Scholarship Winner Explains How Millennials Are Disrupting the Loan Industry

MaxCash Title Loans Scholarship Winner Rachel Clayton Reveals Why Her Generation is Gravitating Toward Car Title Loans

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Mar 07, 2018, 05:44 ET

TEMPE, Ariz., March 7, 2018 /PRNewswire/ -- In an effort to assist young people with the mountain of student loan debt they acquire in college, MaxCash Title Loans and parent company Tradition Media Group began offering scholarships for students in 2017. Winners are chosen based on a written essay describing the challenges of paying their bills and how their generation acquires the extra money they need.

Millennials embrace car title loans as a great option

"The past generations have turned to payday or other unsecured personal loans to get emergency cash," Fred Winchar, CEO of MaxCash Title Loans, explains. "However, those types of companies tend to take advantage of people with sky-high interest rates and unfavorable terms. Millennials have recognized that using payday services is an unwise decision and that car title loans are a much better option for their needs."

Rachel Clayton, this year's scholarship winner, wrote a well-researched essay that impressed the judges with its candor and facts. She stated that millennials want to do work that matters to them, but that this often comes with low paychecks or extra years of schooling and that it can be difficult to make ends meet. She also referenced how millennials tend to have poor or no credit and that car title loans, which rarely takes credit scores into account, are the perfect option for a generation that cannot yet qualify for traditional loans.

"We were very impressed with Rachel's essay because it illustrated what we in the industry have known for a long time," Winchar commented. "We've seen a 229 percent increase this year in car title loans among the 18-30-year-old population, and it's due to many of the factors that Rachel wrote about. This group of young people are now aware that payday and similar loans will end up hurting them in the end and are looking for better options. We're proud that millennials are working to make our country a better place to live, and we strive to make it easier for them to do so through easy-to-obtain loans that can further their goals."

As stated in her essay, Rachel and others in her generation are quick to utilize new technology to help them budget and are also open to non-traditional ways of making extra money such as being nannies for tweens and providing video tutoring for other students. However, she points out that this is often just enough to get them by as they work toward a degree and that they often need extra help when a large bill is due or they have a medical emergency. The added benefit of being able to continue driving their vehicles as they pay back the loan is vital as millennials need reliable transportation to get them to school and to their jobs. "Car title loans fit the mold of what millennials need," she states. "They're quick, easily accessible, and manageable. Possibilities are endless for us with these types of loans."

Media Contact:
Fred Winchar
480-498-3940
[email protected]

Related Images

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Millennials disrupt car title loan industry
Millennials embrace car title loans as a great option

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Rachel Clayton
Scholarship Winner and researcher

Related Links

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Millennials embrace title loans article

SOURCE Tradition Media Group