More consumers are turning to alternative finance
options, as the underbanked are left with very few methods of obtaining loans. These options include short term lending
companies, such as short term and title lenders, which give individuals access to forms of credit, when they would not otherwise be able to obtain necessary money.
TitleMasters is an example of a short term lender that is expanding its operations throughout the country. The company, which provides consumers with loans using car titles as collateral, recently announced that it will be opening up a storefront in Arlington, Texas. The company made the decision to open a location in the city due to the fact that many residents were negatively impacted by the recent economic downturn and were left without options for obtaining money to make ends meet. "Our mission is to make it as easy and accessible as we can for people to receive cash," said Robert Gaspard, vice president of TitleMasters. "By expanding our service area we're trying to bring new options to communities that need it the most. I believe we can make a difference in Arlington." Virginia is another area of the country that is seeing an increase in title lenders. The State Corporation Commission conducted a study that revealed approximately 105,000 consumers in Virginia took out these loans, reports The Virginian-Pilot. Short term loans were also popular, as more than 147,000 consumers took out these types of financing options.