Kellye Guinan was a financer writer for Finder, covering everything from loans from auto to personal to business finance.
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.
Short-term loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze short-term loan providers and similar services to help you weed out predatory lenders and find a company you can trust. We rate providers on a scale of one to five stars. Our ratings are based on factors that are most important to you, which include: loan amount, application process, fees, customer reviews and borrower experience.
At Finder, we value and respect our editorial independence. We keep our reviews completely factual so you can use them to make better decisions. While we may receive revenue and referral fees from advertising and affiliate links, advertisers do not approve our reviews.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.