Ottawa, Canada (PressExposure) December 18, 2009 -- BHM Financial a leading name in the Canadian Car Title loan industry is taking steps to ready itself for a busier than normal holiday season this year. With the economic downturn, a large number of Canadians are finding the holidays exceptionally difficult. With gifts, parties, big meals, and family gatherings depleting the bank accounts of a great deal of consumers, many are looking for alternatives to the "credit card trap" to accommodate their holiday spending. With a significant increase in the demand for bad credit loans over this holiday season, BHM has increased the number of staff available to serve their growing clientele.
Molly Wider, Regional Loan Manager for BHM commented on this move, "The numbers of applicants have been increasing steadily since the beginning of the financial crisis and we knew we had to be ready for the holidays. The big banks just aren't lending as freely as they once did. The economy has had a significant impact on the credit rating of many people who may have once had stellar credit." She continued, "Because the banks aren't willing to lend to those with poor credit, or no credit, the demand for car title loans has really risen, especially during the holidays when people need money the most. In order to be able to process the large number of loan applications and to continue to dispense funds, within 24 hours as we normally do, we simply had no other choice but to increase our number of employees."
BHM Financial specializes in secured loans called car title loans. These loans are intended for individuals with bad credit, or no credit and are secured by the value of the borrower's vehicle. The borrower retains possession and ownership of the vehicle at all times, but if the loan is defaulted, the company can claim the vehicle's title. BHM states that actually taking possession of client's vehicle has happened only in very rare circumstances because they do everything possible to ensure that a client can make their payments.
The company which offers loans of up to $10,000, claims that loan terms are flexible and can be made to fit the budget of the borrower. Additionally, BHM has emphasized that their increase in staff will allow them to accommodate any consumers looking to get fast cash before Christmas, and since credit rating is virtually irrelevant, the only thing required by a borrower is a car with which to secure the loan.