GET AN ONLINE
TITLE LOAN IN MINNESOTA

Qualify For A Minnesota Title Loan – How They Work

Did you know that the primary requirement for a title loan in Minnesota is a lien free vehicle title and proof of income? Stop wasting time dealing with payday lenders offering only a few hundred dollars. Or personal loan companies that require an excellent credit score! With a car title loan in Minnesota, you can borrow cash for any type of financial crisis and keep driving your vehicle, and there’s no need for a decent credit score! Your car title opens the door to faster online pre-approval.

There are multiple ways to apply and ultimately get pre-approved for a title loan online in Minnesota. When someone applies directly through the Premier Title Loans online form, they can receive an answer in under 30 minutes, including an estimated loan amount and interest rate. Another way to apply is to call us at 800-250-6279 and speak with one of our title loan experts.

You can also walk into a lending office anywhere in Minnesota to apply for a title loan with a local lender. Many companies in Minneapolis and Rochester will allow you to get started in person. Some people prefer this option as they know who they’re working with, and you may even be able to receive cash quickly without the hassle of waiting for an ACH or bank payment to be deposited into your checking account.

Auto Title Loan Requirements In MN

– Your vehicle’s title (must be issued in Minnesota) – You must physically possess the car’s title, as it will eventually be signed over to your lender. It must be free of cosigners or other lienholders.

– Government-issued ID – We must verify you’re a resident of Minnesota and confirm your identity. You must be 18 years or older to get a title loan.

– Proof of income – The more money you borrow, the more income you must show each month. While these loans are based on the equity in your vehicle, we still need to confirm you can afford the monthly payments.

– Proof of insurance – Your car or truck will likely need full insurance coverage to protect the lender in case it’s damaged or stolen.

Title Loan Lending Regulations In Minnesota

We’ve discussed how few requirements you need for a title loan in Minnesota, but now here’s the tricky part. It’s tough to find a lender offering these loans in Minnesota. That’s because, under Minnesota Statutes § 47.601, consumer loans up to $1,300 are subject to an all-in APR cap of 36% (or up to 50% if your lender confirms your ability to repay the loan).

For higher loan amounts, lenders must be licensed by the Minnesota Department of Commerce as a regulated lender, and interest rates on these loans are capped between 21.75% and 33% APR. While those interest rate caps are stricter than in neighboring states, what makes it really tough to get a title loan in Minnesota is the firm 30-day repayment requirement. Because of these lending regulations, many secured lenders have limited their loan options within the state.

Benefits Of Getting A Title Loan Online

Many benefits come along with getting title loans online in Minnesota:

– Fast pre-approval based on your vehicle’s equity value, not your credit history! Can you get an unsecured personal loan with a low FICO score? Of course not! Banks focus on your credit history when underwriting an unsecured loan. With a title loan, your credit score is less of a factor, and you can get pre-qualified quickly based primarily on your vehicle’s value. If you have a lien-free car, SUV, or truck, you’ve already checked most of the boxes, and that means you’re more likely to get pre-approved for a title loan in Minnesota!

– Receive your loan proceeds quickly. Most companies will deposit your funds through ACH or direct deposit into a checking or savings account.

– You can keep your car. Another benefit of title loans is that you don’t have to give up your car keys. This means you can keep going to work without worrying about your vehicle! There’s no need to hand over the keys to your car as collateral, as a title loan lender in Minnesota will happily use your pink slip as collateral for any amount you borrow.

– Improve your FICO score. Paying down the balance for a title loan can improve your credit score. This is because some title loan companies report on time payments to the credit bureaus, and that may show you’re a responsible borrower.

I’m Ready To Apply For A Title Loan In Minnesota – What Happens Now

If you’re ready to get started, the team at Premier Title Loans is here to help you! We can simplify the process and pre-approve your loan application quickly here in Minnesota, but please make sure you have the necessary documents ready. Grab your vehicle title, ID, and proof of income.

Take a minute to apply online or contact us at 800-250-6279 to see how much cash you can get with a vehicle title loan. For those seeking more information in person, you can always work with a local finance company anywhere in the Twin Cities. There should be no problem finding a lender during regular business hours!