Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
Title loans do have their risks, but if you’re in need of quick money and have a car or motorcycle to use as collateral, TitleMax can provide you with a loan no matter your credit or financial situation. It offers a large loan amount — up to $10,000 — provided you and your vehicle qualify.
But repayment terms are short. In some cases, you may only have 30 days to repay what you borrow. Read the complete terms and conditions before signing the dotted line so you understand exactly how much it will cost you.
TitleMax offers five types of loans depending on your state: Title loans, title pawns, motorcycle title loans, motorcycle title pawns and personal loans. The exact amount you can borrow also depends on your state, but in general, you may qualify for anywhere between $2,600 to $10,000.
Rates will depend on your state law, income and other financial factors. Although TitleMax doesn’t disclose its rates, most short-term lenders charge APR well above 300%. Carefully read your loan contract to confirm you can repay your loan within the loan term.
What is TitleMax and is it legit?
TitleMax has been in business since 1998 — and its website uses 256-bit SSL encryption to keep your information safe when you submit a preapproval application. The information collected and stored on the TitleMax website falls under standard privacy protections. You can choose to limit sharing of your personal information by contacting a TitleMax representative.
TitleMax reviews are mixed. Many customers are happy with the customer service they received at local TitleMax stores. However, some borrowers complain of unprofessional behavior when TitleMax agents called borrower’s family or work disclosing confidential loan specifics. But some borrowers have also complained that some fees for title loans are hidden into the monthly payments.
TitleMax’s parent company, TMX Finance, was also fined by the Consumer Financial Protection Bureau (CFPB) for luring customers into expensive loan renewals without giving them all the facts about the deals’ terms and costs. Look into your local store to see if it has its own reviews and seek unbiased opinions before committing to a loan.
Am I eligible?
TitleMax doesn’t list any specific eligibility criteria. Provided you own a vehicle with a lien-free title — meaning you own your car outright and aren’t paying for a loan — and meet your state’s minimum age requirements, you may qualify for a title loan through TitleMax.
What states is TitleMax available in?
Title loans and title pawns are available in 17 states.
Online loans, including lines of credit, are only available in Arizona, Delaware, Kansas, Mississippi, Missouri, South Carolina, Tennessee, Texas, Utah and Wisconsin.
What information do I need to apply?
When you visit a TitleMax store, you will need to bring a vehicle with a lien-free title in your name. Depending on your state, you may also need to present a government-issued photo ID, proof of income and proof of current residence.
How do I apply?
Visit TitleMax’s website to fill out a brief application. You’ll need to select if your car or motorcycle is paid off, enter your name, ZIP code and cell phone number. On the last page, TitleMax will ask you about your vehicle — its year, make, model and vehicle series. Hit Calculate to see how much you may be able to borrow.
When you visit a TitleMax store, your vehicle will be inspected while you complete a full application. If you’re approved, you’ll receive a contract stating the loan amount based on your vehicle’s appraised value. You can choose to sign the loan contract and receive your funds or take your business elsewhere if the loan you’re offered doesn’t suit your needs.
What are my repayment options?
You’ll have to start paying back your loan in about 30 days. At this point, you’ll either need to repay the full amount you borrowed or refinance your loan. You can pay by cash, certified check or money order. If you live in Arizona, Georgia, Illinois, Mississippi, Missouri, South Carolina, Tennessee or Virginia, you can also pay by Western Union Quick Collect.
TitleMax may not check your FICO credit score, but there is a chance it will pull your credit from alternate sources. However, California law requires that TitleMax check your credit before issuing a title loan. Even if you don’t have the best credit, you may still be eligible for a loan. If you live in Alabama, you also may be subject to a credit check.
Yes. TitleMax will evaluate your current loan and your vehicle’s value. If you’ve paid at least 20% of the principal, you may be able to refinance an existing loan. However, you won’t be able to refinance a competitor’s loan in Mississippi or Virginia.
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