Title Loans in Shelly, Minnesota

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No title loan companies in Shelly, MN. Consider companies in other cities:

Company nameAddressZip codePhone number
Nelson Ford 2228 College Way, Fergus Falls, MN 56537 +1 (218) 998 - 8878
Wells Fargo Bank 21 1st St SW, Rochester, MN 55902 +1 (507) 285 - 2800
Cars By Andy 14208 US-12, Cokato, MN 55321 +1 (320) 286 - 2277
Royal Credit Union - Stillwater 13161 60th St N, Stillwater, MN 55082 +1 (800) 341 - 9911
St. Cloud Financial Credit Union 205 2nd St N, Sauk Rapids, MN 56379 +1 (320) 252 - 2634
MidWestOne Bank 2270 W Frontage Rd, Stillwater, MN 55082 +1 (651) 439 - 3050
Glenwood State Bank 2221 S Broadway St, Alexandria, MN 56308 +1 (320) 763 - 0200
Burnet Title 7550 France Ave S 120, Minneapolis, MN 55435 +1 (952) 844 - 6210
Wells Fargo Bank 125 Main St, Winona, MN 55987 +1 (507) 961 - 2130
Center National Bank 301 N Ramsey Ave, Litchfield, MN 55355 +1 (320) 693 - 3255

Title Loan Companies in Nearby Cities

If there are no title loan companies in Shelly, MN, you can try to find different companies in big cities nearby. Check out the following pages here: Title Loans in Andover, MN, Title Loans in Burnsville, MN, Car Title Loans in Cottage Grove, MN, Title Loans in Duluth, MN, Title Loans in Eden Prairie, MN, Car Title Loans in Inver Grove Heights, MN, Car Title Loans in Lakeville, MN and Title Loans in Mankato, MN. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Shelly, MN.

Title Loans in Shelly, Minnesota

Overview

Title loans are legal and popular in Minnesota. A title loan is a type of short-term loan that allows you to borrow a small amount of money with your car’s title as collateral. Title loans are notorious for their high-interest rates and steep fees, and they can be risky for borrowers who don’t fully understand the terms of their loan.

If you’re considering a title loan in Shelly, Minnesota, it’s important to know the laws, regulations, and risks associated with this type of loan. This article will provide you with all the information you need to make an informed decision.

How Title Loans Work

Title loans function similarly to other types of secured loans. To obtain a title loan, you must first own a vehicle with a clear title. The amount of money you can borrow depends on the value of your car. Most lenders allow you to borrow up to 50% of the car’s value, with loan terms typically ranging from 30 days to six months.

Once you agree to the terms of your loan, you will hand over your car’s title to the lender, and they will place a lien on the title. You will then have a set amount of time to repay the loan, along with interest and fees. If you are unable to repay the loan on time, the lender may repossess your car.

Applying for a Title Loan in Shelly, Minnesota

Applying for a title loan in Shelly, Minnesota is a relatively straightforward process. Most lenders allow you to apply online or in-person at a loan office. The application process typically requires you to provide your name, contact information, vehicle information, and proof of income.

After you have submitted your application, the lender will evaluate your car’s value and determine the amount of your loan. This process usually takes less than an hour, and you can receive the funds as soon as the same day.

The Risks of Title Loans

While title loans are legal and popular in Minnesota, they come with significant risks that borrowers need to be aware of. The biggest risk of a title loan is the high-interest rate and fees. Most lenders charge fees ranging from 25% to 50% of the loan amount, which can add up quickly.

Another risk of title loans is losing your car. If you are unable to repay the loan on time, the lender has the right to repossess your car. This can be a significant problem for people who rely on their car for work or essential daily activities.

Interesting Facts and Statistics about Title Loans in Shelly, Minnesota

  • In Minnesota, the average title loan amount is $1,000.
  • The interest rate on title loans in Minnesota can be as high as 272%.
  • More than 50% of borrowers who take out a title loan end up rolling it over, meaning they take out a new loan to pay off their current loan.

Apply Now

If you’re interested in applying for a title loan in Shelly, Minnesota, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is quick and easy, and we’ll work to find a lender that meets your specific needs and budget.

It’s important to note that we are not a direct lender. Instead, we act as a connector service, facilitating your connection with potential lenders. Before you agree to any loan terms, make sure you fully understand the terms and risks associated with your loan.

In conclusion, title loans can be an effective way to get quick cash in Shelly, Minnesota, but they come with significant risks. If you are considering a title loan, make sure you fully understand the terms and risks associated with your loan. And remember, TheGuaranteedLoans can help connect you with potential lenders to get the best deal possible.

Useful Articles

Title Loans Available in Shelly, MN By The Following ZIP Codes:

56581

Shelly, MN title loan calculator

Frequently Asked Questions About Car Title Loans in Shelly, Minnesota

Are title loans in Shelly, Minnesota regulated?

Yes, title loans in Shelly, Minnesota are regulated by the Office of Consumer Credit Commissioner.

Are there any restrictions on how I can use the money from a title loan in Shelly, Minnesota?

No, there are no restrictions on how you can use the money from a title loan in Shelly, Minnesota. You are free to use it for any purpose you see fit.

Advise to read before applying

Look for Title Loans in Other Cities:

Andover Burnsville Cottage Grove Duluth Eden Prairie Inver Grove Heights Lakeville Mankato Minneapolis Minnetonka Moorhead Rochester Savage Shakopee
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