High Cost of Living Pushes Many L.A. Residents to Get Car Title Loans

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According to the 2010 U.S. Census Bureau data (the most recent year available), the cost of living in Los Angeles is 36.4% higher than the national average. With so many residents scraping by paycheck to paycheck, many take out car title loans to afford unplanned financial expenses.

It is no secret that the cost of living in Los Angeles is high, and when looking at the most current U.S. Census Bureau’s Cost of Living Index from 2010, residents start to understand exactly how high. Factoring in expenses like grocery items, utilities, transportation, health care, miscellaneous goods and housing, the average cost living in L.A. is 36.4% higher than the national average. Housing alone stands 107.1% higher than the rest of the United States. Los Angeles Car Title Loans notes that L.A. residents increasingly apply for car title loans to help make ends meet when the cost of living is so extreme.

The recession took a huge bite out of Californian’s finances, and even those who had extra saved up in preparation for the unexpected are running out of funds. Some people cannot afford their bills, and after racking up debt and bad credit over the past few years, they are now suffering the consequences. Hundreds live paycheck to paycheck and do not have extra saved up to pay for unexpected expenses, like urgent medical bills or a flight to visit an ailing family member.

Car title loans, often referred to as auto title loans or pink slip loans, are a viable option that a growing number of Californians seek out to help afford unplanned expenses. By using a car to secure a loan, lenders offer borrowers a large sum of money in exchange for a car title. Borrowers get to keep driving their car while paying off the loan— another huge perk.

Because the amount of the loan is based solely upon vehicle value, the borrower’s credit history usually does not come into play. Also, eliminating the credit check process speeds up the approval time. Borrowers can apply and receive their money all in the same day. Los Angeles residents who need to pay for an immediate emergency expense can seek solace in Los Angeles Car Title Loans as an increasingly popular loan option.

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Laura Janota
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