ChoiceCash, a leading title loan brand offering subprime customers responsible access to credit by using their paid-off cars, trucks or SUVs as collateral, has released data on the changing composition of title loan originations by fuel type and manufacturer.

Based on loan origination data from its launch in 2019 through Q1 2024, ChoiceCash is observing a growing share of title loans being secured by electric vehicles (EV), however growing from a very small base of 0.04% in 2019 to 0.37% in Q1 2024. At 97.89%, vehicles powered only by internal combustion engines (ICE) still account for the vast majority of title loans, down from 99.38% in 2019.

Tesla cars accounted for 71% of ChoiceCash loans secured by an EV during that time, reflecting the company’s high EV market share in the United States.

Analysis of all ChoiceCash loans secured by vehicles that are not purely ICE-powered revealed Toyota as the largest manufacturer, reflecting Toyota’s long history of mass-producing hybrids for the United States market. The Toyota Prius by itself accounted for almost one third of loans secured by EVs, Hybrids and Plug-in Hybrids.

About ChoiceCash:

ChoiceCash is a vehicle-secured loan option for borrowers from all walks of life. Serving customers in more than 20 states, including Florida, Texas, and North Carolina, 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: media@choicecash.com

As of February 15^th 2024, Alabama residents are now eligible to access ChoiceCash Title Loans, serviced by LoanMart. With a ChoiceCash title loan in Alabama, qualified borrowers can use their paid-off car or truck to get funding up to $15,000.

When getting a ChoiceCash loan, Alabama borrowers can expect the same benefits that ChoiceCash customers in other locations have enjoyed since its launch in 2019, which include:

• A fast application and funding process
• Multiple ways to receive loan proceeds, including ACH deposit, debit card deposit, or cash pick-up at a participating money transfer location
• Competitive interest rates and affordable monthly payments
• Several convenient ways to make a payment
• Online account access to manage the loan

Alabama residents who would like more information or submit a loan application can visit the ChoiceCash website, or call 855-562-6055 to speak with a loan representative.

About ChoiceCash:

ChoiceCash is a vehicle-secured loan option for borrowers from all walks of life. Serving customers in more than 20 states, including Florida, Texas, and now Alabama, 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: media@choicecash.com

As the last quarter of 2023 closes and we enter 2024, recent economic indicators point to cooling inflation levels, but not enough to completely offset the high cost of living in various states throughout the country. California, Hawaii, and Maryland have experienced exorbitantly higher living costs since 2020, when the global pandemic hit its peak and inflation started to rise. In contrast, other states have seen more modest increases and have managed to withstand the economic shocks of the pandemic with more resilience, though they have not been immune to the recent events. According to Forbes Magazine, as of 2024, some of the most affordable states to live in include Mississippi, Kansas, Tennessee, Oklahoma, and Indiana.

In a post-pandemic world, Americans still face financial pressures caused by high inflation rates, although the price of food, shelter, and miscellaneous goods and services is slowing down for the first time in years. Some states have a lower cost of living than others, but overall, the cost of living in the United States has increased significantly over the past few years, subsequently increasing consumer spending and significantly impacting households, businesses, and the economy as a whole.

Many Americans, whether they live in one of the most expensive or most affordable states in the U.S., may turn to vehicle-secured loans such as ChoiceCash title loans serviced by LoanMart in order to make ends meet.

Below is data recently released by ChoiceCash that provides valuable insights into the average ChoiceCash title loan amount and the percentage of loan volume in 5 of the most affordable states to live in:

In terms of the most affordable state to live in, with 1.81% of loan volume, Indiana was the second largest state for ChoiceCash, and Oklahoma topped the list with 3.62% of funded loans in 2023.

Residents looking for title loans in Oklahoma, title loans in Mississippi, or title loans in Indiana will need several pieces of documentation to be considered for approval, including a valid, government-issued photo ID, proof of residence and income, a qualifying vehicle title, and several photos of the vehicle.

Contact information: media@choicecash.com