with loan amounts ranging from $100 to $10,000. The loan amount is based on the value of the borrower's vehicle, and the loan is repaid in installments over a period of months. Borrowers continue to use their vehicles while repaying the loan.

LoanMax Title Loans has a customer service team available to help borrowers with any questions or concerns they may have. The company also offers an online account management portal where borrowers can view their loan balance, make payments, and update their personal information.

LoanMax Title Loans

Features

  1. Locations. LoanMax Title Loans has locations across the United States in Alabama, Arizona, California, Delaware, Georgia, Iowa, Idaho, Kansas, Mississippi, Montana, New Mexico, New Hampshire, Nevada, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Wisconsin. It makes LoanMax more accessible to borrowers in various areas.

  2. Loan Amounts. LoanMax Title Loans offers loans up to $10,000, which is higher than some other title loan lenders.

  3. Terms. LoanMax Title Loans offers repayment terms of 30 days, but it will hugely depend on your state. Virginia law requires your loan term to be between 120 days and 12 months. The company doesn't have a prepayment penalty, so you can repay the loan faster.

  4. Fast Approval. LoanMax Title Loans has a quick approval process that can take as little as 20 minutes, making it an ideal option for those who need fast access to cash.

Pros and cons

Pros

No Credit Check. The company doesn't require you to have a good credit score to qualify for a title pawn.

Available for Bankruptcy Clients. If you have bankruptcy on your credit report, you can still be eligible for a LoanMax pawn.

Flexibility. Loan Max Title Loans offers flexible repayment options, allowing you to choose a repayment plan that works for your specific financial situation.

Cons

Repossession. The company states that repossession is the last resort, and they occur very rarely. However, if you sign your vehicle as collateral, you may lose it in case of non-payment.

High APRs. LoanMax doesn't disclose its APRs. However, those that are known are high, like 372% APR in South Carolina.

Not All the Terms Are Disclosed. You won't find all the information you need on the website. The only option available is to visit the in-store location. You also won't be able to go through the application process entirely online.

How to get a LoanMax loan?

  1. Visit the Branch. Visit a LoanMax location near you with your vehicle, the title (free and clear of liens), and a government-issued photo ID. Ensure your vehicle is free from any outstanding liens for a smooth process.

  2. Apply. Determine your loan eligibility by completing a straightforward application. During this process, the value of your vehicle, your budget, and your cash needs will be considered. This helps in evaluating how much cash you qualify for.

  3. Terms and Conditions. The customer service representatives will guide you through the entire process, explaining all terms, conditions, and repayment obligations before you sign any loan documents. This ensures that you have a clear understanding of the agreement.

  4. Funding. After a quick evaluation of your vehicle and completing the necessary paperwork, you can expect to leave the LoanMax location within 20 minutes with both your vehicle and the cash you need. This streamlined process is designed to provide quick assistance for your financial needs.

Requirements and Conditions

Requirements

  1. Lien-Free Title. You must have a lien-free title, indicating that you own your car outright. This means you are not currently making payments on your vehicle, either through a conventional car loan or any other form of loan using it as collateral.

  2. Steady Source of Income. While employment is one way to demonstrate a steady income, LoanMax considers various sources. Whether you are employed or receiving unemployment benefits or any other regular form of income, having a consistent financial source is important.

  3. Reside in an Eligible State. LoanMax provides title loans in 18 states. Ensure that you reside in one of these states to be eligible for a LoanMax title loan.

  4. Government-Issued ID. LoanMax requires a government-issued ID for verification purposes. This typically involves presenting your driver's license or another form of official identification to confirm your identity.

Conditions

  1. Loan Amounts. Borrowers may be able to secure loans ranging from $100 to $10,000, depending on their specific financial needs and the value of their vehicle.

  2. Repayment Period. Typically, borrowers are expected to repay the loan within 30 days. This short-term repayment period is designed to provide quick financial assistance.

  3. Interest Rates. Interest rates, expressed as Annual Percentage Rates (APRs), vary by state. However, it's important to note that rates can be well into the triple digits. Borrowers should carefully review the specific rates applicable to their state to understand the total cost of the loan.

  4. Lien Fee. In certain states, such as Texas and Delaware, borrowers might be required to pay a lien fee in addition to financing charges. This fee can range from $28 to $55, contributing to the overall cost of the loan.

Products

LoanMax Title Loans offers short-term, secured loans to borrowers who use their vehicle as collateral. The loan amount is based on the value of the borrower's vehicle, and the borrower must have a clear title to the vehicle to be eligible for a loan.

Title pawn, or a motor vehicle line of credit, is a short-term loan using your vehicle's free and clear title as a credit. The cash you receive can be used by businesses to purchase supplies or meet other expenses. Real estate agents and salespeople can use title loans by LoanMax to improve their cash flow. 

LoanMax offers cash loans on car titles up to $10,000. The minimum amount for a title loan is $100. You generally should pay your loan back in 30 days. However, the terms are subject to your state's legislation. Many states require title loans to be not shorter than 120 days.

Interest rates vary depending on the state, but they are high. The interest rate you will get is typically over 100% APR. There can also be a lien fee of $28-$55.

