Continued adoption of Debit Card funding reported by ChoiceCash in Q3 2023

VAN NUYS, Calif., Oct. 27, 2023 /PRNewswire/ -- As the third quarter of 2023 has come to an end, ChoiceCash is reporting a continued shift of consumer preferences to receive speedy loan disbursement via debit card transfer.

In Q3 2023, 60.8% of ChoiceCash customers opted to receive their loan proceeds via debit card transfer, as compared to 57.8% for the same quarter last year. At 25.7%, the second most popular disbursement method in Q3 was cash pickup at a participating money transfer location, followed by 11.0% of customers who decided to receive loan proceeds via authorized ACH transfer. At 9.2%, Chase Bank and Bancorp Bank were the largest issuing banks for the debit cards to which ChoiceCash loans were disbursed.

The increasing share of debit card disbursements has primarily reduced the percentage of loans that are completed via bank wire transfer, which has decreased from 11.4% in the third quarter of 2022, to less than 2% in the third quarter of 2023. Using their existing debit cards to receive their loan proceeds, ChoiceCash customers can take advantage of the fast processing speed that comes with this disbursement method, while not having to worry about being charged incoming wire fees by their banks.

To find out more about ChoiceCash, visit the home page at www.choicecash.com, or read the ChoiceCash reviews.

About ChoiceCash

Launched in 2019, ChoiceCash is a vehicle-secured loan option for borrowers from all walks of life. Serving customers in Texas, Florida, Ohio and more than 20 additional states, ChoiceCash has grown to be a premier funding option, with more than a million loan inquiries processed! ChoiceCash title loans come with manageable qualification criteria for applicants with less-than-perfect credit, and offer competitive interest rates and loans terms. 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