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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.
$100
Min. Amount
$5,000
Max. Amount
As fast as 30 minutes
Turnaround time
| Product Name | Dollar Loan Center installment loan |
|---|---|
| Min. Amount | $100 |
| Max. Amount | $5,000 |
| Loan Term | Up to 15 months |
| Loan Security | Unsecured |
| Turnaround Time | As fast as 30 minutes |
| Requirements | Regular income, no open bankruptcies, ages 18+, live near Nevada or Utah storefront |
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.
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.
From its rate beat program to its no-bank-account loan option, here are a few perks of borrowing from Dollar Loan Center:
Consider these potential drawbacks before taking out a short-term loan from Dollar Loan Center:
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.
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.
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.
You must meet the following requirements to qualify for a loan from Dollar Loan Center:
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.
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:
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.
You need to provide the following documents when you apply:
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.
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.
You can see how it compares to other short-term loan options with our guide to payday loans.
