Riverside, CA (PRWEB) April 11, 2013
Car title loans have developed notoriety in Riverside, and across the country, as people toss around frightening terms like “repossession” and “high interest rates.” Despite the shaky reputation of the industry, it still grows. Why is this? MSN News points out a few reasons, including how only a mere 6-8 percent of borrowers have their cars repossessed. When used correctly, title loans are a great option for individuals and small businesses; it’s those who use them incorrectly who run into problems. Riverside Car Title Loans announces that the industry is growing simply because the public needs this resource in the wake of the recession.
Many take out car title loans to afford unplanned expenses like medical emergencies. The Principal Financial Group’s first quarter survey indicates that although U.S. workers generally feel more financially secure than last year, almost half of surveyed employees (49%) feel it would be very difficult to pay an extra $1,000 if an unexpected expense popped up in a given month. Only 40% of employees said they have enough money set aside in case they unpredictably lose a job. Car title loans provide ways for people to stay financially afloat when they have not prepared for the unexpected.
Some choose to take out car title loans when they have bad credit histories preventing them from getting a loan elsewhere. Not only do title loans allow people with bad credit to borrow money when needed, but they also give borrowers an opportunity to improve their credit scores. Many borrowers use title loans as a way to improve their credit. They even will take out a second loan soon after the first one is paid off to continue improving their credit.
Borrowers who choose car title loans in Riverside know that in order to get the most out of their loan, they should pay it back as soon as possible. Borrowers never get charged extra fees for paying off a loan ahead of schedule. Individuals and small businesses can rest assured, knowing Riverside Car Title Loans is there as a financial cushion when unexpected expenses arise.