BHM Financial Group, a financing company specializing in secured bad credit loans, providing car title loans, mobile home and RV refinancing, is announcing their new affiliation with Payday Loan Chain The Money Stop, a Payday loan chain with locations in Alberta and British Columbia. As a result of this new relationship, The Money Stop is now able to offer larger, more flexible rates and terms, and loans to individuals with bad credit or even no credit in addition to their standard loans and services.

Molly Wider, Regional Loan Manager for BHM Financial explained the reason behind this new affiliation, “The Money Stop is a respected chain of Payday Loan Stores that until now were only able to finance smaller amounts with shorter lending terms. Because The Money Stop is offering financing through BHM, they are now able to offer their clients larger loans with more flexible rates and longer repayment terms regardless of the client’s credit history. This will permit The Money Stop to gain new business they might have otherwise lost due to not having the capability of offering these types of loans. BHM gains the added business brought in by individuals seeking loans from trusted local lenders.” She continues, “People don’t always feel comfortable applying for a loan online, and BHM has most of our application business on-line. Some clients might feel more comfortable applying in person, with a trusted local lender, and we are extremely pleased to be able to offer this service through The Money Stop. Through them, we can offer the more personalized, one on one service that we at BHM were previously unable to accommodate.”

In the past, payday lenders were only able to advance small sums, amounting to only a percentage of the client’s paycheque. In addition, repayment was due on the client’s payday with little flexibility in repayment terms. Now, due to its affiliation with BHM, The Money Stop will be able to offer car title loans from $1,000 to $10,000 with flexible repayment terms anywhere from 1 to 4 years in length. These new loans are called car-title loans and they are primarily given to individuals who cannot attain financing through standard financial institutions due to bad credit or no credit. The loans are secured based on the equity in the borrower’s vehicle and because of this security, the loans are awarded regardless of the borrower’s credit history.

The Money Stop will continue to offer all of the loans and services they previously offered and will simply add BHM’s car-title loans and mobile home and RV refinancing to their offerings. BHM assures that The Money Stop’s clients will observe the same fast and easy loan process as they have always experienced. Car-title loans can be approved in hours and funded in less than 24 hours and the process can all be completed at The Money Stop’s 2 Fort McMurray locations, as well as its Grand Prairie and Whitecourt locations in Alberta, and at their Fort St. John location in British Columbia.

BHM Financial Group is expanding throughout Canada and is currently accepting the registration of additional Payday Loan Affiliates. For more information about the affiliate program, or BHM Financial’s car-title loans, they can be found on the web at http://www.bhmfinancial.com.

Statistics released by the Society of the Irish Motor Industry (SIMI) showed that during September 2009 there were 2,259 new car registrations, a drop of 34.67 per cent in comparison to September 2008’s figure of 3,458 new registrations.

The year to date number is down by as much as 63 per cent on the figure to end of September 2008 to 55,136 from 149,059.

SIMI figures also showed that the number of imported used car registrations for September also fell from 5,139 to 3,428, which is a drop of 33.29 per cent for the same month last year. For the year to September, 42,285 used car registrations were applied for, a fall of 18.71 per cent for the same period last year.

A spokesman for the Society of the Irish Motor Industry, Brian Cooke said, "We have been running at 63 per cent behind last year so 33 per cent down in September might appear to be somewhat of an improvement but this is not actually the case. The September figure needs to be viewed in the context of the sudden deterioration that occurred in September 2008, which was 47 per cent down on September 2007. The year to date analysis shows new car sales to be still 63 per cent down on 2008. This is at a level that cannot sustain the current level of employment in the motor sector. Our industry has continued to hemorrhage jobs with the number of jobs lost now totaling more than 10,000 since January 2008."

Car registrations continued to fall across the board, with the light commercial vehicle sector experiencing a drop of 35.05 per cent, down to 645 in September, from 993 for September 2008.

Heavy vehicle registrations were also down from 2009 in September 2008 to just 78 for last month, a decrease of 62.68 per cent.

Mr Cooke called on the Government to introduce a car scrappage scheme in January 2010, with predictions of a further 8,000 to 10,000 jobs being at serious risk. He said, "A scrappage scheme is a ‘no brainer’. It benefits the consumer, the Government, the industry and most particularly thousands of employees in every town across the country."

A recent study by economist Peter Bacon made observations that this loss of workforce would have a knock on effect with other sectors such as transport services, motor insurance services and post and communications.