Personal Installment Loan Myths

Applying For Loans

April 1, 2021

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The world of finance can sometimes feel like it’s filled with lots of jargon and insider lingo. APRs. Fixed rates. Lenders. Securities. Subsidiaries. The list goes on. By now you’ve probably heard of loans, but did you know there are lots of different types of loans if you’re in need of money? 

At World, we specialize in personal installment loans. While the term may be new to you, the concept is simple. In this post, we’ll explain what a personal loan is, why a personal loan is right for you, and we’ll dispel some common myths and misunderstandings surrounding them. 

Myth 1: Personal installment loans are the same thing as payday loans. 

Let’s go ahead and get this one out of the way: personal installment loans are not payday loans. With a personal installment loan, we lend you a set amount of money and you pay it back in installments each month. Not to be confused with risky payday loans or credit cards, personal installment loans allow customers to borrow money based on their overall financial picture. 

When you apply for a World loan, we will help establish an equal monthly payment based on your ability to repay. No unexpected surprises. Nothing hidden in the fine print. You’ll always know your payment amount and when it is due. 

Myth 2: You need good credit to get a personal installment loan. 

Yes, we will run a credit check when you apply. No, bad credit or no credit does not mean your application will be automatically rejected. You are a more than a credit score to us, and we take your entire financial picture into consideration when reviewing your application. Even better? Making consistent payments on your World loan is a great way to start building or rebuilding your credit! From credit in the 800s to a credit score of 500, we’ll work to get you the money you need to get back to the good. 

Myth 3: Applying is difficult and tedious. 

A hundred years ago, people might have considered it a tedious process to go to a bank, fill out a stack of loan paperwork, and then go home to wait days or weeks for word on their loan approval. Thankfully, it’s 2021 and we now have the internet, digital forms and a process many of our customers might even call “easy peasy.” 

If you have visited our website, you’ve may have noticed we mention that applying for a World loan is quick and simple. We speak the truth. On average, it takes about 8 minutes to complete the application form, and many of our customers receive approval in as little as one hour. For context: that’s like going from application to approval in about the same amount of time you’d spend watching one episode of The Great British Baking Show. (But let’s be honest, has anyone in the history of Netflix ever just watched one episode of GBBS?)  

Listen, we get it. Choosing a financial partner is a big deal, and we do everything we can to make you feel valued and supported from the first moment you choose World. Should you find yourself in need of answers to any questions as you move through the application process, our team is always here to help.   

Myth 4: It takes forever to receive your money. 

A wise and widely-quoted playwright once said, “Parting is such sweet sorrow.” We say, “So is waiting around for your money.” If you’re applying for a personal installment loan, you probably already have an idea of how you’ll use the money. Our goal is always to help you get the money you need when you need it most. In most instances, you can expect to receive your funds as soon as 60 minutes after your loan application is approved. With our new direct-to-debit option, the process is faster than ever. 

Myth 5: You’re limited in how you can use your money. 

When it comes to the many, many ways our customers have used their personal installment loans, we’ve just about heard it all. A dream vacation to Antarctica to take a selfie with penguins. Checking base jumping off the ol’ bucket list. Replacing a fridge that decided to die the morning a dozen guests were headed over for Thanksgiving. (Why fridge, why?) These are extreme examples, but the point stands: how you decide to use your World funds is up to you. Whether you’re funding car repairs, paying off medical bills, covering pet expenses or simply want to have some extra money for life’s little unexpected moments, a personal installment loan from World can help you do it all.

Ready to apply? Click here to get started.

You might also be interested in: 

Personal Installment Loans: What to Know Before Applying 

How to Improve Your Credit Score