World Finance is an international multi-trading organization with over one trillion dollars in assets. It operates a network of more than one thousand storefronts in thirteen countries across the South, Midwest, and North America. World Finance shops (which is what the sign outside says) offers what consumer advocates label as high-priced, high-risk, short-term, unsecured credit Challenged consumers who do not have many other alternatives for borrowing cash. For these reasons, World Finance has become a target for many watchdogs, including the Federal Reserve, the Government Accountability Office, and consumer protection agencies.
What exactly is World Finance? The organization is essentially a payment plan that allows consumers and companies to arrange for loans against securities. This can be used to finance home improvements, purchase a new car, college tuition, debt consolidation, and personal use such as traveling and entertainment. The primary difference between this type of lending and the more common personal loans, which do not require a credit check, is that World Finance allows a prospective borrower to arrange for a loan using a debit card.
One of the risks inherent in this type of lending is that borrowers tend to use their credit cards to pay for most things that are not normally associated with a credit card. These include shopping, traveling, and entertainment. When a consumer’s account does not show a sufficient balance, or they become delinquent on payments, World Finance has the right to take legal action against the borrower, called a collection action. Collection action, in turn, can result in high levels of interest being charged on the unpaid balance, which can quickly add up to what is known as a negative amortization.
While there is typically some limitation on the amount of interest that can be charged, it all depends on the state law in the area in which the lender operates. Most world finance offers personal installment loans in states with low interest rates, such as texas, as well as those with no minimum loan balance required, including many areas in Arizona and Oregon. Businesses that do business in Alaska, Arizona, and Oregon may also find world finance offers personal installment loans at reasonable interest rates.
One of the unique aspects of this type of lending is that a borrower can choose to take an unsecured personal installment loan. Unsecured personal loans are offered at higher interest rates than secured ones. This is due to the lower value of the collateral, which can include homes, real estate, automobiles, businesses, and the like. Some borrowers may use these loans for large purchases, while others may prefer to take out smaller personal installment loans for everyday needs. This is true with both business and personal loans. However, some borrowers choose to take out an unsecured personal installment loan in order to pay off their high interest credit card debt, or for other similar purposes.
Many times, those who do not qualify for regular financing from a bank or other financial institution to find world finance offers unsecured personal loans through the county jail in the county where they have been arrested, or even the state penitentiary, if they have been convicted of a crime in either of these locations. The money can be used for various purposes, ranging from meeting basic living expenses, to purchasing a new home, repairing a home, or paying off past debts. In some cases, the funds may also be used to train individuals for employment, to help pay for child care or attend college, as the individual deems appropriate. The funding is often given to individuals within the community who are unable to meet other financial obligations because of their status with the state or county jail, or because they cannot meet the requirements for traditional financing from a bank or other institution.
Those who are interested in obtaining World Finance funding should consult with their local county clerk, or the office of the Comptroller of Public Accounts. They will be able to give information on any available opportunities in the area, and will be able to provide information on the application process. Once the person has received an application, it is then up to them to submit it along with the required documentation and fees. Most often, World Finance offers unsecured, short-term loans in amounts up to five thousand dollars, which can be paid off over time. However, some financing opportunities do require payments to be made in installments.
One such financing opportunity from World Finance is called an “in-house” installment loan. This type of financing is very similar to a home equity or a car loan, and many people use them. If an individual has a bank account with a balance that meets the prerequisites for an “in-house” installment loan, and they take out an “in-house” loan at the same bank where they maintain their checking or savings account, they can receive financing from the same source. Individuals must be at least eighteen years old to receive this type of financing, and individuals must have a job. An example of a bank where individuals may receive financing is a Wells Fargo Bank. Wells Fargo has online banking capabilities and offers both a checking and savings account, and many other financial services.