TitleMax offers same-day title loans and flex lines of credit using your vehicle title as collateral. Most credit types accepted; you keep driving your car.
Editorially reviewed by Harvey Brooks
TitleMax is one of the largest title lending companies in the United States, with this Summer Avenue Memphis location operating since February 2007. The store serves the greater Memphis area and offers a range of secured and unsecured short-term credit products designed for consumers who need fast access to cash, including those with poor or limited credit histories.
The primary product is a title pledge (title loan), where borrowers use a clear vehicle title as collateral to secure a loan. Approval is based on the vehicle's value, the borrower's stated cash need, and ability to repay — not solely on credit score. The store also offers a Flex Line of Credit, a revolving secured credit line that lets customers draw funds as needed up to their approved limit, rather than taking a lump sum. A third option — an unsecured flexible line of credit — is available both in-store and online for residents of select states (AZ, DE, ID, KS, MO, MS, SC, TN, TX, UT, WI), requiring proof of income and an active bank account rather than a vehicle title.
What distinguishes this location is its combination of product breadth and customer service track record. The Summer Avenue store carries a 5.00/5 average rating across 481+ Google reviews, with reviewers repeatedly citing specific staff members by name for professionalism and helpfulness. The store is bilingual, serves walk-in customers during extended weekday and Saturday hours, and can fund loans the same day — a genuine differentiator for consumers in urgent need.
Honestly, TitleMax title loans carry the risks inherent to the title lending industry. The company advertises 'competitive rates' but does not disclose specific APRs on its store pages, making it impossible to comparison-shop without applying. Title loans are a secured debt: if you default, you can lose your vehicle. These products are best suited for true short-term emergencies where repayment is realistic — not as a recurring credit solution. Consumers who can qualify for a payday alternative loan (PAL) from a credit union or a personal loan from an online lender should compare costs before committing.
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 270 SW Wilshire Blvd, Burleson, TX 76028. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
TitleMax is best for vehicle owners with clear titles who need same-day emergency cash and cannot qualify for conventional credit products. The core caveat is cost transparency: no APR is shown upfront, title loans as a category carry among the highest effective interest rates in consumer lending, and default puts your vehicle at risk.
Advance America offers payday loans ($100–$500), installment loans up to $1,000, and title loans up to $25,000 with same-day funding at physical locations and online.
Best for: Employed consumers needing $100–$500 in emergency cash before next paycheck with reliable income, Vehicle owners with paid-off cars seeking larger loans ($2,000–$25,000) for unexpected major expenses
FirstCash is the leading international pawn store operator with 3,300+ locations across 29 U.S. states, Latin America, and the UK, offering pawn loans and retail merchandise.
Best for: Consumers who need fast cash and have jewelry, electronics, or valuables to use as collateral without a credit check, Bargain shoppers looking for used electronics, tools, musical instruments, or jewelry at below-retail prices
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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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