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.
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.