Unexpected expenses are a fact of life, which unfortunately occasionally necessitates the need for quick cash. There is an abundance of lenders willing to offer these options, so there is no lack of options in the world of personal lending.
A less well-known kind of personal loan called an auto title loan makes use of a resource that almost everyone has: a car. With this loan type, your car is used as collateral for the loan; however, you are not required to give up the car and can keep driving it until the loan is fully repaid.
A service called Max Cash Title Loans connects people looking for auto title loans with lenders in different states that provide them.
What Max Cash Title Loans Offers
Max Cash Title Loans does not actually provide the funds. Instead, they serve as a conduit to connect borrowers looking for car title loans with organizations doing so across the nation.
Your eligibility for a certain size loan is determined by an algorithm when you enter your information on the Max Cash website. Usually, 50 to 90 percent of the car’s current auction value is used as the loan amount. If you choose to move forward, Max Cash will then send your information to lenders in your state who are willing to offer you a loan.
They collaborate with a wide range of lending organizations, so even if you have poor credit, it’s likely they can find you a lender. According to the business, it has provided loans to more than 500,000 people, and that number is increasing daily.
The service is also free to use. You don’t have to pay them anything because they receive a referral fee from the lending institution on each loan they set up. Through the various lending institutions that they partner with, you might be able to refinance your auto title loan as well.
They Offer a High Degree of Transparency
When it comes to title loans, Max Cash Title Loans takes its responsibility seriously and goes above and beyond to ensure that every borrower is aware of what they are entering into. We were pleased to see that their website has a wealth of information outlining the requirements and process for car title loans and that they are open about the fact that these loans typically have interest rates that are significantly higher than the average. Exactly how high will depend on your personal credit history.
Additionally, they respond to some frequently asked questions about title loans, such as whether it is possible to obtain a sizable loan based on the titles of two vehicles (unfortunately, this is not permitted). Another thing we liked about Max Cash is that they don’t sell the personal information of applicants. Only the lending institution will receive the data you provide. They also avoid working with lenders who sell your personal information.
Benefits of Using Max Cash Title Loans As a Service
These days, a wide variety of lenders are available to give you the money you need. As a result, the staff at Max Cash Title Loans are aware of the need to provide you with a reason to use their service. Our investigation of the company revealed the following benefits:
How Do I Apply Through The Company?
It is simple to apply for an auto title loan with Max Cash Title Loans. Visit their website, then go to the page for applications. There, you’ll find a simple form to begin the procedure.
Along with your name, address, phone number, and email, you must also provide important details about your car, such as the year, make, model, and mileage. If you want a direct deposit and have a bank account, you must provide that information. You’ll get an estimate of the size of the loan you might be eligible for once you accept the terms and conditions. Additionally, you will have the choice to either continue or stop the procedure.
Eligibility and Required Information They Will Need
Though not all Max Cash reviews make this clear, keep in mind that the business does not make loans. Instead, they put you in touch with lenders who will. This allows them to have very lenient eligibility requirements for using their service. However, every potential lending institution will probably have a different set of requirements.
These institutions will probably need you to at least:
Although different lenders and brokers may have marginally different requirements, rest assured that none of the ones they work with make it prohibitively difficult to obtain a loan.
Fees For Using Their Service
We mentioned this earlier, but it’s worth repeating. You are not required to pay Max Cash anything in exchange for their services. They will be compensated by the lender for referring you if the lender you were referred to offers you a car title loan. Working with them won’t cost you anything, despite the fact that it may seem strange in this day and age where everyone has their hand in your pocket.
States and Locations Where They Operate
Max Cash collaborates with lenders and keeps corporate offices in the majority of states. Essentially, every state where title loans are allowed. That amounts to a sizable number of lenders, as you can imagine, so your chances of getting the urgent cash you require are good.
Each state that permits title loans regulates the industry slightly differently. Sometimes in a very different way to be honest. Some states almost entirely ignore the issue of auto title lenders. The likelihood that lenders in these states will impose the highest interest rate they believe the market (you) can bear is fairly high.
However, other states take a more active role in oversight and set limits on the amount of interest that can be charged using a variety of formulas. If you just so happen to reside in one of these states, you’ll probably get an interest rate that is more reasonable.
It’s quicker to just list the states that forbid this kind of personal loan, rather than listing all the states where they can obtain title loans. Those states are:
Sadly, residents of the aforementioned states won’t be able to obtain a loan. Be aware, though, that a few of those states, including South Carolina, Kansas, Louisiana, New Mexico, and California, offer deceptive methods to obtain auto title loans. However, they are unable to arrange for funding in those states because this type of loan is technically prohibited there.
Many states that permit auto title loans also place restrictions on the size of the loans. Usually, states that impose such restrictions use various methods to determine the loan amount. Loan size limits are something beyond the companies control. Their job is to put you in touch with lenders who will loan you money in exchange for a car. They do not set state laws or regulations.
Summary of Our Max Cash Title Loans Review
They are possibly the best method for obtaining an auto title loan currently available. They give you a wealth of knowledge about this kind of loan and a good idea of what to anticipate in terms of lenders, interest rates, and other factors. It might take weeks or months to try to get a loan on your own because you’d have to manually gather and sort through all the data from various lenders before choosing one.
You only need to enter a few pieces of information about yourself and your vehicle on Max Cash to be given a list of lenders willing to work with you. Such cash loans have high interest rates, so they are not suitable for everyone. However, if you require quick cash and don’t want to struggle through the bank application process, Max Cash can be a good option.
FAQ
Is Maxcash title loans legit?
Yes. In the majority of the states it serves, Max Cash can provide loans to borrowers without a bank account. Be sure to check requirements for your state though. For instance, Max Cash in Florida demands that you have a bank account.
What is the highest title loan you can get?
You can typically borrow 25% to 50% of the value of the vehicle with a title loan. The average loan amount is between $100 and $5,500, but some lenders will let you borrow up to $10,000 or even more, according to the FTC. You will turn over the title to your car to the lender once your loan has been approved.
What is Maxcash?
Max Cash is a nationwide connection service that can put you in touch with a range of title loan providers. Submit your loan application online. Learn how much money you can get for your car. Get in touch with direct lenders so you can borrow money in return for the title of your vehicle.
Is TitleMax a reliable source?
Although TitleMax is a legitimate title lender, there are still some risks involved. You should first consider other short-term loan options before using your vehicle title as collateral.