Borrow up to $5,000 in Utah and Nevada — even without a bank account.
Dollar Loan Center’s installment loans might be helpful when you need a small amount of financing but can’t qualify for a personal loan. You could potentially get an interest-free loan if you find a better deal elsewhere. But you’ll need time to shop around to take advantage of this perk — and it doesn’t offer information about its rates, fees and terms online.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
What is a Dollar Loan Center signature loan?
A Dollar Loan Center installment loan — which it refers to as a signature loan — ranges from $100 to $5,000. You have up to 15 months to pay it off, with repayments due every pay day.
There’s no application, origination or prepayment fees — though APRs run close to 200% or 300%, depending on where you live. You can apply online to get your funds as soon as the next day or at one of its storefront locations if you need money the same day.
You don’t need a bank account to apply at a store, though you must have a checking account to apply online.
Which states are Dollar Loan Center installment loans available in?
Dollar Loan Center only offers loans in Nevada and Utah. You must be a resident of those states to apply online or over the phone. However, you can apply in person if you’re a resident of another state.
What are the benefits of a Dollar Loan Center installment loan?
From its rate beat program to its no-bank-account loan option, here are a few perks of borrowing from Dollar Loan Center:
Rate beat program. You won’t be charged interest on your Dollar Loan Center installment loan if you can find a better rate from a payday lender in your area.
No bank account necessary. You can get a loan in person, even if you don’t have a bank account.
Build credit. Dollar Loan Center reports all repayments to credit bureaus, unlike many other short-term lenders. Paying off your loan on time can improve your credit score.
What to watch out for
Consider these potential drawbacks before taking out a short-term loan from Dollar Loan Center:
It’s easy to reborrow — too easy. All you need to do is bring in a recent pay stub to get another advance if you’ve borrowed in the past year — you don’t need to fill out a whole application. This can lead to a cycle of debt.
Bank account required for online applications. Borrowers without a bank account only have the option of applying in person.
Lack of online transparency. Dollar Loan Center doesn’t display information about its rates and terms up front on its website.
Rates can be high. The rates that Dollar Loan Center does advertise as examples come close to 200% and 300% APR. If you don’t have time to shop around for a better deal and take advantage of its rate beat program, it can get expensive.
Beware of reborrowing
The real cost of short-term loans with high APRs comes when you take a long time to pay them back. Take out too many loans in a short span of time — especially to pay off the balance of an old loan — and you could end up spending three or four times as much as you borrowed.
Is it safe to apply for a Dollar Loan Center installment loan?
Generally, yes — though no company can absolutely guarantee any data you submit online will be protected. Dollar Loan Center uses 128-bit SSL encryption to keep your information safe when you apply through its website. If you’d rather not send sensitive information over the Internet, stop by one of its locations and complete an application in person.
What do borrowers say about Dollar Loan Center?
Borrowers don’t have much to say about Dollar Loan Center as of August 2019. But what’s online isn’t great. It only has two customer reviews on the Better Business Bureau (BBB) website — both just 1 out of 5 stars — and 13 customers have filed complaints against it in the past three years.
It’s not accredited with the BBB and gets a C- rating based on its failure to respond to a few complaints. Customers mainly complained about trouble repaying loans and mistakes Dollar Loan Center employees made when processing repayments or applications.
Am I eligible?
You must meet the following requirements to qualify for a loan from Dollar Loan Center:
Over 18 years old. This is the legal age to borrow in Utah and Nevada.
Regular income. You must make enough money to afford your loan repayments.
No open bankruptcies. You can still qualify if you filed for bankruptcy — but your case must be closed.
While you don’t need to be a Utah or Nevada resident to apply in person, you must live in one of those states to apply online or over the phone.
How do I apply?
You can apply online, in person or over the phone at one of Dollar Loan Center’s locations. Applying online is quicker, but can take up to one business day to receive your funds. Applying in person requires more time on the application, but you can get your money while you’re at the store.
Follow these steps to get started:
Go to the Dollar Loan Center website and click Apply Online Now!
Select your state, where you want to apply and how much you want to borrow. Click Continue.
Enter your personal information, including your name, address and Social Security number.
Create a username and password to access your online account. Click Continue.
Enter information about your monthly income and job. Click Continue.
Answer the question about your military service.
Read the privacy notice and check the box that you agree. Click Continue.
Review and agree to the authorizations and select your loan amount again. Click Continue.
If you’re planning on continuing the application online, log in to your account and submit the required documents. If you’d rather finish the process in person, gather the required documents and head over to your nearest storefront.
What documents do I need to apply?
You need to provide the following documents when you apply:
Proof of income. A recent pay stub shows you have the income to support repayments.
State-issued ID. A driver’s license or passport helps Dollar Loan Center verify your identity.
Proof of address. A utility bill in your name or other proof of address issued in the last 30 days shows you’re a resident of an eligible state.
If you apply online, you also need to provide proof of a checking account. You can do this by making a three-way phone call with your bank or uploading a copy of a recent bank statement.
I got an installment loan from Dollar Loan Center. Now what?
Start repaying your loan according to your loan schedule — repayments are due each pay day. Each loan comes with a 15-month term, though you can save on interest by paying it back early with no penalties.
You can make repayments online by logging in to your account or over the phone. Contact customer service to make phone repayments or if you have any questions by calling 866-550-4352.
Dollar Loan Center’s installment loans could be a good deal if you have some time on your hands and can’t qualify for a personal loan — especially if you don’t have a bank account. By shopping around with other lenders first, you could potentially avoid paying interest at all thanks to its rate beat program. But its lack of transparency about costs and poor customer reviews might make you want to look elsewhere.
No. Dollar Loan Center stopped lending to California residents. If you live in California and still have a loan with this lender, you can make repayments online by logging in to your account. Or you can pay over the phone by calling its California customer service line at 855-367-2500 on weekdays from 9 a.m. to 6 p.m. PT.
You can talk to a customer service representative weekdays and Saturdays from 8 a.m. to 8 p.m. PT.
No. You can’t contact Dollar Loan Center or visit a storefront on Sundays.
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