LOS ANGELES, Jan. 29th, 2024 / PRNewswire / —
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:
|% of Loan Volume
|Average ChoiceCash title loan Amount
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.
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