Car Title Loans in Minnesota

The Quick and Easy Process to Apply for a Minnesota Title Loan

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 may live paycheck to paycheck, which doesn’t leave much room for handling expensive situations. If you need fast cash, applying for a Minnesota title loan could be your short-term financial solution, especially if your credit isn’t perfect!¹ With a title loan serviced by LoanMart, qualified borrowers can access flexible loan terms catered to people with poor credit history who are looking for a quick and easy loan process.^{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 applying online or calling 855-422-7412 to speak with a title loan representative.

How Does a Title Loan Work in Minnesota?

Traditional loans work by using a person’s credit history as the primary indicator for whether or not they will pay back the money. Title loans on the other hand a primarily based on an applicant’s income and their vehicle. 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.

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 an uphill battle. Traditional banks may deny your application, even if your credit issues are well in the past, like a previous bankruptcy!

Don’t stress over getting approved for unsecured loan options. Instead, consider inquiring about a title loan serviced by LoanMart! You may gain access to quick money when you need it most.^{1 3}

Benefits of a Title Loan in Minnesota

There are many advantages to getting a title loan in Minnesota, especially for people with a bad credit history.¹ Below are some examples of the benefits you can expect to enjoy with a Minnesota auto title loan serviced by LoanMart!¹

Flexible Terms

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 process, but it is not the main focus. Instead, the value of your car and the verifiable income you have to repay the loan are much more important.¹

The car title loan application process can be flexible and hassle-free with loans serviced by LoanMart.¹

Convenient Online Application

Driving to a loan store to apply in-person for 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 conveniently apply 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 funds you need. 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. Whether you’re in Minneapolis, St. Paul or elsewhere in the state, one of the best perks of car title loans in Minnesota 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 benefits is only available to borrowers who keep up with their monthly payments. 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! These penalties apply 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

Applying for an auto 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:

1. Be an adult at least 18 years old: 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!
2. Have a legal car title under your name: 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
3. Show proof of income: 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 MN Title Loan Serviced by LoanMart

If you meet the requirements above to begin the application 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 listed 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
• Minnesota-Issued 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 above, 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
• Pension Income
• Self-Employment

You will also need proof that you hold a 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 that you don’t drive regularly, or maybe a family member drives a vehicle under your name. The title loan application process is flexible, allowing some wiggle room for various circumstances!¹

Finally, you will need to show recent photos of your vehicle to document its current condition. That’s because the funding from a title loan depends on how much value and equity is in your car. 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.

Receiving Your Money in Minnesota

Qualified borrowers can access their funding in several convenient ways. You can:

1. Have the money direct deposited into your bank account
2. Receive a check in the mail
3. Head to a participating money transfer location in Minnesota to pick up funds in person

As you can see, as a resident of Minnesota, you have several convenient options for getting money quickly.³ Secured loans, like a car title loan serviced by LoanMart, can be a great way to obtain short-term funding when you’re experiencing an emergency.^{1 3} 

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?

Minnesota borrowers have access to quick and easy repayment options with car title loans serviced by LoanMart.¹ Once you have received your title loan funds, you can easily make your monthly payments online, over the phone, or at a participating money transfer provider like MoneyGram location! From Bloomington to Rochester to rural parts of the state, no matter where you are in Minnesota, chances are that there will be a MoneyGram location near you.

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 Minnesota:

Minnesota - key financial and indebtedness figures

The below table provides some of the key income, loan and financial statistics for Minnesota, which are intended to give you a better understanding of how your financial circumstances compare to other Minnesota residents. With this information in hand, we hope you gain a better idea of your financial options so you can decide if completing a title loan application is the right decision for you:

What Places in Minnesota Can I Get a Title Loan Serviced By LoanMart?