U.S. consumers have come a long way in recovering from The Great Recession, however there are many that are still facing difficulties getting back on their feet. The severe economic downturn resulted in many consumers coming out on the other side with less than stellar credit ratings. For many people needing to pay their bills, short term loans have historically filled this gap. Unfortunately, for those with poor credit, traditional lending institutions are no longer servicing consumers with credit ratings below a certain threshold.
A New Industry Gains Ground
This market dynamic has led to an influx of other, non-traditional lending institutions to fill this void. One such institution is a title loan company. Title loan companies provide short-term loans to consumers in exchange for a title to a piece of collateral, which in many cases is an automobile. Because the loan is tied to an automobile title, it can be processed relatively quickly, which makes this attractive to consumers requiring a quick infusion of cash to pay their bills. Title loan companies are filling a market need that traditional lending institutions used to address, and have experienced significant market growth as a result.
Because title loans are paid out primarily in cash, title loan businesses must have large amounts of cash on hand to service their customers. Title loan companies also receive many of their loan payments in cash, and therefore require an end-to-end cash management solution to control and automate the inflow and outflow of cash to help them run their business. This is an area where Tidel can help.
Managing Title Loan Cash with the Help of Tidel
With its wide array of cash management solutions, Tidel can assist title loan companies in securing, automating, and streamlining their cash-centric business. One such solution, the Tidel Series 4e, can manage cash deposits, as well as several other functions enabled by its industry-leading expansion peripherals. The Tidel Series 4e allows organizations to scale their capabilities for note deposit, disbursement, and validation in addition to recycling and dispensing of coins. With Tidel smart safes, all cash transactions are securely recorded, enabling a complete audit trail of all cash transactions. These records can be accessed remotely, allowing title loan companies with multiple locations to access detailed, accurate and current performance results from any store up the chain.
The Tidel Series 4e is a complete system that provides separate vaults for automated note acceptance and manual drops of alternative currencies, such as checks or money orders. Tidel’s note dispensing systems can also be easily connected to the Series 4e, offering complete security and automation in dispensing of bulk notes. Note dispensers are invaluable tools for the title loan industry, as they provide an automated way to quickly disburse cash to customers seeking short-term loans. The note dispenser works in harmony with the Tidel Series 4e by independently ensuring accurate accounting of received and disbursed funds. The system is easy to operate by store employees and indispensable to managers who no longer need to make daily bank runs.
With the growth of the title loan industry, smart businesses employ cash management systems that can scale up or down as demand requires. The Tidel Series 4e is a completely scalable solution that provides complete automation of all cash transactions, allowing title loan companies to better service their clients. Supplementing the Series 4e solution is a range of supported peripherals that make the system far more dynamic than any other in the market.
To get Tidel working for your Title Loan business, or to learn more about the Tidel Series 4e or compatible peripherals, visit Tidel.com today.