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Dollar Bank offers the following types of loans:
From its personalized service to its loyalty discount, here are a few perks of working with Dollar Bank:
Consider these potential drawbacks before taking out a loan 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.
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.
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.
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:
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.
Dollar Bank doesn’t disclose its credit or income requirements. However, you must live in one of the following areas to qualify:
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.
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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