? Are Title Loans Allowed in Michigan?
Yes, you’re allowed to apply for a loan against your car as a resident of the Wolverine State. If you need fast cash and have a car title in your name, consider applying for title loans in Michigan! You can use your qualifying car or truck title as collateral for the loan and access up to half of your vehicle’s value.1
With a Michigan title loan, you are essentially borrowing against your vehicle’s value to get emergency funding. If you’re fully qualified for a title loan, you’re allowed to use your funding to pay for any type of personal expense and you can maintain access to your car during the repayment process! As long as your loan stays in good standing, you’ll be able to keep your keys and drive wherever you need to go.
Even if you have poor credit, you can apply for ChoiceCash car title loans in Michigan today if you need fast funding to get back on your feet! If you meet the requirements and provide the right documents, you can get your funds in as little as one business day. Complete a short questionnaire online now to see if you are instantly pre-approved!1
What are the Requirements for a Title Loan in Michigan?
Applying for online title loans in Michigan can be simple, but you are required to meet the lender’s requirements in order to get approved! Typically, that means you must be of legal age to apply for a loan and be able to meet the other important application criteria for a Michigan title loan:1
- Have a Michigan-Issued Car, SUV, or Truck Title in Your Name
- Be Able to Provide Documentation that Verifies Your Ability to Repay the Loan
- Have a Car With a Qualifying Amount of Positive Equity
You don’t need a brand new job or a new car to qualify for a Michigan title loan! Your eligibility for a title loan and your loan amount will be predominately based on two factors:
- Your Car’s Value
- Your Ability To Repay the Loan
As long as your car has enough value and you can prove your ability to handle the title loan payments, applying for a car title loan in Michigan can be simple and streamlined!
On top of meeting the requirements, you will need to have the following documents on hand during your Michigan title loan application:
- Recent Credit Card Statements, Utility Bills, or Phone Bills to Verify Your Current Address in Michigan
- Several Recent Photos of Your Car’s Interior and Exterior, Including the Odometer Reading and VIN
- A Valid, Government-Issued Photo ID Card, Like Your Michigan Driver’s License or a U.S. Passport
- A Qualifying Car Title in Your Name
- Proof of Income Through Bank Statements, Pay Stubs, etc.
When applying for a ChoiceCash title loan serviced by LoanMart as a Michigan resident, you can upload your paperwork and vehicle photos online through the document portal! If you prefer to send everything through email or text message, just let your loan officer know during your application. Once all of your documents and pictures have been reviewed by a title loan agent, you can find out if you are fully approved for the cash you need!1
How to Apply for Online Title Loans in Michigan?
There is a convenient, three-step way to apply for the cash you need as a resident of Michigan! Below is a list of the streamlined steps that you can take to apply for a ChoiceCash title loan serviced by LoanMart:1
- Choose How to Apply: You have the option to begin your application for car title loans in Michigan over the phone or online! Simply call 855-422-7402 or complete a short prequalification form online to get started.
- Send in Your Paperwork: You’ll be asked to submit your paperwork to verify your information if you are pre-approved for a car title loan in Michigan! A loan officer will review all of your documents for completeness.
- Get Your Money: If you are fully approved for a Michigan title loan, you can sign your loan agreement and get your funds in as little as 24 hours! There are a few different ways you can receive your ChoiceCash title loan proceeds, including through a direct deposit to your bank account! You also have the option to get a check in the mail, have your funds added to a debit card, or simply pick up your cash at any participating money transfer location in Michigan.
What are the Benefits of Car Title Loans in Michigan?
Michigan car title loans can be a convenient way to access cash when you’re in a tough spot. But did you know that you can take advantage of other benefits by qualifying for ChoiceCash title loans? On top of fast funding, you can expect the following benefits if you qualify for ChoiceCash car title loans in Michigan:1
- Flexible Online Application Process: When you’re facing a tough financial emergency, you need a loan option with a simple application process that can provide fast relief. There is no store visit required to apply for a ChoiceCash title loan! You can submit your loan request from the comfort of your home and access a streamlined title loan application.
- Freedom With Your Money: Although the cost of living in Michigan is lower than the national average, many residents could be struggling with unexpected expenses or other financial issues. If you qualify for a Michigan title loan, you are able to use your loan proceeds to pay for rent, overdue bills, or any other kind of personal expense!
