The Process Is Quick and Easy to Inquire About Funding
Dealing with an unexpected financial emergency is never fun, but it’s especially stressful if you don’t have a safety net of savings to fall back on. Some Minnesotans, like many Americans, may live paycheck to paycheck, which doesn’t leave much room for handling expensive situations. If you feel like you fit this description, you know how challenging it can be to inquire about traditional bank loans, especially if you have a bad credit score.
Inquiring about a title loan could be your short-term financial solution!1 With a title loan serviced by LoanMart, qualified borrowers can access flexible loan terms catered towards people with poor credit history and a quick inquiry process; it can be an excellent option for anyone in need of quick funding!1 3
Don’t let the burden of not having money when you need it overwhelm you. Learn why a title loan serviced by LoanMart could be the answer you’ve been looking for! You can get started today by filling out this inquiry form or calling 855-422-7412 to speak with a title loan representative.
How Does a Title Loan Work in Minnesota?
A title loan agreement is when a borrower uses their car as collateral for funding from a lender. Traditional loans work by using a person’s credit history as the metric for whether or not they will be capable of paying back the money. This is why title loans are considered ‘secured loans’ while some traditional ones are called ‘unsecured loans’- with a title loan, your car serves as a form of physical insurance in case you don’t make regular payments or default on your loan. Therefore, a title loan is secured through collateral and other requirements, instead of solely your credit report and income.
Traditional loans are typically more difficult to get approval for because no asset is involved. If you struggle with a poor credit score, getting approved for this type of financing can be a big uphill battle. Not only will big banks deny your application, but they may also attach high-interest rates and lots of hidden fees to your loan!
Don’t stress over getting approved for unsecured loan options. Instead, consider inquiring about a title loan serviced by LoanMart!1 You may gain access to quick money when you need it most if approved.1 3
Benefits of a Title Loan in Minnesota
There are many advantages to acquiring a title loan in Minnesota, especially for people with a bad credit history.1 Below are some examples of benefits you can expect to enjoy with a title loan serviced by LoanMart!1
Flexible Terms1
Unlike a traditional loan, a title loan in Minnesota welcomes people from all walks of life. The worst part about not having money or a history of financial trouble is that you are limited in getting the help you need. With a title loan serviced by LoanMart, your credit score is still considered during the inquiry process1, but it is not the main focus. Instead, how much value is in your car and whether or not you have the income to repay the loan are much more important.
The inquiry process can be flexible and hassle-free with a title loan serviced by LoanMart.1
Inquire Online
Finding an in-person location to inquire about a title loan is neither convenient nor enjoyable. With a title loan serviced by LoanMart, you don’t need to worry about going to a brick-and-mortar location! That’s because you can access the inquiry process online or over the phone from the comfort of your home- or wherever you have internet access.1
When a financial crisis happens, you want to find money quickly. You no longer need to spend time finding a place to apply for the money. You can begin solving your troubles through a few clicks on your phone! Start by filling out this inquiry form or calling 855-422-7412 to speak with a title loan agent.
Keep Driving your Vehicle
You might wonder what happens to your car if you’re approved for a title loan serviced by LoanMart. One of the best perks to this agreement is that qualified borrowers can continue driving their vehicles during the entire repayment period!1 That means you don’t need to worry about daily transportation if you’re approved for financing. However, this privilege is only available to borrowers who make their monthly payments on time. So keep that in mind if you’re approved for a title loan!1
No Prepayment Penalties
Traditional loans can come with all sorts of hidden fees that can make getting money more of a headache than it needs to be. Some lenders may even charge prepayment penalties! This can happen when you pay your funds back too early, all at once, or not during the agreed amount of time. With a title loan serviced by LoanMart in Minnesota, you don’t need to worry about prepayment penalties!1 5 You can pay your loans back as early as possible without being charged any additional fees.
Requirements for a Title Loan in Minnesota
Inquiring about a title loan serviced by LoanMart is easy in Minnesota, but there are still three main requirements you need to meet to qualify initially. They are:
- Be an adult at least 18 years old
- Have a legal car title under your name
- Show proof of income
You must be an adult to inquire about a title loan serviced by LoanMart in Minnesota. Entering into any financial agreement is a big responsibility, so you must be old enough to make the right decisions!
You must also have a legal car title under your name at the time of your inquiry for a title loan. If you are still financing your car, however, you may be able to apply for a title loan- just let your loan agent know.1
Finally, you must be able to show proof of a steady income. With a title loan serviced by LoanMart, there are many flexible options available that you are permitted to show1. You don’t need to work a traditional 9-5 position to qualify!1 Keep reading to learn more about the types of income that can qualify as alternative income during the inquiry process for a title loan.
Documents Needed for a Title Loan Serviced by LoanMart
If you meet the requirements above to begin the inquiry process for a title loan, the next step is gathering the relevant documents required to qualify! If for some reason, you can’t find the official documents needed below, like a driver’s license, you can always reach out to the DMV in Minnesota to apply for replacements!
- Government Issued Photo I.D. Or Minnesota State I.D. Card
- Proof of Residence in Minnesota
- Proof of Steady Income
- Legal Car Title in Your Name
- Recent Photos of Your Vehicle
You must show a Minnesota state I.D. or another type of government-issued photo I.D., like a driver’s license or a passport. To inquire about a title loan, you must be an adult at least 18 years of age.
