VAN NUYS, Calif., June 14, 2024 /PRNewswire/ — ChoiceCash, a leading title loan brand offering auto equity loans to subprime borrowers in more than 20 states, has released data on regional title loan demand, based on loans originated between January and May 2024.
Based on credit extensions during the first 5 months of 2024, ChoiceCash is reporting the strongest demand from borrowers residing in the Southern United States, which accounted for approximately 62.5% of loans, followed by the Midwest region with 24.5%, and the West region at 12.5%.
Within the Southern region, the South Atlantic Division was responsible for almost 60% of loans, with Miami, Virginia Beach and Charlotte composing the top 3 contributing cities.
For the Midwest region, the majority of loan production was attributable to the East North Central Division with an 86.5% share of loans. Detroit, Cincinnati and Indianapolis made the top 3 list of cities for title loan production, contributing between 3.5% and 4.0% of loan volume in the division.
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]
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SOURCE ChoiceCash Title Loans
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