From car title loans to online loans to personal loans, loans are incredibly common here in the United States. After all, only around 30% of all American adults have even just $1000 saved for emergency uses, meaning that the vast majority of us do not have large sums of money lying around in just about any capacity. The use of loans can help the average and everyday person to finance larger scale purchases, allowing them to sustain their lifestyle.
For instance, car title loans are incredibly common when it comes to buying a car. Car title loans have become so common, in fact, that more than 100 million people in the United States have some type of auto loan. To further drive home this point, it can be seen that more than $568 billion of car loans are owed all throughout this one country alone, let alone in other places all throughout the world.
It makes sense that car title loans have become so popular here in the United States, as the cost of a brand new car now exceeds $31