H&R Block for small personal loans.

Capital One for local, small-dollar personal loans.

• Small-dollar Installment Loans: These are unsecured consumer loans offered to individuals, often with subprime credit, to provide access to credit for various personal needs.
• Credit Insurance: The company offers various credit-related insurance products, such as credit life, credit accident & health, and involuntary unemployment insurance, typically sold in conjunction with their loans.
• Tax Preparation Services: During tax season, World Acceptance provides tax preparation assistance to customers, which can also serve as a channel for their loan products.

World Acceptance Corporation (symbol: WRLD) primarily sells its financial products and services to **individuals**, not other companies.

The company serves the following categories of individual customers:

1. Individuals with limited access to traditional credit: These customers often do not qualify for loans from conventional banks, credit unions, or other prime lenders due to their credit history, income levels, or lack of an established credit file. They represent a significant portion of the "underbanked" or "unbanked" population.

2. Customers seeking small-dollar, short-term and medium-term installment loans: These individuals are looking for relatively small loans, typically ranging from a few hundred to a few thousand dollars, to manage various personal expenses. The loans are structured with fixed installment payments over a defined period, making them manageable for these borrowers.

3. Borrowers with non-prime or subprime credit profiles: Complementing the "limited access" description, World Acceptance's clientele often includes individuals with lower credit scores or those who are in the process of rebuilding their credit. They are typically seeking accessible credit solutions when other options are unavailable to them.

R. Chad Prashad, President and Chief Executive Officer

R. Chad Prashad was appointed President and Chief Executive Officer in June 2018. [cite: 1 in previous turn, 2 in previous turn, 7 in previous turn] Prior to this, he served as Senior Vice President and Chief Strategy and Analytics Officer from February 2018 to June 2018, and as Vice President of Analytics from June 2014 to February 2018 at World Acceptance Corporation. [cite: 14 in previous turn] Before joining World Acceptance, he held roles as Senior Director of Strategy Development (2013-2014) and Director of Legal Strategy (2009-2013) for Resurgent Capital Services, a consumer debt managing and servicing company. [cite: 11 in previous turn, 14 in previous turn] Mr. Prashad holds a Bachelor of Arts in Political Science and dual Bachelor of Science degrees in Business Administration and Economics from Presbyterian College, as well as a Master of Arts in Economics from Clemson University. [cite: 11 in previous turn, 14 in previous turn] He is also involved with several non-profit boards and operates the charitable foundation CHAM Innovation Fund. [cite: 12 in previous turn]

John L. Calmes, Jr., Executive Vice President, Chief Financial & Strategy Officer, and Treasurer

John L. Calmes, Jr. has served as Executive Vice President, Chief Financial & Strategy Officer, and Treasurer since October 2018. [cite: 3 in previous turn, 5 in previous turn, 8] His previous positions at World Acceptance Corporation include Senior Vice President, Chief Financial Officer and Treasurer (November 2015 to October 2018), and Vice President, Chief Financial Officer and Treasurer (December 2013 to November 2015). Before his tenure at World Acceptance, he was Director of Finance - Corporate and Investment Banking Division of Bank of TokyoMitsubishi UFJ in 2013, and a Senior Manager (2011-2013) and Manager (2008-2011) at PricewaterhouseCoopers.

D. Clinton Dyer, Executive Vice President, Chief Branch Operations Officer

D. Clinton Dyer was appointed Executive Vice President of Branch Operations on September 1, 2016. He possesses over 20 years of experience in consumer finance operations within the small-loan consumer finance industry. His roles at World Acceptance Corporation prior to his current position include Senior Vice President of the South Eastern Division (2015-2016), Senior Vice President of the Central Division (2005-2015), Vice President, Operations of Tennessee and Missouri (2002-2005), Supervisor of Nashville District (2001-2002), and Manager of Nashville (1997-2001).

Luke J. Umstetter, Senior Vice President, General Counsel, Chief Compliance Officer and Secretary

Luke J. Umstetter has served as Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary at World Acceptance Corporation since August 2018. [cite: 3 in previous turn, 4] His prior experience includes serving as General Counsel and Chief Compliance Officer at Shellpoint Mortgage Servicing (December 2015 - August 2018) and General Counsel at Global Lending Services LLC (May 2015 - December 2015). [cite: 4, 11 in previous turn] Mr. Umstetter also worked as Managing Counsel and Corporate Counsel at Resurgent Capital Services for eight years (June 2009 - May 2015). [cite: 4, 11 in previous turn] He holds an MBA from the Moore School of Business at the University of South Carolina and a Juris Doctorate from the USC School of Law.

