LoanMax was founded in 1990 in Jonesboro, GA. LoanMax works with borrowers of all credit types and does not care if you have had a bankruptcy in the past. The thing worth mentioning here is that you may be asked to pay back your loan in as little as 30 days. If you don’t think you can make the payment, be careful when considering applying.
LoanMax lets you rollover your loan up to six times — as long as you can pay off the interest that added up that month. Interest rates will vary from state to state but you can typically expect APRs well into the triple digits at LoanMax. Please read this review to learn more about LoanMax Title Loan reviews and the services they offer.
LoanMax Title Loan summary
Minimum Loan Amount: $100
Maximum Loan Amount: $10,000
Loan Term: 30 days
- Fast turn-around. Usually, it can take as little as 20 minutes to get your cash according to their website.
- Credit check needed. You don’t need good credit or even a credit history to qualify for a LoanMax title loan if you have equity in your vehicle, and it’s paid.
- Rollovers are available. You can rollover your loan up to six times if you aren’t able to afford your payment. But watch out: this can make your loan much more expensive. This means you could end up paying 150% of your loan amount in interest and fees over those six months. And depending on how much you borrow, this could easily lead to thousands of dollars in debt.
- Bankruptcy in the past is OK. Essentially, LoanMax is one of the few lenders willing to work with borrowers who have a bankruptcy on their credit report. Surprising but helpful for those that need it.
Watch out for the following when considering LoanMax title loan reviews:
- Not available everywhere. You need to live near a LoanMax branch in one of the 18 states it operates to complete the application process.
- High APRs. The few APRs that LoanMax discloses are well into the triple digits, going as high as 372% in South Carolina.
- Default leads to repossession. If you aren’t able to repay your loan, you may lose your car — which can make a difficult financial situation even worse.
- LoanMax doesn’t have a strong online presence — not surprising for a short-term lender. The Better Business Bureau (BBB) gives it a failing grade, due in part to nearly-200 complaints filed against it in the last three years.
Requirements for a LoanMax Loan | LoanMax Title Loan Reviews
- Free and clear title: Vehicle must be paid off
- Steady source of income: You don’t necessarily need to be employed if you are receiving a regular check.
- Reside in an eligible state: LoanMax only offers title loans in 18 states.
- Have a government-issued ID. LoanMax typically asks to see your driver’s license or another form of a government-issued ID to verify your identity.
LoanMax lets you start your application online. Remember, you’ll still need to bring your title and vehicle to a LoanMax location for inspection. Begin by following these steps:
- Go to the LoanMax website and complete the form with info about yourself and your car. Click Next.
- Follow the directions to complete and submit your application.
- Wait for a representative to contact you to go over your application.
- Bring your vehicle, title, and photo ID to a LoanMax location to complete the application and have your car inspected.
- If approved, review and sign your loan documents.
LoanMax doesn’t share your information with other companies for marketing purposes, so there’s no need to opt-out to protect your personal information — unlike most lenders that may choose to sell your info to third parties.
Paying on your LoanMax loan early may not necessarily save you interest like other loans. Since LoanMax only offers single-payment title loans, you’ll be charged the same amount in interest and fees whether you pay off your loan in 10 days or 30 days. Most locations accept cash, debit cards review, money orders, cashier’s checks, and Western Union. This makes it convenient to pay in several ways. Also, online payments are available for most customers.
It depends on your personal preferences. Applying online might be easier for some borrowers because you don’t risk having to go back home to pick up documents. But going in person might be better suited for someone who might need help with the application. Typically, LoanMax has agents to assist with both ways.
What are my Other Loan Options Besides LoanMax?
If the LoanMax title loan reviews don’t look good to you, other forms of funding like payday loans, or other installment loans can come with extremely high interest. They can come with hidden fees and may take you into a circle of debt if it is not managed accordingly. Other options are available but may require extra steps and more work.
Title loans are meant to be a quick solution for emergency expenses and may be a better option for you if you need fast cash and don’t have perfect credit.