Ways to receive the money

Once you've signed the loan agreement, LoanMax Title Loans will typically provide you with the loan funds in cash. The locations are available Monday through Friday from 9 am to 5 pm, according to your state time.

Things to pay attention to

  1. Better Business Bureau (BBB) Rating. Before considering a LoanMax title loan, check their BBB rating. This provides valuable insights into their business practices and customer experience.

  2. Customer Experience. Pay attention to reviews and feedback from customers regarding their experience with LoanMax. This can provide you with valuable insights into the quality of service and transparency.

  3. Location Details. Whether you are visiting a LoanMax office in South Hill or any other location, be sure to check the details and address to ensure a smooth process.

  4. Loan Refinance Options. Inquire about the possibility of refinancing your title loan if needed. Understanding the options for refinancing can be crucial for managing your payments effectively.

  5. Property and Insurance Details. If other property or insurance is involved in the loan process, ensure you have a clear understanding of how these elements are handled to avoid any complications.

How to repay a LoanMax loan?

  1. Online Repayments. Take advantage of the convenience of online payments to easily manage and fulfill your loan obligations. LoanMax provides a user-friendly online platform for efficient repayment.

  2. Cash Payments. If you prefer making payments in cash, LoanMax accepts cash payments. Simply visit a LoanMax location with the necessary amount in cash to settle your payment.

  3. Debit Card Payments. Another convenient option is to use your debit card for repayment. This electronic payment method provides a quick and secure way to fulfill your loan obligations.

  4. Cashier's Checks. LoanMax accepts cashier's checks as a form of payment. Obtain a cashier's check and submit it according to the provided instructions for a hassle-free repayment process.

  5. Money Transfers through Western Union. If you prefer money transfers, LoanMax facilitates payments through Western Union. Follow the necessary steps to initiate the transfer and ensure timely repayment.

Reasons for getting rejected for a LoanMax loan

  1. Lack of Ability to Repay. LoanMax may reject an application if the borrower's ability to repay the loan is uncertain. This assessment considers factors such as employment status, income, and financial stability.

  2. Outstanding Debt Owed. If an applicant has outstanding debts or owes money to other lenders, it could impact their eligibility for a LoanMax loan. Lenders may be cautious if the borrower already has significant financial obligations.

  3. Employment Details. Employment status and stability play a crucial role. If an applicant doesn't have a steady job or a reliable source of income, it may affect their eligibility for a LoanMax loan.

  4. Insufficient Collateral or Value. LoanMax typically requires a clear title with no outstanding liens as collateral. If the collateral's value is insufficient or the title has issues, the application might be rejected.

  5. Credit History. While LoanMax may consider applicants with bad credit, a particularly poor credit history or a high level of risk may lead to rejection. However, credit checks might not be the primary factor.

Alternatives

  • TitleMax is a well-known title loan lender that offers title loans using vehicles as collateral. Similar to LoanMax, TitleMax allows borrowers to use their vehicle title to secure a loan, providing a quick and accessible financial solution.

  • Check Into Cash is a financial services company that provides various lending products, including payday loans, installment loans, and title loans. They offer a range of financial solutions, making it a versatile option for those in need of short-term loans.

  • Speedy Cash is a financial services company that offers payday loans, installment loans, and title loans. With a focus on providing quick and convenient financial solutions, Speedy Cash is an alternative for those seeking various short-term lending options.

  • Advance America is a lending company that provides payday loans, installment loans, and other financial services. Like LoanMax, Advance America offers a variety of loan options to meet different financial needs.

Editorial opinion

In evaluating LoanMax, it is essential to consider both positive and negative aspects. On the positive side, LoanMax provides a quick and accessible financial solution for individuals facing immediate cash needs, leveraging vehicle titles as collateral. The convenience of online repayments, multiple payment options, and a commitment to customer service are noteworthy. However, potential borrowers must exercise caution due to factors such as high APRs, potential additional fees like lien fees in specific states, and the short repayment period. Additionally, consumer reviews and complaints should be taken into account, as they may provide insights into the overall customer experience. As with any financial decision, individuals should carefully review the terms, assess their ability to repay, and consider alternative lending options to make an informed choice that aligns with their financial circumstances.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Other Loans

Additional Resources

Sources

FAQ

What is the title loan limit with LoanMax?

LoanMax offers auto title loans with amounts ranging from $100 to $10,000. The amount you can qualify for will depend on your state of residence and the value of the car's title.

Do I need to visit a LoanMax title loan location?

Yes, LoanMax requires its customers to visit an in-store location. The application can be started online. However, once you submit it, you will have to visit the LoanMax location. The company will evaluate your vehicle, and you will sign the papers and get cash.

Does LoanMax check your credit score?

LoanMax offers loans to applicants with different credit scores. You can apply for a loan with bad credit. You don't need to undergo a credit check because you sign up your car as collateral. This means it can be repossessed if you fail to make payments before the due date. The repayment is accepted in the form of a money order, debit card, cashier's check, and cash.

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LoanMax
Title Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
$100-$10,000
Rate
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Interest rate

up to 372 %
Term
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Loan term for the financial product

up to 30 days
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