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Car Title Loans, Auto Title Loans, Payday Loans - Thriving Businesses in a Recession

While our Chinese translation businesses have been hurt by the economic recession, car title loans, auto title loans, and payday loan companies have been doing extremely well.  It seems that the consumer title loan industry is just one of the few spots in this economy.

by Samuel Chong
November 24, 2009

Los Angeles, California.: The recent economic recession has been hurting almost every industry, including ours.  Abacus Chinese Translation Services have received less businesses compared to last year, or the year before.  However, businesses such as car title loans, auto title loans, and payday loans seem to be doing extremely well, with companies having much better earnings compared to a year ago.  It's hard to choose a good title loan or payday loan company, though, at least for consumers.

We have seen the advertisements of car title loan companies.  "If you have a car that's paid off or almost paid off, and you need cash, you can get cash in less than 1 hour". Advertisements of similar content are everywhere.  Indeed, we have seen many pawn shops or payday loan shops in some of our neighborhoods as well.

So, what's happening here? "I have been very jealous of them, seeing them doing so well while I am suffering here, trying to payoff my college loans", says Sunny Zheng, one of the translators at Abacus Chinese Translation Services.

It is true that payday loan, car title loan, or auto title loan companies can make more than 20% returns just in a few months.  That is a much better return than the rate of return of the investments of Warren Buffett, the second richest person in the United States.

So, if these title loan companies are able to make such high returns, does that mean that consumers that use their services will be hurting?

"We are just helping those who need cash.  If they are willing to use their car as a collateral, then we will help them out by giving them cash, as long as they pay us the money back, with interests".  Says one of the representatives of a car title loan company.

While the representative has not disclosed the percentage of the interest rates to us, it is quite high.  Some people have posted articles and complained about some of the car title loan companies.

True, it is hard to choose a good car title loan company.  Related stories can be found at Car Title Loans or Auto Title Loans.  Any comments on how to choose a good car title loan, or payday loan company?  Should we use their services at all?  Please contact us and write to us about it.

Thank you.

This article can also be found at http://www.certifiedchinesetranslation.com/09/1124-car-auto-title-loans-recession.html