| FAQ's - Business Customer FAQ's - Retail Customer Q: I am a business that wants to offer Title-Loans through Wilshire Consumer Credit,
what are the sign-up requirements?
A: You must be an incorporated business with one of the following liceneses:
1) Arizona Sales Finance License or
2) California Finance Lenders License.
You should also have access to credit reports so you can run a customer's credit.
Q: If I don't have access to credit reports, can you help me get it?
A: Yes, we have business partners that are able to offer you credit report access.
Please call our representatives to find out how.
Q: I have lots of experience with Payday loans, but not Title-Loans, do I need auto-industry
experience to do this?
A: Not at all! WCC's easy-to-use Buy Program software makes processing and approving a
loan simple. The software installs on your PC, and all you have to do is enter the customer
credit information and vehicle information and you'll know right away if the customer qualifies
and for how much.
Q: How much capital do I need to sign up?
A: Only a few thousand dollars: you originate the loan, cut the customer a check if they qualify,
and WCC purchases the loan from you. You get your initial investment check usually within
3-4 business days. Afterwards, you get monthly payments on your portion of the interest on
all your accounts open with us.
Q: Can I get my funds via ACH?
A: Yes, your initial investment check can be deposited to you if you choose, ask our
representatives about signing up.
Q: What are the requirements for the customer to get approved on a WCC Title loan?
A: The most important requirement is for them to own a "clean" title on their paid-off or nearly
paid-off vehicle. Other than that, the requirements for each customer will vary depending on
what you enter into our Buy Program. The program calculates a "Customer Factor" based on
the credit info you enter such as: time at residence, monthly income, years on the credit bureau,
etc. The Program then weighs that customer Factor against the type of vehicle they own to
determine whether they qualify for a Title-Loan and for how much.
Q: What is the minimum loan amount?
A: $2,500 in California
$2,500 in New Mexico
$2,500 in Oregon
$1,500 in Arizona
$1,500 in South Carolina
Q: Does it cost anything to join Wilshire Consumer Credit?
A: No, it is free to sign-up and there is no annual fee or software costs.
Q: How does WCC make money?
A: WCC charges the customer a nominal fee for each loan. Also, the monthly interest is split between your business and WCC.
Q: But you say you offer "lower than industry standard APR," won't that limit how much money we can make?
A: WCC has carefully chosen APRs that will attract the largest pool of potential customers. If the APR was set too high, many customers may not qualify for the Title-Loan, if the APR is set too low, the amount of investment return is diminished, both for yourself and WCC.
Q: Who backs Wilshire Consumer Credit?
A: WCC is financially backed by Westlake Financial Services, a leader in sub-prime automotive finance with over 15 years experience and with operations across the country. To learn more about Westlake Financial, go to www.WestlakeFinancial.com.
Q: How do I get in touch with you?
A: Click here to go to our contact page.
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