Loanmax Title Loans Review

With LoanMax, you can get a title loan of up to $ 10,000 on the day of application. However, look out for high APRs before making a decision and applying. You do not need a credit history to get a LoanMax title loan, as LoanMax does not ask for a credit check.

Table of Contents:

What is a LoanMax title loan?

How to apply for LoanMax Title Loans?

What do you need to know about LoanMax Title Loan?

Advantages and disadvantages of LoanMax Title Loans

Eligibility criteria for LoanMax Title Loans

What is a LoanMax title loan?

Title Loans from LoanMax are short-term cash loans backed by your car’s title as collateral. It fast and especially suits to get instant funding for emergencies: You can apply for a $100 - $10,000 Title Loan from LoanMax and pay it back within 30 days. If you can’t repay all the money on time, LoanMax may provide you with a rollover up to six times. But be careful to pay off the interest that is added up.

LoanMax Title Loan rates vary by state, but you can typically expect rather high APRs almost like those of Payday Loans. 

How to apply for LoanMax Title Loans?

Start your application online, then bring your vehicle to a location for inspection and complete your application, which takes only about 20 minutes. Actually, all the process consists of 5 simple steps:

1. Visit the LoanMax website and fill out an application form with all the necessary information about you and your car. 
2. Submit the application.
3. LoanMax representative will contact you to verify the information and discuss some details.
4. Complete the application at any  LoanMax location, where you also will get your car inspected.
5. If approved, review and sign your loan documents.

The entire process typically only takes about 20 minutes, and you’ll be able to drive your car while you’re paying off your loan.

You do not need a credit history to get a LoanMax title loan, as LoanMax does not ask for a credit check.

What do you need to know about LoanMax Title Loan?

LoanMax Title Loan is a secured type of loan that uses the value of your car as collateral for the loan. Thus, your title is transferred to the lender until you pay off the LoanMax Title Loan. A Title Loan is a short-term solution to your financial problems, you must repay it within 30 days. Also, this fast type of financing is intended for emergency situations, so you should not use this loan in everyday life, only in case of urgent need.

At the time of the loan repayment, your title is transferred to the lender and he becomes the owner of your car. In order to regain the title, you must repay the loan in full, with interest, within 30 days.

The LoanMax Title Loan amount may be different. Typically, it ranges from $ 100 to $ 10,000, so it gives you the opportunity to solve all your financial problems. The LoanMax Title Loan interest rates may vary from state to state. Usually, the rate is three-digit. Thus, before taking out a loan with such high interest rates, you need to weigh the pros and cons and then make a decision.

Advantages and disadvantages of LoanMax Title Loans

Before you apply for a LoanMax Title Loan, you need to study all the advantages and disadvantages carefully, as they can affect your financial position and credit history.

Pros

• Fast approval. With LoanMax Title Loan you can get paid in just 20 minutes. If you are in an emergency and need money, then a Title Loan can be the solution to your problems.
• No credit check. You don't need to have a good credit history in order to be approved and get paid. Moreover, you don't need to have a credit history at all. LoanMax Title Loan would be a great option for people with bad credit or no credit.
• Even if your credit report says you are bankrupt, LoanMax can still provide you with a loan. This way, you can pay off your debts and deal with financial difficulties.
• There are several convenient options for paying off a loan debt. Besides online payment, you can use debit cards, cash, money transfers and cashier's checks to repay the Title Loan.
• You can rollover the loan up to 6 times if you cannot cover your payment on time. This way, you can get extra time. However, it should be noted that this option entails additional interest on the loan.

Cons

• The possibility of losing your car. The loan is secured and your car is collateral on the Title Loan, so you must pay off the debt on time. Otherwise, the lender has the right to take your car, and this can lead to an even more difficult financial situation.
• High annual percentage rates. LoanMax interest rates are in three digits and sometimes reach 370 percent. Thus, it is worth taking a loan only if you have no other options to get money and solve your financial problems.
• The loan repayment period is only 30 days. Thus, most people do not have enough funds to cover the loan with interest in such a short period of time. Apply for a Title Loan only if you are confident that you will be able to cover it on time.

Eligibility criteria for LoanMax Title Loans

In order to be approved and receive a LoanMax Title Loan, you must meet certain requirements of the lender. Study the main ones before applying.

• You need to have a government-issued ID. To obtain a LoanMax Title Loan, you need to provide a driver's license or other proof of identity.
• You must live in a state where Title Loans are legal. Unfortunately, Title Loans are only available in 18 states. Therefore, make sure you can apply for a Title Loan in your state.
• You must have a stable source of income. In order to be approved, you must have money to pay the loan. Thus, you should receive regular monthly payments. If you are receiving unemployment or disability benefits, you can also apply and be approved.
• You must be the titleholder. This means that you are the only owner of the car and do not pay the loan for it.