TitleMax Loans Review

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.

Personal Loans

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.

Non-payment with TitleMax can get you into a lot of debt. If you don’t make your payment, you will be charged either $7.50 or 5% unpaid. If you have insufficient funds when they bill automatic payments, you will also be charged an extra $30. As you can see, this can add extra amounts to your total loan.

If you think you may miss a repayment, then you should contact the company. They don’t offer extended payment plans, but they may be able to work with you on getting reduced rates. If you don’t pay and go, delinquent, you will be reported to collections, and your credit will plunge dramatically.

Is TitleMax A Legitimate Loan Company?

While TitleMax is a viable option for some people, there are “scams” that go on with the company. They have very high-interest rates, and if you don’t repay your loan quickly, they will refinance the amount and add even more interest.

Additionally, making late payments will add more interest to the total cost of your loan. If this keeps happening and you don’t have enough money to cover the bill, you could dig yourself into a hole financially. On the other hand, if you used your vehicle or motorcycle for the collateral, you will lose it for non-payment.

The company is only recommended if you know you can pay off the loan. People who don’t have enough money to pay back the loan plus interest rates have had bad experiences.

Here’s What the Loan Process Looks Like for TitleMax

Getting an advance from the company is a bit more complicated than other stores. Unlike ones that have entirely online applications, you will have to visit a store to get finalization.

First, start by clicking the “apply” button on the TitleMax website. From there, fill out all the necessary information. You must include contact information, identification, and your ideal loan.

After that, TitleMax will verify the application or disapprove of it. So, you’ll need to wait until they send you a contract. If you are approved, you’ll have to head to a physical location to finalize the process and sign the documents.

TitleMax Loan Requirements

To apply for a loan from TitleMax, you must meet a few requirements. First, you must have a lien-free vehicle. If you’re not a US citizen, you can not apply for a loan. You must have permanent residency and have an SSN. Also, you must be over the age of 18 to qualify (19 in the state of Alabama).

We’ll list the states in which you are eligible to get a loan; Alabama, Arizona, California, Delaware, Georgia, Illinois, Mississippi, Missouri, Nevada, New Mexico, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin.

What Do You Need To Get A Payday Loan Online?

To apply online, head to their website. Their online application will redirect you to input your name, cell phone number, and zip code. This will help identify if you are in an eligible state.

From there, select the type of loan you’d like to apply for. It will prompt you to list the amount and then specify other personal information such as your driver’s license number and SSN.

Once you’ve submitted, you will need to wait for the approval. If you get approved, you will get an email stating your loan terms. To finalize the deal, you may be asked to walk-in to one of the stores. Some locations do have fully online, but not all of them.

What Do You Need To Get A Payday Loan In-Store?

Walk-ins require that you bring identification, SSN, and the title and deed of your car. Aside from that, you’ll be asked to demonstrate verifiable income with either bank statements, pay stubs, or other documents.

A representative will walk you through the whole process. Once you agree on the loan terms and the repayment schedule, you will sign a contract.

The funds will be automatically handed to you or deposited into your banking account (if you provided one). We suggest bringing your checkbook, so you know the account and routing number to your bank.

Contact Information and Operation Hours for TitleMax

TitleMax provides multiple contacts for their customer service representatives. For phone, call 1-88-TitleMax, 1-888-869-4522 for assistance with your online loans, or 1-800-483-6634 for questions about your Universe Silver Deposit Account.

If you aren’t good with technology, you can always write a letter to their following mailing address;

Legal Department

15 Bull Street

Savannah, Ga. 31401

Or, if you prefer to chat online, use their live chat button. For hours of operation, most operate Monday through Friday from 9 am until 7 pm. On weekends, they are open on Saturdays and are open from 10 am to 2 pm. The time zone will depend on what location you’re at.

The Bottom Line

TitleMax is an excellent loan company for people who can afford the interest. If you can’t make the payments on time, we suggest finding a company with lower APR rates. The loan amount is quite high, but remember that the interest goes up the bigger loan you take out.

Additionally, we don’t recommend signing over the title to your car unless you can afford to pay the loans. If you can’t, your motor vehicle will be possessed by the company and held as collateral until you can pay off your loan. You must understand that even missing one payment can result in possession of your vehicle.

Overall, we don’t believe that TitleMax is the best loan company. However, they operate in a wide range of states and give you multiple loan options. These are best for people who have low credit or don’t have verifiable income. That being said, it’s vital that you only borrow enough money for your expenses. If you order any more, you put yourself at risk for owing more interest in the long run.