Dollar Loan Center is a provider of installment and title loans. It has been in business since 1998 and has more than 70 locations throughout California, Nevada, and Utah. Customers who don't live near one of its store locations can also apply for a loan online.
Charles Brennan opened the first Dollar Loan Center in Las Vegas, Nevada, and he is still the majority owner. The company markets itself as an alternative to payday loans by combining the features of both traditional installment loans and payday loans.
Dollar Loan Center offers fast loans to people with all types of credit. Instead of having fees it charges a daily simple interest on the balance and doesn't charge prepayment penalties. Its loans have terms of up to 65 weeks but borrowers can save money by paying off the loan as soon as they want or can. The rates are lower than those charged by regular payday lenders. In fact, Dollar Loan Center guarantees it can beat the rate of any payday lender in the area.
Rates vary by state and city and depend on the amount you borrow and the payment schedule. For instance, a $2,500 loan in California with a 31 bi-weekly payment schedule would have a 197% APR. However, a $500 installment loan in Utah with a 65-week payment schedule has a rate that's near 389% APR. Larger title loans have lower rates. This is considerably less than the APR of regular payday loans. However, because they have longer terms, Dollar Loan Center loans can still end up being more expensive.
Dollar Loan Center offers loan amounts ranging from $100 to $2,500 for signature loans. The maximum loan amount on title loans is mainly determined by the value of the vehicle used as collateral. To illustrate the cost of borrowing with a Dollar Loan Center loan, a $100 payday loan with a two-week term would probably cost you $20 to $30, while a 12-month installment loan of $100 will cost a total of $197.60.
Dollar Loan Center operates in California, Nevada, and Utah.
Applying for a loan with Dollar Loan Center is fast and easy. Complete the online form, answer the call you'll receive from Dollar Loan Center's loan officer and you could receive your funds within 24 hours. Dollar Loan Center do check customers' credit but it still considers all types of credit when assessing eligibility.
Dollar Loan Centers is open to people of all credit types and still manages to offer longer terms and larger loan amounts than most alternative lenders. It only charges simple interest on the balance of the loan, there are no prepayment penalties, and its APR is much lower than what payday and cash advance lenders charge.
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