TMX Finance is the parent company to the brands TitleMax, TitleBucks, EquityAuto Loan, and InstaLoan. The company holds more than 1,200 stores in over thirteen states including Alabama, Arizona, California, Florida, Georgia, Illinois, Mississippi, Missouri, Nevada, New Mexico, South Carolina, Tennessee, Texas, and Virginia. TMX Finance’s brands serve individuals who generally have limited access to consumer credit from banks, thrift institutions, credit card lenders, and other traditional sources of consumer credit.
TitleMax markets easy cash to borrowers with “good credit, bad credit, or no credit” secured by the title to their car. In Dallas, San Antonio, and Austin – which have all passed lending laws – those loans have come with zero percent interest. After 30 days, however, the loan is due in full. If the borrower cannot pay –TitleMax’s average loan is for $1,300 – the borrower is sent to another TitleMax location outside of the city, where he or she can receive a new, unrestricted loan. The borrower would be free to renew the loan at that location indefinitely. That loan, states a contract given to one borrower, could have an annual rate as high as 310 percent.
TMX is owned by Tracy Young of Savannah, Georgia.
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