A loan can help you out in tough times. When you need quick cash, it’s best to look for a company that approves low credit or income. While loans are expensive, they give you instant funds in the case of an emergency. One company that’s known for helping their clients is TitleMax Loans. This company offers same-day loans and approvals. For any emergency, TitleMax can get you the coverage you need.
But, we want to ensure that you know what you’re getting into. Title Max has a lot to offer, but we want to look deeper into the company. In this article, we will be checking out the TitleMax Loans pros and cons.
Car Title Loan/Pawns
Car title advances and pawning can get you quick cash when you don’t have good credit or reliable income. Just be aware that your motor vehicle will get repossessed if you don’t make any payments on your account. It’s essential not to miss a payment and is ideal for those who have an emergency.
The only downside is that you can only get approved if you own the vehicle, have it paid off, and how much it’s worth. You’ll be using it as collateral so that the loan amount will depend on the make and model.
Motorcycle Title Loans/Pawns
If you don’t have a vehicle, you can put as collateral an alternative that TitleMax accepts is motorcycle loans. They work well for those who have a motorcycle of worth. You can get the motorcycle back as long as you make payments for your loan.
Otherwise, you will forfeit the title to your motorcycle. It will be taken as collateral for your loan, and you won’t be able to reclaim it unless you pay back the late payment fees.
Aside from title loans, TitleMax also provides personal loans. They ogo up to $10,000. This will be enough for emergencies or big projects. However, you will be expected to make payments with high APR rates. The loan terms are for payday loans, which is only 30-days. So, don’t borrow unless you know you’re getting enough to pay it back.
What Is the Borrowing Process Like at TitleMax?
TitleMax has a quick process that can get you funds in under 24 hours. If you’re in a pinch, they can work with you to find a loan that suits your income and repayment needs.
You’ll need to live in one of their eligible states, be over the age of 18 (19 in some states) and be able to provide verifiable income. Decide on the amount you need to borrow before choosing what type of loan you want. If you’re getting a title loan, you’ll need to bring in the deed to your motor vehicle/motorcycle.
Once you submit your application, they will review it. If they approve your loan, they will send you a contract over email. View the document and read through it. When you eSign, it will be final, and you will start the repayment process. Funds can be expected the next business day after approval.
Is There a Maximum Amount You Can Borrow From TitleMax?
TitleMax does its best to get you the loan amount that you need. However, it’s not always possible to qualify for the maximum loan amount. The maximum amount is $10,000, and the minimum is $100. The higher the amount, the higher the interest on your loan.
What Are The TitleMax Loans Rates & Fees?
The APR rates range anywhere from 170% to 230%. Compared to other options on the market, this is one of the more tame interest rates. Of course, it’s still higher than what you’d get from a bank loan. However, you can qualify with bad credit. The repayment is also 30-days. But, you can get an extension if necessary.
As for fees, the TitleMax website doesn’t list their fees. They also can range from state to state, so it’s unclear what extra fees you may occur. To get a clear idea of additional fees, contact a representative from TitleMax to get the estimate.