Even though an applicant’s credit score is not the primary factor for determining if a title loan application is approved, ChoiceCash does utilize a credit pull when processing loan applications. Based on 2024 year-to-date application data through August 28th, ChoiceCash is pleased to report the below average credit score trends for title loan applications by Census Region and State.
The average credit score by Region was in a relatively narrow band, ranging from 545.3 in the Northeast Region to 559.6 in the West Region. The overall average was 557.6, reflecting the fact that title loan applicants tend to have below average credit.
The average credit score by state was in a wider band, ranging from 545.3 in Rhode Island to 584.0 in Idaho.
The states with the lowest average credit score for title loan applicants include Rhode Island, Montana, Arkansas, North Carolina and Delaware, with average scores ranging from to 545.3 to 554.1.
The states with the highest average credit score for ChoiceCash applicants include Utah, Missouri, Kansas, Nebraska and Idaho, with average scores ranging from 563.5 to 584.0.
With the average credit score in the United States reported to be around 705 according to Equifax (based on VantageScore® data from 2024), ChoiceCash applicants in all states had an average credit score well below the national average.
Contact: media@choicecash.com