You may be wondering, what is a LoanMax title loan? The LoanMax title loan uses your car’s vehicle as collateral. This is a quick type of financing that you can use for emergencies. You may be eligible to borrow 0-$10,000 and repay it in as little as 30 days. LoanMax allows you to rollover your loan as many times as you want, provided you pay the monthly interest.
Although rates vary from one state to the next, you can expect an APR well into the triple digits. You might be required to pay a lien fee in some states like Texas or Delaware. This can range anywhere from $28 to $55, on top of your financing fees. While you can apply online, you will need to bring your vehicle in for inspection. This should take about 20 minutes.
What are the advantages of a LoanMax Title Loan?
LoanMax offers a fast turnaround and low eligibility requirements. Here are some of the benefits:
- There is no credit check. To be eligible for a LoanMax title loan, you don’t have to have good credit or a history of credit.
- Rapid turnaround may take up to 20 minutes to get your money.
- Bankruptcy is OK.LoanMax is one lender that will work with borrowers with bankruptcy records.
- Multiple payment options.LoanMax offers online repayments as well as cash, debit cards, and cashier’s checks. You can also send money through Western Union.
- Rollovers are available. If you can’t afford your monthly payment, you can roll your loan over up to six more times. This can increase the cost of your loan.
Here are some things to keep an eye on
Although LoanMax title loans offer some incentives, you should consider the potential drawbacks before applying.
- Repossession is possible when you default. You may lose your vehicle if you can’t repay the loan. This could make your financial situation worse.
- Glitchy website. We were unable to submit an online loan application via LoanMax’s website. Additionally, we noticed many broken links while searching for additional information.
- High APRsLoanMax only discloses a few APRs. They can reach as high as 372% for South Carolina.
- It is not widely distributed. It is essential to residing near a LoanMax location. To finish the application, it must be located in one of the company’s 18 operating states.
Is it safe for me to apply with LoanMax?
LoanMax does not share your information with other companies for marketing purposes. This is unlike many lenders who may sell your information to third parties.
Review and complaints about LoanMax
LoanMax does not have a strong online presence, which is surprising considering it’s a short-term lender. It has a below-average rating by the Better Business Bureau (BBBB), partly due to nearly 200 complaints against it over the past three years.
Although it doesn’t have Trustpilot, several of its locations are reviewed by Yelp. It scored poorly on Trustpilot, scoring less than three stars out of 5. Customers were misled about repayments when they signed loan contracts. Some customers were disappointed that their online conditional approval was denied and then rejected at the branch.
Are you eligible?
You must meet the following requirements to be eligible for a LoanMax Title Loan:
- Get a title that isn’t subject to any lien. This means that you are the owner of your car and have no current payments, regardless of whether it’s a conventional car loan or another type of loan that uses it for collateral.
- A steady source of income is essential. As long as you are receiving unemployment benefits or a regular paycheck, you don’t necessarily have to be working.
- In an eligible state.LoanMax offers only title loans in 18 states.
- A government-issued ID.LoanMax will typically request your driver’s license or other government-issued ID to verify your identity.
LoanMax may require that you apply with a cosigner if you have difficulty paying the loan off on your own. To complete an application, you must bring all the individuals on your vehicle’s title with you to LoanMax.
How do I apply?
LoanMax allows you to apply online. Even if your application gets approved, you will still need to bring your vehicle and title to LoanMax for inspection. These are the steps to get you to start:
- Visit the LoanMax website to complete the form. Include information about you and your vehicle.
- Follow these instructions to complete your application and submit it.
- Wait for a representative from the company to reach you to discuss your application.
- To complete your loan application, bring your vehicle, title, and photo ID to LoanMax.
- Once your loan application is approved, you can review and sign the documents.
It takes approximately 20 minutes to complete the entire process. You can drive your car while you pay off your loan.
I got approval for a loan title from LoanMax. What now?
After you receive your cash from LoanMax, you must repay your loan within 30 days. The following repayment options are available at LoanMax:
- Debit card.
- Cashier’s check.
- Money order
- Transfer to Western Union
You have the option to pay off the interest and roll over the loan if you are unable or unwilling to make the full repayment. This can be costly and should you should not apply unless you need to.
One of the few lenders that will work with borrowers who have filed for bankruptcy previously is LoanMax. LoanMax offers title loans that can be used to cover emergency expenses quickly. It’s not cheap, and you have the possibility of getting into a new cycle of debt. If you are unable to make your final payment, you could lose your car.
LoanMax is not the only lender. If you’re interested in other title loan providers, visit our guide to title loans to see how LoanMax stacks up.
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.