- Services 45 States
- Borrow $100 – $50,000
- Loan Terms Very By State
- No Prepayment Penalty
- Open 7 Days a Week | Extended Business Hours
Life is full of unexpected expenses, and unfortunately, sometimes that means seeking quick cash in the form of a loan. There’s no shortage of options in the personal lending world, and there’s an excess of lenders willing to provide those options.
An auto title loan is a lesser-known type of personal loan that utilizes a resource almost everyone has—a vehicle. With this loan type, your vehicle is offered as collateral for the loan, although you’re not required to give up the car, you can still drive it during the duration of the loan until it’s paid back in full.
Max Cash is a service that connects people seeking auto title loans with lenders in various states that offer them.
What They Offer
Max Cash does not actually provide loans. Instead, they act as a portal connecting borrowers in search of a car title loan with institutions across the country that do.
When you submit your information to the Max Cash website, their algorithm determines what size loan you are eligible for. That amount is typically 50 to 90% of the car’s current auction value. Should you decide you want to proceed, Max Cash then forwards your information to lenders in your state willing to float you a car title loan.
They work with a full range of lending institutions, which means that even if your creditworthiness is suspect, it is likely they will find someone who will provide you a car title loan. Max Cash claims to have connected more than 500,000 individuals with car title loans, and that number grows every day.
The service is also free to use. Max Cash earns a referral fee from the lending institution on each loan they arrange, so you don’t have to pay them anything. You may also be able to refinance your title loan through Max Cash.
A High Degree of Transparency
Max Cash takes their job seriously and does their utmost to make sure every borrower knows what they are getting into when it comes to title loans. We were glad to see their site has copious information detailing the car title loan process and requirements, and that they make no secret of the fact that such loans typically carry significantly higher than average interest rates. Exactly how high will depend on your personal credit history.
They also answer some frequently asked questions about car title loans, such as whether you can secure one large loan based on two car titles (unfortunately, that’s not allowed). Another thing we appreciated about Max Cash is that they aren’t involved in selling applicants’ personal information. Any information you provide is only shared with the lending institution. They don’t do business with lenders who sell your personal data, either.
Benefits of Using Max Cash
There are many different lenders these days ready to provide personal loans. As such, the folks at Max Cash understand they need to offer some reason for you to choose their service. Our investigation of Max Cash revealed the following benefits:
- The website is stocked with useful information and features very intuitive navigation. You’re able to learn all you need to know about car title loans, examine a sample loan contract, and even calculate different interest rates.
- Most of the lending institutions that work with Max Cash on car title loans do not require you to have a bank account. Try getting a loan from a bank without having an account—not going to happen.
- By all accounts, they make a fair assessment of your car’s value using Kelly Blue Book and Black Book guidelines. You don’t have to worry about being low-balled as far as the value of your vehicle is concerned. It might not be as much as you want, but it’s a fair number based on the currently accepted market value of your particular vehicle.
- They are also truly nationwide. There are only a handful of states where they are forbidden to operate, and that’s because those states do not permit auto title loans at all.
How Do I Apply?
Max Cash makes it easy to apply for a car title loan. Simply go to their website and navigate to the application page. There you’ll find a straightforward form to get the process started.
You’ll need to provide your name, address, phone number, and email, as well as pertinent information regarding your vehicle, including year, make, model, and mileage. Once you agree to the terms and conditions, you’ll receive an estimate regarding the size of the loan you are likely to qualify for. You’ll also have the option to continue or discontinue the process.
Eligibility and Required Information
Keep in mind that, although not all Max Cash reviews are clear about this, Max Cash itself does not lend money. Instead, they put you in touch with lenders who will. Because of this, Max Cash can afford to have very lax eligibility requirements for using their service. Each of the potential lending institutions, however, will likely have their own set of requirements.
At a minimum, those institutions are likely to require that you:
- Be at least 18 years of age
- Have a valid driver’s license in your state
- Have some form of government-issued ID
- Be a citizen or permanent resident of the United States
- Can provide proof of income
- Can prove the car in question is registered in your name, and that there are no liens against the title at the time of application
Different lenders and brokers may have slightly different qualifications, but rest assured, Max Cash does not work with any that make it prohibitively difficult to get a title loan.
We mentioned this earlier, but it’s worth repeating. Max Cash does not require you to pay them anything for their service. If a lender they refer you to provides you with a title loan, they will earn a referral fee from the lender. So, while it may seem a bit odd in this day and age when everyone has their hand in your pocket, working with Max Cash won’t cost you anything.
Locations/States Where They Operate
Max Cash works with lenders and maintains corporate locations in most states. Essentially, every state where title loans are allowed. As you can imagine, that adds up to a pretty significant number of lenders, which means your odds of securing the cash you need are pretty good.
Each state where title loans are allowed regulates the business in a slightly different way. Sometimes in a very different way to be honest. Some states take an almost entirely hands-off approach to automotive title lenders. It’s a pretty safe bet that lenders in these states will charge the highest interest rate they think the market (that would be you) can support.
Other states, however, take a more active role in oversight and limit how much interest can be charged, based on various formulas. If by chance, you happen to live in one of these states, you’re likely to enjoy a more reasonable interest rate.
Rather than list all the states where Max Cash can secure title loans, it’s faster just to list those states that do not permit this type of personal loan. Those states are:
- New York
- West Virginia
Unfortunately, residents of the above states will not be able to secure a car title loan. Be aware though that a few of those states—California, Kansas, Louisiana, and South Carolina—provide backdoor ways to get car title loans. Although, because this type of loan is technically illegal in those states, Max Cash is not able to arrange for loans there.
Many of the states that allow for auto title loans also impose limits on how big the loan can be. Typically states that impose such restrictions have different ways of arriving at the loan amount. Loan size limits are something beyond Max Cash’s control. Their role is to connect you with lenders willing to lend you money against your car. They do not set state laws or regulations.
Summary of Our Max Cash Review
Max Cash is perhaps the best available method for securing an auto title loan. They provide a wealth of information on this type of loan and give you a good idea of what to expect as far as lenders, interest rates, and the like. Trying to secure a title loan on your own could take weeks or months because you’d need to manually collect, then sift through all the information from various lenders before making your decision.
With Max Cash, you simply enter a few pieces of information about yourself and your car and are presented with a list of lenders ready to work with you. Because of their high-interest rates, such loans are not for everyone, but if you need a quick infusion of cash and don’t want to slog your way through the bank application process, Max Cash can be a viable alternative.