Beyond Payday Loans - Most Recent

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The problem behind the business of installment loans

May 13, 2013
World Finance of Greenville, S.C., rakes in half-a-billion dollars a year providing small loans to subprime borrowers. Thanks to an ever-deepening cycle of debt, business is good.
Posted In: installment loans, payday loans

On Victory Drive, soldiers defeated by debt: The story from Propublica

May 13, 2013
A federal law is supposed to protect service members from predatory lending. But lenders exploit loopholes, trapping military personnel in high-interest debt.
Posted In: installment loans, payday loans

A quagmire of debt and a billion dollar company: The story from Propublica

May 10, 2013
World Finance, a billion-dollar company, peddles installment loans, a product that often drives borrowers into a similar quagmire of debt.
Posted In: installment loans, payday loans

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About this collection

A near billion dollar company, World Finance is the largest of an often-overlooked breed of high-cost lender: installment lenders. Ranging from a few hundred to a few thousand dollars, the loans typically last anywhere from six months to three years. The industry boasts millions of customers and over 4,000 locations across at least 19 states, mostly in the south and Midwest, and touts the product as a consumer-friendly alternative to payday loans. World and its competitors gouge borrowers with unnecessary insurance products and persuade their customers to renew their loans over and over again, creating a cycle of debt that often grinds on for years.