- Different Ways to Pay Back Your Loan: You will have a few different options to repay your ChoiceCash car title loan serviced by LoanMart. Everyone’s finances are different, and everyone has different ways they may prefer to pay back their loan proceeds! Some of your options to repay include paying through an online customer portal or paying in person at a participating money transfer location in Michigan. Choose the option that best suits your financial situation and preferences, but always remember to stay on top of your payments to avoid defaulting on your loan!
Other perks that come with qualifying for a ChoiceCash title loan include flexible loan terms and competitive interest rates! If you have any questions about applying for online car title loans in Michigan, don’t hesitate to dial the toll-free number today.
How Much Can I Get through Title Loans in Michigan?
It depends! The greater the value of your car or truck, the more you can potentially get through a Michigan title loan – as long as you can prove that you are capable of paying the loan back! Remember that you are required to provide proof of income during your loan application because it is one of the primary factors used to determine your eligibility for a loan, along with your total loan amount.1
It’s possible to receive up to $15,000 through a ChoiceCash title loan serviced by LoanMart! Use ChoiceCash’s online title loan calculator to get an instant title loan quote with zero obligation today.
How Long Does It Take to Get a Car Title Back in Michigan?
After you’ve paid off a loan against your car, you will own your vehicle free and clear! If your lender participates in Michigan’s Electronic Lien and Title (ELT) program, your title record is digitally updated to show that a lien is not present on your car’s title. You will automatically receive a paper title in the mail from the Michigan Department of State a few weeks after the final payment on your loan has been processed by the lender.
Getting Title Loans with Bad Credit in Michigan
Whether you are submitting your application from Detroit, Grand Rapids, Warren, or anywhere else in Michigan, you can expect a flexible and convenient application process! You don’t need a perfect credit score to qualify for the fast funds you need because car title loans often have less strict credit requirements in comparison to traditional bank loans.1
If you are just searching for quick funding to deal with unexpected expenses, a car title loan can be an option to consider – even if you have bad credit! Submit a pre-approval form online or call 855-422-7402 to speak with a ChoiceCash title loan officer today. You can get your money in as little as 24 hours if you qualify!
For the sake of convenience for Michigan customers, below is a map and list of just a few locations in the area, with many more statewide locations found here.
Frequently Asked Questions
What are the Title Loan Regulations in Michigan?
In Michigan, specific title loan regulations are in place to prevent predatory lending practices. Under Michigan law, borrowers must be fully informed about the interest rates, fees, and repayment terms before entering into a title loan agreement.
What are the Requirements for Title Loans in Michigan?
The initial requirements for title loans in Michigan can be straightforward. You must be an adult at least 18 years of age, have a title to a qualifying car in your name, and be able to demonstrate the ability to repay your title loan.
Will a Title Loan in Michigan Hurt My Credit?
If you default on your title loan in Michigan, that can hurt your credit score. Fortunately, with ChoiceCash title loans, you have many different ways to repay your loan! You can set up automatic payments, pay by phone, or visit a participating money transfer location in your area to pay in person.
How Much Money Can I Get from Title Loans in Michigan?
The amount of money you may get from title loans in Michigan will primarily depend on the value of your car and your income! You can use ChoiceCash’s calculator tool to receive an equity estimate and a loan quote, free of obligation.1
How Fast Can I Get Approved for a Title Loan in Michigan?
With ChoiceCash title loans in Michigan, if you meet the initial requirements and submit the correct documents for verification, the approval process can be quick and simple. Qualified borrowers could receive their funds in as little as 24 hours!1
Demographic and Financial Statistics for Michigan
The below table provides some of the key income, loan, and financial statistics for Michigan, which are intended to give you a better understanding of how your financial circumstances compare to other Michigan 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:
| Average credit score (VantageScore®) | 710 |
| Average FICO® score | 719 |
| Average student loan debt | $36,974 |
| Average credit card debt | $5,787 |
| Average monthly car loan payment | $562 |
| Share of households that rent | 27.5% |
| Average rent | $1,346 |
| Median gross rent | $1,037 |
| Median value of owner-occupied housing units | $217,600 |
| Median monthly owner costs - with a mortgage | $1,521 |
| Median monthly owner costs | $587 |
| Number of bank branches | 1,949 |
| Median household income | $63,498 |
| Per capita income | $61,144 |
| Average ChoiceCash title loan amount | $4,503 |
What Locations in Michigan Can I Get a ChoiceCash Title Loan in?
ChoiceCash is proud to service residents all over Michigan including metro areas . Call 855-422-7402 to discuss your options with a loan expert. If you are looking to pay back your title loan in person, check out the city list below to see where your MoneyGram locations near Title Loans Michigan:
