Updated for May, 2025
TitleMax Loans: Full Review
When deciding where to get a loan, the number of choices can be overwhelming. This is our full 2022 in-depth review of TitleMax Loans including what they offer and the pros and cons we found of using the company.
Is TitleMax loans legit?
Yes. TitleMax is a legitimate company and has over 900 locations in 14 states. This makes them one of the nation’s largest title lending companies. They have been in business since 1998.
What does TitleMax Loans offer?
TitleMax offers:
- Car title loans
- Car title pawns
- Motorcycle title loans
- Motocycle title pawns
- Personal loans
- RV title loans
Car Title Loans
A title loan is a type of secured loan where borrowers can use their vehicle title as collateral. Borrowers who get title loans must allow a lender to place a lien on their car title, and temporarily surrender the hard copy of their vehicle title, in exchange for cash.
They only offer car title loans in the following states: Alabama, Arizona, Delaware, Georgia, Kansas, Mississippi, Missouri, Nevada, New Mexico, South Carolina, Tennessee, Texas, Utah, and Wisconsin.
Car Title Pawns
A car title pawn is very similar to a title loan except they are only offered in Georgia. In Georgia, you will have 30 days to pay off your title pawn.
Motorcycle Title Loans
Motorcycle title loans work similarly to our car title loan product… you get to use your motorcycle as your collateral. You will get your title back shortly after you make your last payment. If you cannot repay the loan, you will no longer own your motorcycle.
TitleMax offers motorcycle title loans in the following states: Alabama, Arizona, Delaware, Kansas, South Carolina, Tennessee, Texas, Utah, Mississippi, Missouri, New Mexico, Nevada, and Wisconsin.
Motorcycle Title Pawns
Just as the Georgia stores offer car title pawns instead of car title loans, the same is true for motorcycle title loans and motorcycle title pawns.
Personal Loans
TitleMax also offers personal installment loans to customers in certain states. These are unsecured loans, meaning you do not have to offer the title to any of your vehicles.
What are the pros and cons of TitleMax loans?
Generally, we found they offer fast cash (a major pro), but they are not transparent about fees (a major con). Their website advertises cash in as little as 30 minutes once approved (another major pro). But, car title loans are notorious for being risky and are generally treated as a last resort.
Pros
- Same-day cash available
- Bad credit is OK
- Many store locations
- Unique motorcycle title loans are available
- RV loans available
- Easy-to-use online customer portal
Cons
- Risky loan type
- Default could lead to repossession
- Must visit a storefront to apply
- Not transparent about fees
- High minimum loan amount of $2,600
Am I eligible for a loan through TitleMax?
They do not list any specific eligibility criteria. But, you must have a title to a vehicle in your name to qualify for any title loan. You must also meet your state’s minimum age requirement for a loan. They advertise that bad credit is OK.
Here is what you’ll need to provide to apply:
- An active checking account with direct deposit
- A steady source of income
- Proof of residency for a state in which the online product is offered
- A Social Security Number and valid email address and phone number
- Be at least 18 years of age
How much can I borrow and what will I owe?
TitleMax doesn’t list any fees online. But in general, car title loans are expensive. Usually, the average APR is about 300% on top of other charges like processing, document, and origination fees. With TitleMax, you can borrow up to $10,000.
Two factors will determine how much money you’ll be able to borrow from them:
- The value of your vehicle
- State of residence
Do I need to have a job to apply?
No, TitleMax does not require you to be currently employed to get a title loan or personal loan. But you do need to have some type of income (unemployment, disability, retirement income, etc).
Is TitleMax good or Bad?
The actual TitleMax company is likely fine to use. They are a large company with stores all over the US. However, title loans are notoriously risky. Research has shown that 1 in 5 people who take out a title loan will lose their vehicle because they cannot repay the loan. It’s generally advised to look for other loan options before you turn to title loans. That way, there is no risk of losing your vehicle.
