About lender
TitleMax is a privately owned lending company. Along with other brands like TitleBucks, EquityAuto Loan, and InstaLoan, TitleMax falls under the TMX Finance, LLC parent company. Therefore, both TitleBucks and EquityAuto Loan are the sister companies of TitleMax. TMX Finance, LLC is a business present in Alabama, Arizona, California, Florida, Georgia, Illinois, Mississippi, Missouri, Nevada, New Mexico, South Carolina, Tennessee, Texas, and Virginia. A customer can visit the nearest location of the company in the state of their residence.
TitleMax is one of the largest title loan lending businesses. The first store the company opened in 1998 in Georgia. The lender has expanded to 14 other states and has over 900 locations.
TitleMax offers financial services like car title loans, car title pawns, RV title loans, motorcycle title loans, and personal loans. There are also options for refinancing existing loans.
Pros and Cons
Pros
Customers can get cash in just one day after the approval.
The proof of insurance is not required.
The loans are available for customers with bad credit scores.
TitleMax offers refinancing for existing debts taken from other lending companies.
Cons
The company doesn't disclose the full information about its products and services. You can't learn much about their fees and loan rates.
As vehicle loans are secured, TitleMax can repossess your vehicle if you miss payments or can't pay back your title loan at all.
You will need to visit the nearest department of a company, and it will inspect your car for any issues.
Terms and conditions
You can borrow from TitleMax up to $10,000 depending on your state's laws. TitleMax, like many other lending companies, is not clear about its APRs. However, according to its customers, average APR you can get on your loan is about 300-400%. This makes TitleMax closer to payday loan lenders. The repayments term range from 30 days to 72 months.
Customers can borrow from TitleMax no matter what credit score they have. Be aware that the interest rate hugely depends on your score, and you might end up with a loan issuing 1,000% APR. You also need to review your contract for the fees thoroughly before you agree to the conditions.
TitleMax focuses on car title loans. The size of your loan will depend on the amount you need to purchase a car. You can take a car title loan in all 14 states where TitleMax is present. Refinancing is not available in Nevada.
Motorcycle title loans cover the cost of a motorcycle you want to purchase. If you meet all the eligibility requirements, you can cover up to a total amount of your motorcycle. These loans work in Alabama, Arizona, Delaware, Kansas, South Carolina, Tennessee, Texas, Utah, Mississippi, Missouri, New Mexico, Nevada, and Wisconsin. Alternatively, Georgia residents can take motorcycle title pawns.
Personal loans are unsecured. Personal installment loans are available in Arizona, Delaware, Idaho, Kansas, Mississippi, Missouri, Nevada, South Carolina, Tennessee, Texas, Utah, and Wisconsin.
Funding a loan
TitleMax states you can receive cash for your title loan in 30 minutes after the approval. You can get cash by applying online and providing your bank information. However, customers can search for the in-store locations by their ZIP code and visit the nearest location in their state.
TitleMax doesn't issue new loans in Illinois and or Virginia. Yet, the business still continues to service existing loans. Other states also have differing conditions in amounts, rates, and loan types TitleMax offers.
Title pawns are available in Georgia. In Nevada, title loans can only be used as a short-term solution. LOC borrowers are subject to a periodic review to maintain credit limit.
