LoanMax provides auto title loans up to $10,000 with same-day funding, requiring only a vehicle, photo ID, and clear title. Founded in 1990, they operate multiple locations across the U.S. including Michigan.
Editorially reviewed by Harvey Brooks
LoanMax Title Loans was founded in 1990 in Jonesboro, Georgia, and has operated for over 25 years as a title loan provider. The company positions itself as helping "hardworking Americans use the equity in their vehicle to access the cash they need." They operate multiple physical locations across the country, including five confirmed locations in the Michigan area (Southgate, Taylor, Garden City, Detroit, and Center Line), with the Southgate location at 12850 Eureka Road operating Monday-Friday 10 AM–6 PM and Saturday 9 AM–2 PM.
LoanMax's primary service is auto title loans, which allow customers to borrow up to $10,000 by using their vehicle title as collateral. The application process is streamlined: customers need only provide their vehicle, a photo ID, and a clear vehicle title. The company accepts multiple payment methods including cash, check, debit card, and Western Union. Loan amounts and approval are stated to be subject to vehicle evaluation and ability to repay. The company also offers online account management features including login, registration, and online payment options.
LoanMax distinguishes itself through its established 25-year track record and multi-state presence, suggesting operational scale and regulatory experience. The company maintains compliance with state-specific regulations across multiple jurisdictions (Virginia, Delaware, South Carolina, New Mexico, Nevada, and Michigan), with visible licensing information and consumer rights documentation provided on their website. They offer a toll-free application line (877-511-CASH) and maintain transparent disclosure of state-mandated consumer information brochures and maximum rate schedules where applicable.
However, title loans are inherently high-cost short-term debt products. Nevada's own disclosure warns that "title loans should be used for short-term financial needs only and not as a long-term financial solution." The website provides no APR, interest rate, or fee information, making cost comparison impossible from available materials. Borrowers risk vehicle repossession if unable to repay, and the lack of published rates makes it difficult to assess whether LoanMax's terms are competitive within the title loan market.
See which lenders actually approve borrowers with bad credit. We compared APRs, fees, minimum scores, and funding speed.
Yes. LoanMax Title Loans is a registered company headquartered in 6109 E Virginia Beach Blvd Suite A, Norfolk, VA 23502. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
LoanMax Title Loans is best for vehicle owners facing genuine emergencies who can afford to repay within months and have no alternative access to $5,000+. The critical caveat is that APR and fees are completely undisclosed on the website—borrowers must call or visit in-person to learn true costs, and title loans typically carry 100%+ APR. Repossession risk makes this unsuitable for anyone whose vehicle is essential to employment or survival.
5 Star Car Title Loans offers vehicle-secured loans from $100–$50,000 with same-day funding. Borrowers keep their car while repaying. Licensed in ~18 states since 2012.
Best for: Car owners with bad or no credit who need fast cash and have exhausted lower-cost options, Borrowers needing larger emergency amounts ($5,000–$50,000) secured against a vehicle
ACE Cash Express offers small emergency loans, title loans, check cashing, and financial services with multiple locations and same-day funding options.
Best for: Consumers needing immediate cash access and willing to visit a physical location, People who need check cashing, bill payment, or money transfer services in addition to emergency loans
LoanMax Title Loans offers cash loans up to $10,000 secured by your car title, with Michigan locations and minimal paperwork since 1990.
Best for: Vehicle owners with a clear, paid-off title who need cash quickly and have no other credit options, Borrowers in Southgate or southeast Michigan who prefer in-person loan transactions
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.
Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.
Example
You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.
A special APR calculation used for military servicemembers that includes ALL costs — fees, insurance, and add-ons — capped at 36% by federal law.
The Military Lending Act protects active-duty servicemembers and their families from predatory lending. Any lender charging above 36% MAPR to military is breaking federal law.
Example
A payday lender charges a $15 fee per $100 borrowed for 2 weeks. For civilians, that's technically legal in some states. For military: that works out to 391% MAPR — illegal under the MLA.
The maximum interest rate a lender can legally charge in a particular state. Charging above this rate is called 'usury' and is illegal.
Usury laws are your main legal protection against predatory interest rates. But beware: some states have weak or no usury caps, and federal banks can sometimes override state limits.
Example
New York caps interest at 16% for most consumer loans (25% is criminal usury). If a lender tries to charge you 30% in NY, that loan is unenforceable — you could fight it in court.
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example
A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.
The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.
Example
Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.
A fee your bank charges when a payment bounces because there isn't enough money in your account. Also called a 'bounced check fee' or 'returned payment fee.'
NSF fees hit you twice — your bank charges you AND the company you were trying to pay may charge their own returned payment fee. That's $50-70 for one missed payment.
Example
Your auto-pay tries to pull $350 for rent, but you only have $280 in checking. Your bank charges $35 NSF fee. Your landlord charges $25 returned payment fee. Total damage: $60 in fees.
The practice of charging interest rates higher than what the law allows. Usury laws set state-specific caps on how much lenders can charge.
If a lender charges usurious rates, the loan may be void, penalties can be reduced, or you may be entitled to damages. Know your state's limits.
Example
Your state caps consumer loans at 24% APR. An online lender charges you 36%. That loan may be unenforceable, and you might only need to repay the principal — no interest or fees.
Using your credit card to get cash from an ATM or bank. It's one of the most expensive ways to borrow — higher interest rate, immediate interest accrual (no grace period), and an upfront fee.
Cash advances are a debt trap: 25-30% APR with no grace period plus a 3-5% fee. Interest starts the second you withdraw, not at the end of the billing cycle.
Example
You take a $500 cash advance. Fee: $25 (5%). Interest: 28% APR starting immediately. After 30 days, you owe $536.67. After 6 months of minimum payments, you've paid $85 in interest on $500.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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