{"id":9458,"date":"2022-11-06T20:12:25","date_gmt":"2022-11-06T19:12:25","guid":{"rendered":"https:\/\/ecreditdaily.com\/?p=9458"},"modified":"2022-11-10T21:43:02","modified_gmt":"2022-11-10T20:43:02","slug":"loan-max-payment-options","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/loans\/loan-max-payment-options\/","title":{"rendered":"loan max payment options"},"content":{"rendered":"
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You may be wondering, what is a LoanMax title loan? The LoanMax title loan uses your car\u2019s 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.<\/span><\/p>\n

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.\u00a0<\/span>While you can apply online, you will need to bring your vehicle in for inspection. This should take about 20 minutes.<\/span><\/p>\n

What are the advantages of a LoanMax Title Loan?<\/b><\/h2>\n

LoanMax offers a fast turnaround and low eligibility requirements. Here are some of the benefits:<\/span><\/p>\n

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  • There is no credit check. <\/b>To be eligible for a LoanMax title loan, you don\u2019t have to have good credit or a history of credit.<\/span><\/li>\n
  • Rapid turnaround<\/b> may take up to 20 minutes to get your money.<\/span><\/li>\n
  • Bankruptcy is OK.<\/b>LoanMax is one lender that will work with borrowers with bankruptcy records.<\/span><\/li>\n
  • Multiple payment options.<\/b>LoanMax offers online repayments as well as cash, debit cards, and cashier\u2019s checks. You can also send money through Western Union.<\/span><\/li>\n
  • Rollovers are available. <\/b>If you can\u2019t afford your monthly payment, you can roll your loan over up to six more times.\u00a0This can increase the cost of your loan.<\/span><\/li>\n<\/ul>\n

    Here are some things to keep an eye on<\/b><\/h3>\n

    Although LoanMax title loans offer some incentives, you should consider the potential drawbacks before applying.<\/span><\/p>\n

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    • Repossession is possible when you default. <\/b>You may lose your vehicle if you can\u2019t repay the loan. This could make your financial situation worse.<\/span><\/li>\n
    • Glitchy website. <\/b>We were unable to submit an online loan application via LoanMax\u2019s website. Additionally, we noticed many broken links while searching for additional information.<\/span><\/li>\n
    • High APRs<\/b>LoanMax only discloses a few APRs. They can reach as high as 372% for South Carolina.<\/span><\/li>\n
    • It is not widely distributed<\/strong>. It is essential to residing near a LoanMax location. To finish the application, it must be located in one of the company\u2019s 18 operating states.<\/li>\n<\/ul>\n

      Is it safe for me to apply with LoanMax?<\/b><\/h2>\n

      Yes, generally speaking.\u00a0But, no lender can guarantee that any information you submit online is safe.\u00a0LoanMax uses SSL encryption for all information submitted through its online forms. Its privacy policy advises customers not to submit any personal information such as your Social Security Number via email because it isn\u2019t secure.<\/span><\/p>\n

      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.<\/span><\/p>\n

      Review and complaints about LoanMax<\/b><\/h2>\n

      LoanMax does not have a strong online presence, which is surprising considering it\u2019s 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.<\/span><\/p>\n

      Although it doesn\u2019t have Trustpilot, several of its locations are reviewed by Yelp.\u00a0It scored poorly on Trustpilot, scoring less than three stars out of 5.\u00a0Customers were misled about repayments when they signed loan contracts.\u00a0Some customers were disappointed that their online conditional approval was denied and then rejected at the branch.<\/span><\/p>\n

      Are you eligible?<\/b><\/h3>\n

      You must meet the following requirements to be eligible for a LoanMax Title Loan:<\/span><\/p>\n

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      • Get a title that isn\u2019t subject to any lien. <\/b>This means that you are the owner of your car and have no current payments, regardless of whether it\u2019s a conventional car loan or another type of loan that uses it for collateral.<\/span><\/li>\n
      • A steady source of income is essential. <\/b>As long as you are receiving unemployment benefits or a regular paycheck, you don\u2019t necessarily have to be working.<\/span><\/li>\n
      • In an eligible state.<\/b>LoanMax offers only title loans in 18 states.<\/span><\/li>\n
      • A government-issued ID.<\/b>LoanMax will typically request your driver\u2019s license or other government-issued ID to verify your identity.<\/span><\/li>\n<\/ul>\n

        LoanMax may require that you apply with a cosigner if you have difficulty paying the loan off on your own.\u00a0To complete an application, you must bring all the individuals on your vehicle\u2019s title with you to LoanMax.<\/span><\/p>\n

        How do I apply?<\/b><\/h3>\n

        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:<\/span><\/p>\n

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        1. Visit the LoanMax website to complete the form. Include information about you and your vehicle.\u00a0<\/span><\/li>\n
        2. Follow these instructions to complete your application and submit it.<\/span><\/li>\n
        3. Wait for a representative from the company to reach you to discuss your application.<\/span><\/li>\n
        4. To complete your loan application, bring your vehicle, title, and photo ID to LoanMax.<\/span><\/li>\n
        5. Once your loan application is approved, you can review and sign the documents.<\/span><\/li>\n<\/ol>\n

          It takes approximately 20 minutes to complete the entire process. You can drive your car while you pay off your loan.<\/span><\/p>\n

          I got approval for a loan title from LoanMax. What now?<\/b><\/h3>\n

          After you receive your cash from LoanMax, you must repay your loan within 30 days. The following repayment options are available at LoanMax:<\/span><\/p>\n

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          • Debit card.<\/span><\/li>\n
          • Cash.<\/span><\/li>\n
          • Cashier\u2019s check.<\/span><\/li>\n
          • Money order<\/span><\/li>\n
          • Transfer to Western Union<\/span><\/li>\n<\/ul>\n

            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.<\/span><\/p>\n

            Bottom line<\/b><\/h2>\n

            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\u2019s not cheap, and you have the possibility of getting into a new cycle of debt.\u00a0If you are unable to make your final payment, you could lose your car.<\/span><\/p>\n

            LoanMax is not the only lender.\u00a0If you\u2019re interested in other title loan providers, visit\u00a0our guide to title loans\u00a0to see how LoanMax stacks up.<\/span><\/p>\n

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