The payday loan industry is seeing a steady decline in the number of borrowers as a result of high unemployment rates, reports Phoenix lender, 1-Stop Check Cashing. Families are instead turning to car title loans for quick funds.
The payday lending sector experienced a surge when families crippled by the economic recession found it more difficult to make mortgage, car, and debt payments in addition to paying for their basic daily needs. The rise in unemployment rates in Phoenix has made eligibility for payday loans decline, leaving many families for search for alternative loan methods to keep up with their bills.
“Payday loans are short-term loans that are secured with a paycheck, but unfortunately many men and women in the Phoenix area and other parts of Arizona are ineligible for them due to the state of the job market and their employment status,” says 1-Stop Check Cashing manager, Hector Garcia.
Car title loans up to $50,000 dollars are available to individuals with a clear car title. Car title loans are also desirable to consumers in that they do not require a credit check and the application process can be submitted online or over the phone. The entire process can be approved in less than one hour.
Article resource http://www.creditloan.com/blog/2010/04/05/unemployment-rates-causing-decline-in-payday-loans-in-phoenix/
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