TitleMax provides same-day title loans and flexible lines of credit using vehicle titles as collateral, plus unsecured personal loans in select states.
Editorially reviewed by Harvey Brooks
TitleMax has operated its Memphis Summer Avenue location since February 2007, serving the greater Memphis area with title-secured lending products. The company specializes in title pledges (also called title loans), where borrowers use their vehicle title as collateral to access fast cash while keeping their car. In addition to title products, TitleMax offers flex lines of credit tied to vehicle equity and unsecured personal loans available both in-store and online.
The Memphis TN 9 - Summer Avenue store offers three primary products: (1) Title Pledge & Flex Line of Credit—secured loans using vehicle value, accepting most credit types with same-day funding; (2) Unsecured Flexible Line of Credit—personal lines available online for residents of AZ, DE, ID, KS, MO, MS, SC, TN, TX, UT, or WI; and (3) Online/In-Store Personal Loans managed separately from title products. Customers need only a clear vehicle title, valid ID, and proof of income or recent bank statements to qualify.
The Memphis location distinguishes itself through high customer satisfaction (481 Google reviews averaging 5.0/5 stars), bilingual services, extended operating hours (9 AM–7 PM weekdays), and individualized service—multiple reviews highlight staff members by name (Nicole, Joyce, Jonathan) for professionalism and personalized payment guidance. The company emphasizes competitive rates, quick approval, keeping customers' vehicles, and accepting most credit types regardless of past credit history.
However, title loans carry inherent risks: they are secured debt with vehicle repossession as a default consequence, and the website does not disclose specific APR ranges, making cost comparison difficult. The product is best suited for borrowers with vehicles and immediate cash needs who can reliably repay within the loan term, not as a long-term credit solution.
See which lenders actually approve borrowers with bad credit. We compared APRs, fees, minimum scores, and funding speed.
Yes. TitleMax Title Loans is a registered company headquartered in 4311 Fredericksburg Rd Ste 2, Balcones Heights, TX 78201. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
TitleMax is best for vehicle owners in Tennessee who need fast emergency cash ($500–$2,000+) and can repay within a predictable timeframe. The main caveat is that title loans are high-risk secured debt—default results in vehicle repossession—and the company does not transparently disclose interest rates, making it impossible to assess true cost before applying.
Advance America is one of the largest U.S. payday lenders, offering cash advances, installment loans, and title loans at 800+ storefronts in 27 states and online.
Best for: Consumers facing a genuine cash emergency who cannot qualify for traditional bank loans or credit cards, Underbanked individuals who need a short-term bridge between paychecks
Speedy Cash offers payday loans up to $425, title loans up to $4,000, and lines of credit up to $4,000 with same-day or rapid funding at physical store locations.
Best for: Consumers facing immediate cash emergencies with 1-2 week time horizons who cannot access traditional lending, Vehicle owners needing larger emergency loans ($2,000-$4,000) willing to use title as collateral
ACE Cash Express offers small emergency loans, title loans, check cashing, and money transfers with multiple store locations across the U.S.
Best for: Consumers needing immediate emergency cash ($100-$1,000) without credit checks, Vehicle owners seeking quick title-based loans using car equity
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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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