A. Lindsay Caulder, Senior Vice President, Human Resources

A. Lindsay Caulder joined World Acceptance Corporation in 2016 as Senior Vice President of Human Resources. In this role, she oversees talent acquisition and management, learning, employee relations, benefits, compensation, and payroll. Ms. Caulder has been instrumental in building a strong company culture, leading initiatives such as a benefits program overhaul and the establishment of the "Culture of Caring" program, which includes the World Acceptance Foundation to support employees. She is also credited with creating a mentorship program for young professional women and improving internal recruitment infrastructure. Ms. Caulder is a 1998 graduate of Presbyterian College.

1. Deteriorating Credit Quality and High-Risk Loan Book: World Acceptance Corporation's aggressive strategy to acquire new customers has led to a rapid expansion of its loan book, which increasingly includes higher-risk borrowers. This focus on a subprime market and less seasoned loan portfolio exposes the company to a considerable risk of deteriorating credit quality, potentially leading to higher-than-expected defaults. This can result in increased loan loss provisions and pressure on profit margins, especially during an economic downturn.
2. Regulatory Scrutiny and Compliance Risks: The company operates within a highly structured and uncertain regulatory environment at both federal and state levels. The Consumer Financial Protection Bureau (CFPB) has recently established supervisory authority over World Acceptance, citing reasonable cause to believe the company's conduct poses risks to consumers. These concerns include practices related to bundling loans with insurance products, potentially harmful collection practices, inaccurate credit reporting, and risks associated with serial refinancing. The company also has a history of regulatory issues, including an SEC fine of $21.7 million in 2020 for a long-running bribery scheme in its Mexican subsidiary. Changes in regulations or further adverse findings could significantly impact the company's operations, profitability, and expansion capabilities.
3. Competition: World Acceptance operates in a fragmented segment of the consumer lending industry, where competition among small-loan consumer finance companies primarily revolves around customer relationships, service quality, and local reputation. While World Acceptance's size may offer some advantage in terms of capital access and cost, it generally faces competition from other small-loan lenders. Commercial banks, savings and loans, and credit unions typically offer loans with lower interest rates and fees due to stricter credit requirements, which could indirectly affect World Acceptance's target demographic by limiting their pool of eligible customers or by offering alternative credit options.

The increasing adoption and widespread availability of Earned Wage Access (EWA) services and FinTech-driven online installment lenders represent clear emerging threats to World Acceptance.

• Earned Wage Access (EWA) Services: These platforms (e.g., PayActiv, Even, DailyPay) allow employees to access a portion of their earned wages before their scheduled payday, often for free or a small fee. This directly addresses the short-term liquidity needs of many individuals who would traditionally turn to lenders like World Acceptance for high-interest, small-dollar loans, thereby reducing demand for WRLD's core product by offering a lower-cost or no-cost alternative.
• FinTech-Driven Online Installment Lenders: A growing number of online lenders are leveraging advanced data analytics, artificial intelligence, and streamlined digital platforms to offer installment loans. These companies can often operate with lower overheads than traditional brick-and-mortar lenders, potentially offering more competitive rates or a more convenient borrowing experience, thus attracting customers who might otherwise use World Acceptance.

World Acceptance Corporation's main products and services include short-term small installment loans and medium-term larger installment loans, primarily targeting the subprime market in the United States. The company also offers related credit insurance, income tax return preparation and electronic filing services, and automobile club memberships as an agent.

Addressable Market Sizes (U.S. Region):

• Small-Dollar Loans (primarily short-term, small installment loans): The addressable market size for small-dollar loans in the U.S., where finance companies hold nearly 60% of the balances, was approximately $835 million as of July 2024.
• Personal/Installment Loans (includes medium-term larger installment loans): The broader U.S. personal loan market, which encompasses installment loans, reached approximately $356 billion as of the end of 2022.
• Credit Insurance: null
• Income Tax Return Preparation and Electronic Filing Services: null
• Automobile Club Memberships: null

Expected Drivers of Future Revenue Growth for World Acceptance (WRLD)

Share Repurchases

• World Acceptance Corporation repurchased approximately $36.2 million in shares during fiscal 2024.
• The company repurchased approximately $54.2 million in shares during fiscal 2025.
• A new share repurchase program, authorized on July 24, 2025, allows for up to $100 million in repurchases, inclusive of prior unused authorizations, and additionally permits repurchases of up to 100% of net income with an upfront allowance of $100 million starting January 1, 2025. Between July 22, 2025, and September 30, 2025, the company repurchased 354,455 shares for $59.57 million under this program.

Share Issuance

• On August 20, 2025, shareholders approved the 2025 Stock Incentive Plan, which authorizes the issuance of up to 400,000 shares for stock options and other awards.

Outbound Investments

• The company acquired $18.8 million in loans receivable, net during fiscal 2025 and $2.1 million in fiscal 2024.