You also need to show proof of residence in the state of Minnesota. Title loans serviced by LoanMart are available in many states across the country!1 But you need to prove that you live in a valid one to potentially qualify for financing. You can prove residency by showing a piece of official mail, like a recent utility bill or a bank statement.
As mentioned earlier, you must show proof of a steady income to begin the inquiry process. The great news about a title loan serviced by LoanMart is that alternative income can be accepted! You don’t need to work a traditional 9-5 job to potentially qualify. Below are examples of alternative income forms that are acceptable:
- Workers’ Compensation
- Social Security Benefits
- Lawsuit Settlement Funding
- Pension Income
- Retirement Income or Annuity Income
- Self-Employment
You will also need proof that you hold a legal vehicle title in your name at the time of inquiry. That doesn’t necessarily mean you must be the main driver– perhaps you own collector cars in a storage garage that you don’t drive regularly, or maybe a family member drives a vehicle under your name. The title loan inquiry process is flexible, allowing some wiggle room for various circumstances!1
Finally, you will need to show recent photos of your vehicle to inquire about this financing. That’s because the funding from a title loan depends on how much value and equity is in your car; therefore, a lender will want to see recent photos to determine its current condition. Doing a virtual car inspection is much more convenient than taking your car somewhere in person, especially if you can’t access it easily!
How Much Cash Can I Get From a Title Loan in Minnesota?
If approved, the amount of funding you may receive from a title loan can depend on several factors. In general, your car’s value is the most significant factor regarding how your loan amount is calculated. You can find out how much equity your car has by subtracting the amount you owe on it from its overall value. If you want help finding an estimate of this number, you can use this helpful online calculator tool, provided by LoanMart!
The metrics used to determine car value are listed below:
- Make, Model, Year the Car was Manufactured
- Mileage
- Style of the Car
- Overall Condition
- Upgrades and Modifications
What kind of car you have and the year it was manufactured will be considered during the inquiry process. Don’t stress if you own an older vehicle– that doesn’t always mean it will lack significant value! Many older car models remain in high demand because of their consistent popularity over the years. Some examples include the Chevrolet Silverado, Ford F-Series, Toyota Camry, and Honda Civic.
However, your vehicle’s mileage can significantly impact its overall value. If you have more than 100,000 miles on your car, you can expect your car’s value to decrease slightly. That’s because cars with high mileage can indicate lots of wear and tear on the engine and other crucial components. However, in some cases, you can still qualify for a car title loan even if your vehicle has more mileage on it than you would like- as long as it has enough equity.
The overall condition of your car means what kind of shape it’s currently in. Are there dents? Scratches? Cracks in the windows? Is everything under the hood still working well? Do the brakes and windshield wipers function correctly? All of these things will be considered when determining a car’s current condition and value.
If you want to increase your car value, consider fixing some minor damages and make sure it’s clean and tidy!
Inquire About a Title Loan in Minnesota When You Need It Most
Residents of Minnesota know how challenging it can be not to have access to funding when you need it most. Don’t let a bad credit score or rocky financial situation stop you from applying for the help you need!1 A title loan serviced by LoanMart could be the answer to your problems.1
It’s never been easier to inquire about this type of financing– you can complete the process online, and you may even be approved within the same business day.1 Use your car as collateral for funding today.
Accessing Your Money and Repaying the Loan
Qualified borrowers can access their funding in several convenient ways. You can:
- Have the money direct deposited into your bank account
- Receive a check in the mail
- Head to a participating money transfer location to pick up funds in person
Additionally, you can pay back your loan money by:
- Set up an automatic transfer from your bank account
- Head to a participating money transfer location or MoneyGram in your area
As a resident of Minnesota, you have options for getting money quickly.3 Secured loans, like a car title loan serviced by LoanMart, are a great way to obtain short-term funding when you’re experiencing an emergency.1 3 As long as you abide by the loan terms and make your monthly payments on time, you can continue driving your vehicle after you’ve received your funds!
Additionally, you don’t need to worry about pesky hidden fees like prepayment penalties.5 With a title loan serviced by LoanMart, you can pay back your funding as quickly as you want without getting charged for it!5
Get Started Today!
You don’t have to experience an emergency to need a car title loan. You can use your funding as a qualified borrower for many different types of financial situations! Perhaps there is a home project you’ve always wanted to do, or you need money for a new electronic device.
Begin the inquiry process by filling out this inquiry form or calling 855-422-7412 to speak with a title loan representative from LoanMart.
Where Can I Repay a Title Loan Serviced by LoanMart in Minnesota?
Because title loans serviced by LoanMart are so innovative, borrowers could receive advantages with the funding process. Title loans serviced by LoanMart allow eligible people to have access to emergency funding without having to travel too far.
And that is why title loans serviced by LoanMart offer a quick and easy funding process by allowing you to pick up your funds at any participating money transfer location across the state of Minnesota.1 Once you have picked up your funds, you can easily repay them at any participating MoneyGram location! No matter where you are in the state, chances are that there will be a MoneyGram location near where you live or along your daily commute.
Not sure where the closest MoneyGram location is to you? Check out the map below, which features a drop-down list of a few MoneyGram locations throughout the state of Minnesota:
