Borrow up to $10,000 in as little as 20 minutes— but watch out for high APRs.
|Product Name||LoanMax title loan|
|Min Loan Amount||$100|
|Max. Loan Amount||$10,000|
|Requirements||Source of income, lien-free title, government-issued ID|
- Have a lien-free title
- Have a steady source of income
- Live in an eligible state
- Have a government-issued ID
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 typically borrow between $100 and $10,000 in 20 minutes and pay it back all at once 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. While you can get started on your application online, you’ll eventually have to bring your vehicle to a location for inspection to get your funds.
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.
What to watch out for
While LoanMax title loans come with a few incentives, consider these potential drawback before applying:
- 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.
- Rollovers available. You can roll over your loan up to six times, which can make it much more expensive.
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, requiring you to pay off the interest that added up each time. This means you could end up paying 150% of your loan amount in interest and fees over those six months.
Is it safe to apply with LoanMax?
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. In contrast, most lenders require you to opt out.
What do customers say about LoanMax?
LoanMax doesn’t have a strong online reputation as of November 2018 — not surprising for a short-term lender. The Better Business Bureau (BBB) gives it a B rating, due in part to the 98 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 did poorly there too, 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.
Compare more title loan providers
Am I eligible?
To qualify for a LoanMax title loan, you must:
- Have a lien-free title. This means you can’t be using your car as collateral for any other type of loan or financing.
- Have a steady source of income. You don’t necessarily need to be employed as long as you’re collecting unemployment benefits.
- 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 your 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.
- Review and sign your loan documents.
- Collect your cash within 20 minutes and drive away in your car.
LoanMax locations by state
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:
- Debit card.
- Cashier’s check.
- Money order.
- 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.