What is a title loan?

A car title loan is a means of short term financing in which a borrower uses their vehicle title as collateral to get the loan. What makes title loans different than regular loans is that anyone who owns a vehicle has a good chance of being approved.

Where can I get a title loan?

Title loans are available from coast to coast, but where you choose to get your loan should be based on your financial needs. How much cash are you looking to get? How long do you need to pay it back, and how much can you afford to pay for the scheduled payments? Midwest Title Lender offers title loans in many locations across the Midwest, and we work with our clients to establish loans that meet their specific needs. Check out our list of title loan locations.

Can I really use my car title to make money?

Yes, because your car is very valuable. It’s worth thousands of dollars, which makes it a valuable asset, and valuable assets make great collateral. Title loans are based on collateral, not your creditworthiness. Banks use credit checks to see if you’re worth the risk of lending money. Midwest Title Lender isn’t concerned about your credit history. We believe anyone willing to put up their car title is a worthy candidate for title loans.

How much money can I borrow from Midwest Title Lender?

Thousands of dollars are just waiting for you. The exact amount depends on how valuable your car is and the laws of your state. Some states allow higher amounts than others.

How long does it take to get the money?

You could have cash in your hands within hours of applying for a title loan.

Interest rates are really high, aren’t they?

Interest rates vary from one lender to another, and Midwest Title Lender makes every effort to offer competitive interest rates that make loans affordable for our customers.

When do I find out if I am approved?

Once you apply for a loan, you get a loan estimate. That estimate lets you know you are approved and the amount of money you could potentially receive.

Why get a title loan?

The need for money is why you choose to get a loan, and while there are several ways to get that cash, title loans offer the fastest and easiest way. You’re using collateral, which speeds up the process and allows your lender to put money in your hand within hours of you applying for the loan.

Why use Midwest Title Lender?

Midwest Title Lender offers a convenient, easy and quick way to get you money. Our interest rates are competitive, we don’t check your credit, and we work with you to establish a loan that meets your financial needs.

How does the title loan process work?

  • Everything starts with your title loan application, which only takes a few minutes to complete.
  • You get a loan estimate and discuss loan options with a Midwest Title Lender associate.
  • Bring your vehicle in for an inspection and give us the title.
  • Accept your loan money, and keep your car to use while paying off the loan.
  • Pay off the loan, and get your title back.

How do I apply?

For the online application, just select the make, model, style and year of your vehicle from the available options. Add your vehicle’s mileage, your name and contact information, and submit.

How long does it take be approved?

With short and quick applications, you can be discussing final loan arrangements with a Midwest Title Lender associate within an hour of applying. Most applicants are approved and have their money in less than a day.

Do I have to give a reason for wanting a title loan?

Midwest Title Lender does not need to know why you are applying for a title loan. Your reasons are your own, and we leave it that way.

Is this a confidential process?

Midwest Title Lender values the privacy of every client, and we don’t share your personal information with others.

How do I qualify for a title loan?

There are very simple requirements for customers to qualify for title loans.

  • You must be old enough to get a loan, which is 18 years old.
  • You must have government-issued identification to prove you are who you say you are.
  • You must have an income so you can afford to pay us back.
  • You must own the vehicle used a loan collateral, and it must be lien-free.

Does my income have to be from a job? I don’t work.

Having a job is a great way to show us you have the means to pay back the loan, but jobs are not the only way to get an income. Many retired people find themselves in need of some quick cash, and use title loans to meet their need. Their retirement benefits are a valid source of income. Title loan clients may also get their money from disability payments, unemployment benefits, alimony or another type of income. As long as you have the income to pay the loan back, you will meet this requirement.

Do I need a bank account?

A bank account is not required for title loan approval.

What is a lien-free title?

Lien-free means there are no more payments to make on the vehicle and there are no outstanding judgments against it.

Does my vehicle need to be paid off?

Your vehicle does need to be paid off. If it is not paid off, whoever you are making payments to has a lien against your vehicle. Vehicles must be lien-free to get a title loan.

What type of vehicle can I use?

Cars, trucks, SUVs and motorcycles can be used as title loan collateral. Ask us about other vehicle options.

Do you keep my car?

We keep your car title. You keep your car.

Does the title need to be in my name?

Your name must be on the title as the vehicle’s owner in order to qualify for a title loan. If more than one name appears on the title, talk to a Midwest Title Lender representative to find out how to resolve this issue, and get a loan.

How do I get my title back?

Pay off your loan, and your title will be returned to you.

What if I have bad credit?

Bad credit is not a problem. All credit types are welcome to apply for our title loans because financing is based on collateral. Your vehicle’s value carries more weight than your credit score.

What if I have a bankruptcy?

Bankruptcy comes with restrictions and limitations, but it does not necessarily keep you from getting a loan if you apply with the right lender. There are options for customers with a bankruptcy on their record, and we are willing to work with them to find a loan that works with their specific needs.

Will there be a credit check?

No. A credit check is not necessary.

What if I have lots of debt or credit card bills?

Who you owe and how much you owe is not our business, and we don’t consider it relevant to our loan process. As long as your qualify by being at least 18, having an income and owning a lien-free vehicle, you can get a collateral-based title loan.

What if my FICO score is low?

Whether it’s low or high, it doesn’t matter. There is no credit check, so the only way we will know your FICO score is if you tell us the number.

When are loan payments due?

Loan payment dates are different for each client. You will set up a payment plan when you establish a title loan. In addition to pre-determined payment dates, the plan also includes the payment amount and number of payments due.

How do I make payments?

How you make payments is determined at the time you finalize your loan. Options for payments vary between customers and may depend on your state of residence.

Is there a penalty for paying off my loan early?

There is no penalty for early loan payoff.

What happens if my payments are late?

If you pay your loan notes late, you could be charged a late payment penalty. We may be forced to start collection proceedings, such as calling you or contacting you by mail or email. In some instances, a delinquent account may be sold to a third party, and customers must then deal with the third party to settle the account.

What happens if I default on the loan?

Midwest Title Lender makes every effort to structure loans so that clients can afford to pay them back. Unfortunately, sometimes a loan will go into default. When that happens, the client risks having their vehicle repossessed and sold so that we can recover the outstanding loan balance.


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