Car Title Loans in Minnesota

How Do Title Loans Work in Minnesota?

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 unplanned expenses. 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 who are looking for a quick and easy loan process.^{1 3}

Traditional loans focus heavily on the applicant’s credit history. Title loans on the other hand are mainly based on the applicant’s income and the value of their vehicle.¹ Since a vehicle is required to qualify, title loans are considered ‘secured loans’ – your car serves as a form of collateral for the loan.

Getting a Minnesota auto title loan is fairly straightforward:

• Apply online or over the phone
• Get approved and send in your required documents¹
• Sign your loan agreement
• Mail in your title and receive your funds

Instead of stressing about getting declined for unsecured loan options, consider inquiring about a title loan serviced by LoanMart! You may get access to funds as fast as same-day.^{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

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 while making on-time payments!¹

No Prepayment Penalties

With Minnesota auto title loans serviced by LoanMart, you’re free to pay off your loan whenever you like! There’s no need to worry about prepayment penalties!^{1 5} You can pay your loan back as early as possible without being charged any additional fees.

Requirements for a Vehicle Title Loan in Minnesota

Applying for a vehicle title loan serviced by LoanMart is easy in Minnesota, as long as you meet the below requirements.

Application Requirements

• Be an adult at least 18 years old: You must be an adult to apply for 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!
• Own a vehicle in your name: You must also have a Minnesota-issued title to a car, truck or SUV in your name at the time of your loan application. If you are still financing your vehicle, you may still be able to apply for a title loan – just let your loan agent know.¹
• Have sufficient income: Finally, you must have sufficient income to afford the monthly loan payments. You don’t need to work a traditional 9-5 position to qualify – but having income is required so that a responsible loan approval can be made!¹ 

Documents Requirements

If you meet the application requirements above, the next step is gathering the relevant documents required to finalize your loan!¹ 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. (e.g. Minnesota State I.D., driver’s license or passport)
• Proof of Residence in Minnesota (e.g. a utility bill or phone bill)
• Minnesota-Issued Car Title in Your Name
• Recent Photos of Your Vehicle
• Proof of Income

As mentioned above, you must show proof of a steady income before your loan can be finalized.¹ 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 qualify. Below are examples of alternative income forms that are acceptable:

• Workers’ Compensation
• Social Security Benefits
• Pension Income
• Self-Employment Income
• Disability and other Fixed Income

If you meet the application requirements and document requirements, borrowing against your vehicle in Minnesota can be fast, easy and convenient! Apply online today and see how much your vehicle qualifies for.¹

How Much Cash Can I Get With a Title Loan in Minnesota?

If approved, the amount of funding you may receive from a title loan depends on several factors. In general, your car’s value is the most significant one – the more your vehicle is worth, there more you may get approved for. The current value of your vehicle is determined based on market conditions for your specific make, model, year, and the actual mileage at the time you apply. Vehicle upgrades such as specific trim packages may also impact the value. 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.

Depending on the value of your vehicle and your income, you could qualify for up to $15,000 with LoanMart-serviced title loans in Minnesota.¹ On average, Minnesota borrowers take loans of around $4,622.

Minnesota Cities and Regions We Serve

While a majority of Minnesota’s population lives in the larger Minneapolis–St. Paul metro area, residents across the state can apply to borrow against their vehicle title. LoanMart-serviced auto title loans are designed to offer an online experience, regardless of an applicant’s exact location in the state.

Serviced cities include, but are not limited to the largest cities and metro areas such as:

• Minneapolis – the state’s largest city and the economic center
• St. Paul – Minnesota’s state capital and the second anchor of the Twin Cities metro
• Rochester – Southeast Minnesota’s largest city
• Duluth – Northeast Minnesota’s largest city and a major port on Lake Superior

Residents of cities and suburbs within the Twin Cities Metro are equally eligible to apply, including consumers living in Apple Valley, Bloomington, Brooklyn Park, Eden Prairie, Lakeville, and Plymouth.

Other major cities from which title loan applicants have found LoanMart-serviced loans in Minnesota include applicants in St. Cloud, Central Minnesota’s largest city, and title loan borrowers in Mankato, host of the county seat of Blue Earth County.

Whether your home is in the Arrowhead area or the rocky forests of the Northeast, you’re a resident of the plains or pine lands of the Northwest, or you’re a resident of Central, Southwest or Southeast Minnesota, applying for a LoanMart-serviced title loan is just a few clicks away!¹

Title Loans for Minnesota’s Healthcare Workforce and Twin Cities Commuters

While Minnesota has a vibrant economy and hosts the headquarters of several Fortune 500 companies, the healthcare industry and the Twin Cities’ economy account for a large share of its output. For applicants that work in the Twin City metro or who work in healthcare, LoanMart-serviced title loans can offer fast financial assistance when needed.¹

The Minneapolis-St. Paul region is one of the most sprawling dual city metros in the country, with major employers spread from downtown Minneapolis to Eden Prairie’s tech corridor to the Mayo Clinic complex in Rochester. The resulting long commutes can put a major strain on vehicles, especially during Minnesota’s harsh winters. As a result, urgent vehicle repairs can cause an urgent cash need that needs to be resolved without delay.

With one of the highest concentrations of healthcare employment in the country, Minnesota is also home to numerous nurses, technicians, and support staff working in hospitals and clinics. This sometimes comes with working irregular hours and frequent schedule shifts. The resulting variances in monthly income can cause short-term needs for cash that may not be served by traditional loan options in the state. Borrowing against a paid-off vehicle in Minnesota may allow healthcare workers to bridge these income fluctuations with speed and efficiency.¹

Whether you’re a healthcare worker, a Twin City commuter or face financial pressures as an employee in agriculture, mining or another industry, using your paid-off vehicle to get a loan may offer quick access to funds in The North Star State. Apply today to find out what you can qualify for.¹

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 the Twin Cities to Duluth, Rochester and 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:

Title Loan Facts in Minnesota for LoanMart-serviced Loans

The below table provides a few key title loan statistics for Minnesota, which are intended to give you a better understanding if a LoanMart-serviced loan can be beneficial for you:¹

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