TitleMax provides same-day title loans and secured lines of credit using vehicle titles as collateral, accepting most credit types across multiple Tennessee locations.
Editorially reviewed by Harvey Brooks
TitleMax is a title lending company operating in Tennessee and ten other states, with a Memphis location (Summer Avenue store) established in February 2007. The company has expanded to serve customers through both in-store and online channels, positioning itself as an alternative to traditional credit-based lending. The Memphis Summer Avenue location operates six days per week with bilingual staff and is centrally located in the greater Memphis area.
TitleMax offers two primary products: Title Pledge & Flex Line of Credit (secured by vehicle title) and Unsecured Flexible Lines of Credit (personal loans). For title pledges, customers can borrow based on their vehicle's value while retaining driving privileges. The company also provides flex lines of credit that allow customers to withdraw funds all at once or incrementally up to their approved limit. Requirements are minimal—primarily a clear vehicle title, valid ID, and for unsecured products, proof of active banking and income. The company targets consumers with any credit type, emphasizing quick approval and same-day cash.
The Memphis Summer Avenue location distinguishes itself through consistently high customer ratings (5.00/5 stars across 481+ Google reviews), with customers repeatedly praising specific staff members like Nicole, Joyce, and Jonathan for professionalism and knowledge. The store offers both in-store and online application options, competitive rates positioning, and flexibility in how borrowed funds are accessed. The company explicitly markets acceptance of "most credit types," differentiating itself from traditional lenders who rely heavily on credit scores.
However, title loans carry inherent risks that consumers must understand. While TitleMax claims competitive rates, title lending by nature typically carries higher interest rates than traditional personal loans. The vehicle title serves as collateral, creating repossession risk if payments are missed. The company performs credit checks despite accepting most credit types, and repayment ability is a stated consideration. Consumers should carefully evaluate whether this secured lending model aligns with their financial situation before proceeding.
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 4848 Lemmon Ave Suite 104, Dallas, TX 75219. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
TitleMax is best for Memphis-area residents or customers in their 11-state service area who need emergency cash quickly and own a vehicle outright. The primary caveat is that title loans carry higher interest rates and repossession risk—this should only be considered when traditional lending is unavailable and the borrower is confident in their ability to repay.
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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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