At times people have many bills to pay and don’t have enough money to do so. Payday loans do not need people to have collateral but their rates are quite high at times. The TitleMax loan can be really beneficial to most people provided they possess a lien-free vehicle title and reside in a state that offers TitleMax services. A person can get a loan as high as ten thousand dollars.
More about TitleMax loan
- The highest amount that can be borrowed is 10,000 dollars.
- The least amount that can be borrowed is 2,600 dollars.
- The loan term is thirty days.
- The turnaround time is half an hour.
- The loan is secured.
The amount of the loan is calculated as per the worth of the borrower’s car and his/her state. The car condition will be checked and if one gets approved, he/she will get the money. Bust since most regions have their own laws when it comes to the highest sum of funds a borrower will receive, a person might never be given a big amount.
- In Tennessee for instance, the cap is set at six thousand, five hundred dollars.
- In Illions, the cap is set at four thousand dollars.
- In Mississippi, the cap is set at two thousand, five hundred dollars.
- In California, a person can get a minimum of two thousand, six hundred dollars.
- Those who reside in Georgia will receive a small pawn however that does not affect the total. They may borrow two thousand, six hundred dollars.
To receive a title loan for a vehicle, it needs to be fully paid off and the title should be in the borrower’s name. The lender keeps that title until the money is fully paid off but the borrower will still be having his/her vehicle to drive.
Types of loans available at TitleMax
There are only 4 kinds of loans listed on TitleMax site. The main thing which distinguishes those loans is that the title pawns are offered to individuals who reside within Georgia. If a person is pawning his/her vehicle, then he/she must pay off the pawn. Otherwise, all TitleMax offers are similar and the pay off time varies per residence as well as the charges and additional costs. The four types of loans are:
- Car title loan This offer is offered in nearly all states where TitleMax exists. It takes nearly thirty minutes to analyze a car and in many regions, borrowers do not need to bother about a low credit score since they are using their title as collateral. But in Alabama or California, this kind of loan will require checking the borrowers’ credit.
- Vehicle title pawn This kind of loan is offered to individuals who reside within Georgia and it functions the exact way as a title loan. Anyone interested in this loan should visit any TitleMax office. After approval, the loan should be paid back within thirty days.
- Motorcycle title loan Motorcycles may also be used as collateral when looking for a title loan. The procedure of getting this loan is similar to the one for a vehicle.
- Motorcycle title pawn This one is offered to individuals who reside in Georgia only. The process of getting this loan is similar to the above loans and the borrower may walk out with money.
Besides bringing a vehicle or a motorcycle when interested in a loan, people must ensure that their car title is registered with their name. A person is also required to be above eighteen or nineteen years old depending on the state. A government ID, income proof, car registration, lien-free car title and residence proof are also necessary.
Advantages of TitleMax loan
- Fast service: If a person has all the required information, he or she can get the money within half an hour.
- Bad credit: It is not necessary to have good credit in order to qualify for loans. Provided a person has the lien-free car title and an ID, he or she is qualified for the loan.
- Many locations: There are more than one thousand TitleMax branches in sixteen regions within America. This makes it easier for people to go there and know more regarding all available loans.
Things to be keen about
- Repossession: If a person fails to pay the money on time or fails to pay completely, his/her car can be repossessed.
- Necessary to go to stores: The borrowing is not done online. People must go to the stores in person to get it.
- Hidden costs: The company does not specify its charges on its site unless for those who reside in Texas. A person must call or go to the TitleMax store whenever he/she needs additional information about the loans.
- Costly refinancing: The Company has an option of refinancing a past loan. However, this does not imply that it will be more affordable. People should go through the documents of their loan in order to be sure that they are not getting additional costs.
Title loans offer fast access to funds but they have a high risk. A person can lose his/her car in case he/she fails to pay the loan back. So, if you are not sure whether you will be able to pay the loan back within the specified period, do not borrow.
TitleMax loans may have various disadvantages however people always need money urgently and they have a bike or vehicle to act as collateral. So, it is better to consider the loans especially since people’s finances or credit will not get checked. Besides, TitleMax has a good number of positive reviews especially about how they handle their customers and the turnaround time. You must, however, ensure that you read the terms and conditions carefully before signing anything. Accept the offer only when you are sure that you meet all the requirements and that you know how much it will cost you.