LoanMax Title Loans offers cash loans up to $10,000 secured by your car title, with Michigan locations and minimal paperwork since 1990.
Editorially reviewed by Harvey Brooks
LoanMax Title Loans was founded in 1990 in Jonesboro, GA and describes itself as one of America's most respected companies in the title lending space. Operating for over 35 years, the company is headquartered with a corporate complaint address in Alpharetta, GA and holds active lending licenses in multiple states including Michigan, Virginia, Delaware, South Carolina, New Mexico, and Nevada. In Virginia, its offices operate under a separate legal entity, Fairfax Elite Financial Services, LLC, doing business as LoanMax.
The company offers auto title loans — also called car title loans — allowing borrowers to access cash by leveraging the equity in their paid-off vehicle. The Southgate, MI location on 12850 Eureka Road advertises loans of up to $10,000. To qualify, applicants need only three things: the vehicle itself, a government-issued photo ID, and a clear (lien-free) vehicle title. Accepted payment methods include cash, personal check, debit card, and Western Union, providing flexibility for repayment. The store is open Monday through Friday 10AM–6PM and Saturday 9AM–2PM.
LoanMax distinguishes itself through its longevity in the market and multi-state footprint, with several nearby Michigan locations in Taylor, Garden City, Detroit (two locations), and Center Line. The company offers a Spanish-language option on its website and provides an online payment portal for existing borrowers. Michigan operations are regulated by the Michigan Department of Insurance and Financial Services, providing a state oversight layer for consumers.
Title loans carry significant financial risk that consumers must weigh carefully. Because the loan is secured by the vehicle title, defaulting can result in repossession of the borrower's car. Nevada-specific disclosures on LoanMax's own website warn that title loans are intended for 'short-term financial needs only' and that customers with credit difficulties should seek credit counseling first — a candid admission about the product's limitations. No APR or fee information is disclosed on the location page, making cost comparison difficult before visiting in person. Borrowers facing genuine emergencies who own their vehicle outright may find this a viable option, but the collateral risk and lack of transparent pricing require careful consideration.
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 7455 Tidewater Dr, Norfolk, VA 23505. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
LoanMax Title Loans is best suited for vehicle owners with a clear title who need fast access to cash up to $10,000 and cannot qualify for lower-cost alternatives. The main caveat is substantial: the loan is secured by your car, meaning default leads to repossession, and no pricing information is available online — borrowers must visit in person to learn actual costs before committing.
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 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.
Best for: Vehicle owners facing genuine emergencies (medical, eviction, utilities) who can repay within the loan term, Borrowers with poor credit unable to qualify for personal loans or credit cards who own paid-off or mostly-paid vehicles
Learn what makes up your credit score, how it's calculated, what the ranges mean, and how to check yours for free.
Read guide →Your credit report contains the raw data behind your score. Learn what's in it, how to read it, and how to dispute errors that could be dragging your score down.
Read guide →Klarna, Afterpay, Affirm — they make spending easy. But what happens to your credit score when you use them? Here's what the fine print doesn't tell you.
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.
Affiliate Disclosure: CreditDoc may earn a commission when you click links to LoanMax Title Loans and other services. These commissions help us maintain our free research. Our editorial team independently evaluates all services. Compensation does not influence our ratings or rankings. Learn more.