ChoiceCash publishes two new data studies highlighting title loan application trends

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Sep 27, 2024, 23:30 ET

VAN NUYS, Calif., Sept. 27, 2024 /PRNewswire/ -- ChoiceCash, a leading title loan brand offering auto equity loans to subprime borrowers in more than 20 states, has published two new data studies highlighting title loan application trends.

Published on September 10^th 2024, the first data study covering average credit scores for title loan applicants reveals that the ChoiceCash product offers consumer credit to applicants with a credit profile that is well below the national average. The product-wide credit score average of 557.6 for year-to-date applications through end of August is largely consistent for applicants from all regions within the United States, ranging from 545.3 in the Northeast to 559.6 in the West.

Published on September 18^th 2024, the second data study highlights title loan customer payment trends by payment method, region and loan disbursement method. This study reveals that ChoiceCash title loan customers have a clear preference for making payments using electronic payment channels, accounting for more than 90% of payments. Looking at payment channel preferences based on how the loan proceeds were disbursed at the inception of the loan, the study finds that customers' preferences for receiving loan funds also reflect in the channels they choose for making loan payments. The study concludes that ChoiceCash's online title loan product offer, which includes multiple ways to both receive loan proceeds and make loan payments, allows title loan customers to transact consistent with their financial preferences.

About ChoiceCash:

ChoiceCash is a vehicle-secured loan option for borrowers from all walks of life. Serving customers in more than 20 states, ChoiceCash has grown to be a premier funding option, with more than a million loan inquiries processed.

The ChoiceCash loan is made by Capital Community Bank, a Utah Charted bank, located in Provo, Utah, Member FDIC. All loans will be serviced by LoanMart. Loan proceeds are intended primarily for personal, family and household purposes. All loan applications are subject to meeting Capital Community Bank's credit criteria, which include providing acceptable property as collateral. Customers need to demonstrate ability to repay the loan.

Contact information: [email protected]

SOURCE ChoiceCash Title Loans