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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

World Finance

Finanso.Multilogin™

About lender

Similar to many established companies, World Finance takes great care of its reputation by regularly monitoring its ratings and reviews. They strive to improve their services to offer the most competitively priced and trustworthy solutions to all of their clients.

The company is one of the biggest installment loan providers in the US. They are represented in over 18 states, covering all Midwest and South. World Finance has successfully been around for decades: they were always ready to help their clients reach their financial goals or cover unexpected expenses through installment loan solutions.

It's important to note that World Finance is NOT a bank; it's a publicly traded company on NASDAQ (WRLD).

The firm was founded in 1962, then expanded and upgraded several times to keep up with the market. Today, World Finance is one of the most prominent installment loan providers in the US.

Ever since day one, the company's primary aim has been to grow, expand, and establish itself as one of the most successful loan companies in the country. Due to the well-thought-out development of its financial and lending services, World Finance has been able to boast a prosperous future, expanding its operations to many regions. Almost every major city now has a local World Finance branch.

Services

The website of World Finance is a good place to learn more about their services. According to the official information, they provide the clients with a way to "get back to the good in life." Their main goal is to help people obtain the needed funding to either achieve their dreams or cover unexpected costs.

In essence, the main service that this firm provides is the installment loan, a type of loan that, according to the official website, differs greatly from traditional loans and offers various advantages. In contrast to personal loans, it doesn't require a perfect credit score. Unlike high-risk/high-interest payday loans, it offers customized solutions that will satisfy its customers.

The installment loan service includes the following:

  • World Finance helps set the monthly payment amount that you can afford and encourages you to repay the loan on terms that are most suitable for you;

  • World Finance helps its clients return to financial stability and improve their credit scores.

Every organization has its pros and cons, usually summed up in third-party reviews. Below, you will find two lists of pros and cons for World Finance.

Pros of World Finance

  1. Reasonable monthly payments. Installment loans differ greatly from other types of loans, especially payday loans. You can settle on a monthly payment amount that suits you and your wallet.

  2. Allows flexibility of using your funds for any purpose. The loan services of World Finance do not attach certain restrictions to their customers that might limit how they can spend their loans.

  3. Ability to adjust loan terms. According to the official website, World Finance always helps its clients create manageable payment schedules with a fixed rate, transparent pricing, and a lack of hidden charges.

  4. Great customer service. Every local branch is staffed with people that know how to help clients. They are well-versed with the regulations and policies of the company.

  5. You can get your money on the same day, usually within 60 minutes of applying.

  6. Various means of payment can be used to repay the loan. You can make payments via phone, at the closest local branch, and online.

Cons of World Finance

  1. Fees, insurances, and interest can add up. According to an independent investigation conducted by ProPublica, some installment loans are purposefully given to people who have no means of paying them back. Other articles published on the same site allege that interest rates are significantly higher than what traditional loans charge.

  2. You have to carefully examine the agreement to make sure you don't fall into a trap that results in huge charges or disproportionally large monthly payments. Even if the claims above are not true, you still have to pay attention to the fine print of the installment loan you're signing up for.

With several advantages and disadvantages presented, it's safe to say that World Finance can be either a great option or a bad one depending on the loan amount, your current financial standing, and various other factors.

Whether taking out a loan with this company is a good idea or not can only be determined by you because you are the one who's aware of all details regarding your finances.

Basic Information

The firm offers installment loans with loan amounts ranging from $440 to $10,000. Interest rates start at approximately 20.99% APR and vary greatly depending on the state.

Not all candidates will be able to qualify for bigger loan amounts due to their credit profile and eligibility. Sometimes, collateral will be required. The usual lifecycles of loans range from 6 to 46 months.

Different Types of Fees

  • Late Fees. This fee is associated with the failure to pay your loan on time. The amount varies by state, but it can be pretty steep overall.

  • Insufficient Funds Fees. Those can be charged if you don't have enough money in your bank account to complete the payment. The fees can go as high as $50.

  • Assorted government charges. Most of them are related to collateral. These fees can also differ based on the state.

  • Origination Fees. This is a fee that's charged for the process of approving the loan and is meant to cover the costs of the documentation processing. This fee can be fixed and variable: sometimes, it's calculated as a percentage of the total loan amount. In some states, this fee is a flat one, so you'll be charged anywhere from $25 to $100.

Important Notification Regarding Terms and Conditions

It should be noted that this company does not provide concrete information regarding fees, APRs, or any other valuable and relevant data concerning the terms and conditions of the loans.

Even though installment loans offered by this company can be a more attractive alternative to the conventional ones offered by traditional banks, you should still conduct enough independent research before signing the necessary documents.

Funding a Loan

The company funds your loan from its pocket without turning to a national bank. Because of that, the approval process is different. Unlike the more traditional banking institutions, World Finance doesn't expect you to have a spotless record.

To ascertain who qualifies for a loan, World Finance uses the following criteria:

  • Financial Stability. The company needs to make sure that you will be able to repay the loan in the future.

  • Appropriate Age. This lender mandates that its customers are at least 18 years old. Residents of Alabama are required to be 19 years old.

  • Past Financial History. It's very important to ensure that customers won't abuse the installment loans system. To do so, lenders need to know that customers have a history of making payments on time.

The success of the funding process depends on several factors, so it's important to understand that you have to meet the requirements to become one of the World Finance customers.

Usually, it takes an hour for all the loan documents to be reviewed and approved and the amount deposited into your bank account. However, there may be a few setbacks.

FAQ

Who owns World Finance?

The company is a subsidiary of World Acceptance Corporation. Its president and CEO are R. Chad Prashad, who also sits on its board of directors.

What are World Finance interest rates?

Interest rates are based on a calculation of credit risk, state-specific interest rate laws, and other factors. In general, the rates are somewhere between twenty-five and eighty-two percent.

How much money can you borrow from World Finance?

Depending on your creditworthiness, your maximum borrowing amount can be up to $12,000. Most people take out installment loans in the range of $500 to $5,000.

Company documents

Fees and Terms
Terms of Service and Conditions of Use
Privacy Notice
Privacy Policy

Good people helping good people

© World Finance

Financial products

World Finance
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$10,000
Rate
i

Effective interest rate on the product

up to 20.99%
Term
i

Loan term for the financial product

up to 44 months

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$50-$20,000
Rate
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Effective interest rate on the product

35.99%
Term
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Loan term for the financial product

up to 12 months

Calculate loan payments in World Finance

World Finance calculator will allow you to calculate an approximate payment schedule for the loan

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What to focus on before applying for a loan with World Finance

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between World Finance and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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