Dollar Bank

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Dollar Bank loans

Finance home improvements, a new car and more if you live in PA, OH or VA.

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This local bank could be a great option if you want to keep all of your finances in one place and live in Pennsylvania, Ohio or Virginia. It offers rate discounts to current customers and prefers to work with borrowers in person — though you can still get started online. But its loan amounts are on the smaller side, and rates aren’t always competitive compared to other options.

What types of loans does Dollar Bank offer?

Dollar Bank offers the following types of loans:

  • Personal loans. Fund any personal expense up to $12,000 with terms up to five years and rates starting at 6.99% APR.
  • Auto loans. Buy a new or used car with loans up to $30,000 starting at 3.89% APR and terms up to six years. Dollar Bank also offers RV and boat loans.
  • Student loan refinancing. Refinance up to $75,000 in undergraduate debt or $150,000 in graduate debt with rates starting at 4.34% APR. Dollar Bank partners with LendKey to offer refinancing online.
  • Home loans. Get a new mortgage, refinance your current home loan or take out a home equity loan or line of credit with this lender.

Why should I consider taking out a loan with Dollar Bank?

From its personalized service to its loyalty discount, here are a few perks of working with Dollar Bank:

  • Local bank. If you prefer working with a local bank that knows your community, Dollar Bank could be the way to go.
  • Customer discounts. You can get 0.25% off your interest rate if you already have a bank account with Dollar Bank.
  • Personalized service. Dollar Bank prides itself on offering personalized service, which means you likely won’t be able to take out a loan without visiting your local branch.
  • Accepts cosigners. Dollar Bank accepts cosigners on a variety of loans — including personal loans — to help you qualify for a more competitive deal.

Where does Dollar Bank fall short?

Consider these potential drawbacks before taking out a loan with Dollar Bank:

  • Small loan amounts. Dollar Bank’s loans are typically lower than what you’d find with other lenders.
  • Mixed rates. You might be able to find a more competitive deal with another lender if you have excellent credit, especially when it comes to personal loans.
  • Only available in three states. You must live in Ohio, Pennsylvania or Virginia to qualify for a Dollar Bank loan.
  • Limited information available. While Dollar Bank is transparent about rates and terms on its website, it’s hard to know if you qualify for most loans before you apply.

How much will it cost me to borrow with Dollar Bank?

It depends on the type of loan you’re interested in. Dollar Bank’s rates also vary depending on how much you borrow, the loan term you choose and if you back the loan with collateral. For example, larger personal loans come with longer terms but higher rates, which both increase the cost of borrowing.

You can save 0.25% on interest by signing up for a Dollar Bank checking account before you apply. Dollar Bank doesn’t disclose any fees on its website, though you’ll likely have to pay a late fee if you miss a repayment or nonsufficient funds fee if your repayment bounces.

What do borrowers say about Dollar Bank?

Dollar Bank doesn’t have many online customer reviews as of October 2019 — not a surprise for such a small bank. The Better Business Bureau gives it an A+ rating based on factors like time in business. But all four of its customer reviews give it 1 out of 5 stars. And 19 customers have filed complaints against the business in the past three years. It doesn’t have any reviews on Trustpilot.

The majority of complaints were about overdraft fees on Dollar Bank checking accounts. However, a few mortgage borrowers complained about a lack of communication and mishandled repayments.

Are Dollar Bank loans safe?

Generally, yes. Dollar Bank only shares your personal information with other companies for business and marketing purposes — which you can opt out of by calling 877-893-4230. Plus, its website uses a .bank domain, which is more secure and more difficult to imitate than a .com website.

It also uses CERT Coordination Center to monitor potential security breaches. And information you enter through its site is encrypted with CashAnalyzer Management System. On top of this, its website has information on how to protect yourself against identity theft both online and in general.

How to apply for a loan with Dollar Bank

The application process might differ depending on the type of loan you’re applying for. For most loans, it recommends that you apply in person at a Dollar Bank Loan Center near you. But you can also get started by calling 800-242-2265 or following these steps to fill out an online application:

  1. Go to the Dollar Bank website.
  2. Click Personal in the main menu.
  3. Hover over Borrowing and select the type of loan you’d like to apply for.
  4. Scroll down and click Apply Now.
  5. Select whether you want to apply with a cosigner, the type of loan you’re interested in, how you plan on using the funds and the branch you’d like to sign your loan documents at.
  6. Enter details about yourself, your income and your expenses, as well as any additional information you’d like them to consider. Click Continue.
  7. Review your application and check the box agreeing to the terms. Click Submit.

After you submit your application, you should receive an email asking you to verify your address. Once you click the link to verify your address, you should receive further instructions on how to complete the application — typically within a few business days. If approved, you’ll need to visit your local Dollar Bank branch to sign your loan documents.

Eligibility requirements

Dollar Bank doesn’t disclose its credit or income requirements. However, you must live in one of the following areas to qualify:

  • Northeast Ohio
  • Western Pennsylvania
  • Hampton Roads, Virginia

More about Dollar Bank

Dollar Bank was founded in 1855 as the Pittsburgh Dollar Savings Institution. It changed its name to The Dollar Savings Bank in 1858 and then Dollar Bank in 1984.

For a regional bank, it’s been a technological pioneer. It was one of the first banks in the country to use an electronic bank account system in 1964 and the seventeenth bank to offer online banking in 1997 — its system was inducted into the Smithsonian a year later. It also claims to be the first bank to offer text message banking in 2007.

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Bottom line

Dollar Bank could be a good choice if you want to keep things local and value in-person interactions. But its low maximum borrowing amounts and sometimes not-so-competitive rates might make you want to look elsewhere.

You can see how it stacks up to other lenders by checking out our guide to personal loans.

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