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Borrow up to $10,000 in as little as 20 minutes— but watch out for high APRs.
LoanMax works with borrowers of all credit types and doesn’t care if you’ve filed for bankruptcy in the past. However, your loan must be repaid in 30 days — and you risk losing your car if you can’t afford repayments.
Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.
What is a LoanMax title loan?
A LoanMax title loan is a short-term loan that uses your car’s title as collateral. It’s a fast type of financing designed for emergencies: You can may be able to borrow between $100 to $10,000 and pay it back in 30 days. If you can’t make that repayment, LoanMax lets you roll over your loan up to six times — as long as you can pay off the interest that added up that month.
Rates vary by state, but you can typically expect APRs well into the triple digits. In some states, like Texas and Delaware, you might have to pay a lien fee that can range from $28 to $55 on top of the financing charges. But while you can get started on your application online, you’ll have to bring your vehicle to a location for inspection and complete your application, which should take around 20 minutes.
What are the benefits of a LoanMax title loan?
With its fast turnaround and minimal eligibility requirements, there are a few benefits of borrowing from LoanMax:
No credit check needed. You don’t need good credit or even a credit history to qualify for a LoanMax title loan.
Fast turnaround. It can take as little as 20 minutes to get your cash.
Bankruptcy OK. LoanMax is one of the few lenders willing to work with borrowers who have a bankruptcy on their credit report.
Multiple repayment methods. In addition to online repayments, LoanMax accepts cash, debit cards, cashier’s checks and money transfers through Western Union.
Rollovers available. You can roll over your loan up to six times if you aren’t able to afford your payment. But watch out: this can make your loan much more expensive.
What to watch out for
While LoanMax title loans come with a few incentives, consider these potential drawback before applying:
Default leads to repossession. If you aren’t able to repay your loan, you may lose your car — which can make a difficult financial situation even worse.
Glitchy website. We weren’t able to complete an online application through LoanMax’s website and noticed more than a few broken links when looking for more information.
High APRs. The few APRs that LoanMax discloses are well into the triple digits, going as high as 372% in South Carolina.
Not available everywhere. You need to live near a LoanMax branch in one of the 18 states it operates in order to complete the application process.
Compare title loan providers like LoanMax
Updated October 23rd, 2019
Must read: Beware of rollovers
A 300% APR is high, but it might not be as expensive as it sounds if you repay your title loan on time. The real danger comes when you roll over your loan. LoanMax allows you to do this six times if you can pay off the interest that’s added up. This means you could end up paying 150% of your loan amount in interest and fees over those six months. And depending on how much you borrow, this could easily lead to thousands of dollars dropped on a loan without much to show for it.
LoanMax doesn’t share your information with other companies for marketing purposes, so there’s no need to opt out to protect your personal information — unlike most lenders that may choose sell your info to third parties.
What do customers say about LoanMax?
LoanMax doesn’t have a strong online reputation as of February 2019 — not surprising for a short-term lender. The Better Business Bureau (BBB) gives it a B rating, due in part to the 100 or so complaints filed against it in the last three years. It also averages 1 out of 5 stars based on three customer reviews.
It doesn’t have a Trustpilot page, though several of its locations are reviewed on Yelp. It also did poorly there, rarely scoring more than 3 out of 5 stars. On top of complaining about the high APRs, several customers felt misled about how repayments work when they signed their loan contracts. Others were unhappy that they’d been given conditional approval online only to be rejected when visiting the branch.
Am I eligible?
To qualify for a LoanMax title loan, you must:
Have a lien-free title. This means you own your car outright and aren’t currently making payments on it, whether through a traditional car loan or any other type of loan that uses it as collateral.
Have a steady source of income. You don’t necessarily need to be employed as long as you’re collecting unemployment benefits or receive a regular check.
Live in an eligible state. LoanMax only offers title loans in 18 states.
Have a government-issued ID. LoanMax typically asks to see your driver’s license or another form of government-issued ID to verify your identity.
If LoanMax thinks you’ll have trouble paying off the loan on your own, it might require you to apply with a cosigner. And all individuals listed on your vehicle’s title must go with you to the LoanMax branch to complete an application.
How do I apply?
LoanMax lets you start your application online. But even if you get conditionally approved, you’ll still need to bring your title and vehicle to a LoanMax location for inspection. Follow these steps to get started:
Go to the LoanMax website and complete the form with info about yourself and your car. Click Next.
Follow the directions to complete and submit your application.
Wait for a representative to contact you to go over your application.
Bring your vehicle, title and photo ID to a LoanMax location to complete the application and have your car inspected.
If approved, review and sign your loan documents.
The entire process typically only takes about 20 minutes, and you’ll be able to drive your car while you’re paying off your loan.
LoanMax locations by state
Dothan. 1039 S. Oates St., Dothan, AL 36301 — Tel: (334) 792-6988
Gadsden. 1212 W. Meighan Blvd., Gadsden, AL 35901 — Tel: (256) 439-9839
Wausau. 100 Grand Ave., Wausau, WI 54403 — Tel: (715) 841-1700
I got a title loan from LoanMax. Now what?
Once you receive your cash from LoanMax, you have to pay back your loan in 30 days. LoanMax accepts the following repayment methods:
Western Union transfer.
If you’re unable to make that full repayment, you have the option of just paying off the interest that accrued and rolling over your loan. However, this can make your loan much more expensive and should only be done in an absolute emergency.
If you have any questions or concerns, reach out to customer service as soon as possible by calling 877-511-2274.
Title loans from LoanMax are meant to be a quick solution for emergency expenses. It’s one of the few lenders out there willing to work with borrowers who’ve filed for bankruptcy in the past. However, it’s not a cheap loan and comes with the risk of starting a cycle of debt — thanks to the option to roll over your loan. And you risk losing your car if you can’t afford your final repayment.
Of course, LoanMax isn’t the only lender out there. If you’re interested in other title loan providers, visit our guide to title loans to see how LoanMax stacks up.
Frequently asked questions
You can, though you won’t save on interest. Since LoanMax only offers single-payment title loans, you’ll be charged the same amount in interest and fees whether you pay off your loan in 10 days or 30 days.
It depends on your personal preferences. Applying online might be easier for some borrowers because you don’t risk having to go back home to pick up documents. But going in person might be better suited for someone who might need help with the application.
You can, as long as you have proof of regular income. Otherwise, you might have to apply with a cosigner.
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