Car Title Loans in Minnesota2026 Guide
Car title loans are prohibited in Minnesota under small loan regulations (Minn. Stat. § 47.60). Learn state rate caps, commerce department standards, and legal alternatives in 2026.
Legal Status & Regulations
Governing Law
Minn. Stat. § 47.60
Last Reviewed: April 2026
Law Summary
Car title loans with high APRs are illegal in Minnesota under Minn. Stat. § 47.60, enforced by the Minnesota Department of Commerce. Statutory rate caps prevent title lenders from issuing high-cost vehicle-secured loans to Minnesota consumers.
Real Rate Example in Minnesota
A $1,500 loan in Minnesota at a typical market rate of APR over 30 days would result in approximately $150 in interest and fees. Always compare multiple offers to find the most competitive rate.
What Documents You Need
- A clear vehicle title in your name
- A valid government-issued ID (Driver's License)
- Proof of residency (Utility bill, etc.)
- Proof of income or ability to repay
- The vehicle itself for a quick inspection
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Title Loans Union Editorial Team
Loan Regulations & Guides
Our editorial team monitors state statutes, interest rate ceilings, and car title loan regulations across all 50 states. We analyze legal statutes, state regulatory filings, and consumer protection policies to provide clear, unbiased analysis of borrowing requirements and costs.
*Last reviewed: June 2026. Always verify with your state's financial regulatory body before applying. Laws change frequently.
Quick Info Card
Max Loan Amount
N/A
Max APR / Rate
N/A
Loan Term Range
Varies
Governing Body
MN Department of Commerce