Personal Installment Loans vs. Alternative Options
Personal Installment Loans differ greatly from title loans, pawn shop loans, payday loans and even credit cards. The structure and terms of personal installment loans are tailored to the customer’s needs. See the difference:
| Personal Installment Loan | Payday Loan | Pawn Shop Loan | Title Loan | Credit Cards | Buy Now, Pay Later1 | |
|---|---|---|---|---|---|---|
| Affordable Fixed Rate Monthly Payments | Yes | No | No | No | No | Sometimes |
| Reviews Credit History and Ability to Repay the Loan | Yes | No | No | No | Yes | Sometimes |
| Reports to Credit Bureaus | Yes | No | No | No | Yes | Sometimes |
| Usage Flexibility | Yes | Yes | Yes | Yes | Yes | No |
| Transparent Pricing, No hidden fees | Yes | No | No | No | No | No |
| Average Loan Terms | 6-46 months2 | 30 days | 2-4 Weeks3 | 30 Days4 | Revolving | 4 set installments* |
Since 1962, World Finance has provided Personal Installment Loans focusing on the customer’s stability and willingness to pay. Our Personal Installment Loans do not have large balloon payments and are not payday loans. At World Finance, we work with customers to build transparent pay-back schedules that have a fixed rate and affordable payments over the term of the loan, which helps to build credit.
(1) “What is Buy Now, Pay Later?” by Jackie Veling December 22, 2021 https://www.nerdwallet.com/article/loans/personal-loans/buy-now-pay-later
“Buy Now, Pay Later: Here’s What You Should Know” by Robin Saks Frankel, October 11 2021 https://www.forbes.com/advisor/credit-cards/buy-now-pay-later/
“How Does “Buy Now, Pay Later’ Affect Your Credit Score” by Dawn Papandrea , January 3, 2022 https://www.bankrate.com/finance/credit-cards/buy-now-pay-later-credit-score/
(2) Depending on the size of your personal installment loan in your state of residence, terms my vary.
(3) CFPB, “Payday Loans and Deposit Advance Products”
(4) Center for responsible Lending, “The State of Lending in America & its Impact on U.S. Households.” Data represents 30-Day Balloon Payments Car-Title Loans
*set installments may vary
See the Difference
- Affordable
monthly plans - No bank account
required
Here are Some of the Other Advantages of Borrowing from World Finance
- Wonderful customer service.
- Over 1200 branches in 16 states.
- More than 3,600 team members nationwide available to support you.
- Easy, flexible terms.
- Get your money quickly, typically within an hour.
- There are no surprises.
- There are no hidden fees or penalties for paying off your loan early.
- We’ve been helping people realize their goals since 1962.
- We’ve served over 55 million customers.
- We’ll work with you on a payment plan that fits your budget.
- We make paying your loan as convenient as possible: Online, by phone or at your local branch.
- Did You Know in the Last Year*:
- Over 92,000 New World customers received a loan WITHOUT a credit score!
- Over 400,000 Customers earned a lower interest rate!
- Over 370,000 Customers improved their credit score!
- * Data sourced from World Acceptance Corporation 2019 Annual Report (pg 4) and refers to customers with good payment history.
Same Day funding! Typically within 1 hour from walking into a branch.
World Finance offers personal installment loans that have a fixed rate, fully amortized closed-end extensions of direct consumer credit, payable in monthly payments. A personal installment loan from World Finance isn’t just easier. It’s the smart thing for you to do.
We Make It Convenient to Repay Your Loan.
We accept payments Online, over the phone or cash, check, money order, cashier’s check and debit card payments at your local branch. We cannot accept credit card payments. Contact your nearest branch for additional details.
More Questions?
You can find information about our affordable rates and convenient loan payment plan throughout our website. You may also wish to visit our FAQ page to find answers to some of the most commonly asked questions our team members receive.