Dollar Loan Center Review

The Dollar Loan Center is a short-term lending company that’s been operating since 1998. It provides quick approval for same-day transactions. If you’re looking for a lender that can offer installment loans, this company should be your go-to. However, it only operates in select locations. Dollar Loan Center provides payday loans and can get you money fast. If you require cash or solving a financial issue, then they have your back.

Unlike other lenders, they don’t need any bank information or collateral. There also aren’t any application fees, late fees, or penalties for prepayment.

Sounds like a good deal, right? Well, we want to ensure that you get the best experience from a lender. So, we’re going to take a look at all the aspects of this company.

Installment Loan

Dollar Loan Center provides one type of loan, which is installment loans. Installment loans are good for those who want to pay a set amount over some time. They usually have lower interest rates than other forms of loans. Some examples of installment loans are student, home, and automobile loans. These are excellent for short-term expenses or big projects.

How To Borrow From Dollar Loan Center

Borrowing from this company is similar to any other loan company. To apply, you will need to fill out specific criteria to be approved. Fill out their online or in-person forms and walk out the same day with cash. It’s that simple. The loan process is hassle-free and doesn’t require a credit check.

How Much Can You Borrow As a Maximum From the Dollar Loan Center?

As a minimum, you can borrow at least $100 with same-day funding. For maximum, you can borrow up to $5,000. These personal loans have a set APR rate and will need to be paid back over a set amount of time.

For first time customers, you will likely be limited to $2,500. If you come back after that, you will have an increased credit line. Even if you don’t have a checking account, you will still be able to set up a credit line. The only time the company will require that you have a checking account is when you want to get funded online instead of walk-in in-person.

What Are The Dollar Loan Center Rates & Fees?

The Dollar Loan Center provides personal loans with a high-interest rate. Depending on how much you borrow, the APR rate can range anywhere from 196.96% to 388.93%. If we compare this to other lenders, the APR rate isn’t that high. Different lenders can go up to 450% APR.

Aside from that, this company does charge an origination fee. An origination fee is an upfront fee that you would pay to the company for loaning you money. This covers the cost of processing and approving your loan. Origination fees generally aren’t that expensive. Typically, they are less than $100.

Depending on what loan you get, the APR rates will be different. For most installment repayment plans, you will be charged 199.99% APR. The scheduled payments happen bi-weekly. Compared to most other companies, they give you a max length repayment time of 455 days.

What Happens If You Don’t Pay Dollar Loan Center?

If you miss a payment on your loan, this company will charge you a late fee. Online, they do not state how much this late fee is, or whether you can avoid it. If you believe that you’re going to miss a payment, it’s best to contact your lender.

They can help work with you and avoid any extra fees and increased interest rates. Aside from that, they may also be able to modify your payment schedule. As long as you communicate beforehand, you will be able to work out non-payment or late payments.

Is Dollar Loan Center A Legitimate Loan Company?

Yes, we’ve checked with the Better Business Bureau and have found this company to be a legitimate company. The company has resolved many of the complaints that have been posted. They do an excellent job of helping resolve issues associated with lender complaints.

We have not found any other information about the company’s legitimacy. They do have physical stores located across three states. This proves that they are not a scam business, as they have a physical address.

To apply for a loan from Dollar Loan Center, you will need to fill out an online application. Online applications only take a few minutes to fill out and provide you with the necessary information about different loan amounts.

After approval, a representative from the company will contact you. From there, a contract will be created to create a repayment schedule. Once you sign the contract, the funds will be distributed into your banking account.

They also encourage you to check out their APR rates compared to local competitors. For different loan types, their APR rates will be much lower than others in the area.

Dollar Loan Center Loan Requirements

To apply for this company’s loans, you will have to provide specific criteria. First, you will need to be at least 18 years of age. Luckily, the company does not have minimum income eligibility. However, you will still need to provide proof of income. Aside from that, you need to be a United States citizen or at least have a green card.

Other documents you will need will be listed below:

• Recent pay stubs
• Driver’s license
• Proof of citizenship or residency
• A credit score between 300-700

States Where Dollar Loan Center Provides Loans

Unfortunately, this company does not have many locations. The states that have physical locations and are eligible for borrowers are either Nevada or Utah. If you don’t live in either of those states, then the company can’t provide you a loan.

To get a loan online, you will need to provide documentation of the listed criteria. Their online form allows you to quickly fill out basic information such as your name, phone number, and email address.

Additionally, you will need your SSN, zip code, mailing address, and date of birth. Once you provide the information, you will be prompted to create an account. Once you set up an account, you will need to wait until a representative approves your application.

It may take up to 24 hours due to them having a credit check. They will need to verify all information provided and then decide if you qualify. Once they do, you will need to sign a contract designed to outline the terms of repayment. They will deposit the funds into your current checking account.

What Do You Need To Get A Payday Loan In-Store?

Aside from that, you will also need to provide pay stubs, proof of income, a valid number, and an email address. Other documents that may help when you go to apply in-stores is your driver’s license and checking account number.

If you don’t have a checking account, that’s no problem either. The company provides short-term loan cash even if you don’t have an account set up. Walking in also ensures that your transaction is hassle-free and quick. They can get you in and out within 30 minutes. Although, if you’re a returning customer, you can apply in less than 10 minutes.

What Time Does Dollar Loan Center Open & Close?

Physical stores will have varying times, depending on which location you go to. With over 51 physical locations in two states, there’s always going to be a store near you. For most locations, the days of operation are Monday through Saturday.

Monday through Friday they are open from 9 am to 7 pm. On Saturday, the business operations from 9 am until 4 pm. Sundays are closed, and the Dollar Loan Center day off. However, if you have an urgent matter, contact them by phone at 1-866-550-4352 or send an email through their member’s login.

For those looking for the online support hours for Nevada:

• 1-866-300-8666
• 9 am – 6 pm (PST) M-F
• 9 am – 4 pm Sat (PST)

Their online Utah hours are as followed:

• 1-877-325-0173
• 9 am – 6 pm M-F (MST)
• 9 am – 3 pm Sat (MST)

For emergencies or for general account support, you can use the following:

• 1-866-550-4352
• 8 am – 8 pm (PST)

Our Verdict, Would We Recommend the Dollar Loan Center?

As a credit-line company, this company provides residents of Nevada and Utah quick cash. Their non-checking account policy can help a lot of people who require money. Their credit check is necessary, but they also do not require good credit to get a loan. Overall, their representatives will do their best to get you a loan without any collateral.

That being said, they only provide small-dollar loans. If you need a bigger payment for larger projects, you may be better off getting a loan from elsewhere. They are good for paying bills, rent, or emergency cash. However, they often don’t lend out more than $2,500 per first-time customer. If you’re a returning customer, you can quickly get double that amount if you have no issues with your first loan.

Additionally, they comply with the Military Lending Act. If you are an active member or retired, they can’t charge you more than 36% APR on your loan. This is useful for returning military who need the cash for bills or other necessities.

Overall, we believe that the Dollar Loan Center is a pretty good service. They do have semi-high APR rates, but not as bad as other services. Additionally, their customer service does an excellent job of resolving any issues with clients. If you have concerns or questions, their representatives are quick to reply and will help get you the best result on your loans.