Dollar Loan Center Reviews

Dollar Loan Center ReviewsDon’t let the “don’t be broke” web address of Dollar Loan Center fool you, getting a loan like this will only leave you more broke than when you started. It might help you out of a financial jam, but when the dust settles you’ll have less cash than when you started.

There are a few differences in the way they do business that separates them from some of the other options you might have available. It’s not like a payday loan, because you don’t need a bank account in order to get a loan. That’s if you visit in person. If you get one of their online loans you’ll need a bank account in order to have the money sent to you.

One feature that you’ll benefit from is that they allow you to make payments on the money you take out. This is a big difference from a payday lender, that will require you to pay your entire loan off at once and then take it out again if you still need the money. They also say that you can pay your loan off early and they won’t charge you any prepayment penalties. This means that you’re only paying for the time you take out the loan, and there’s not a fixed fee like you’ll find with a payday loan.

Dollar Loan Center Reviews

They have it set up so that the longer you take out the money, the more it will cost. So much so that you can get a daily loan fee amount. For one example, in Nevada if you take out a $500 loan the effective daily interest rate is $2.41, so if you keep the money for 90 days you’re looking at $237.57. That may seem like a lot but let’s look at the same sort of scenario if you take out a $500 loan and need to keep it for 3 months. If you’re paid biweekly that will be 6 reloans, and you’d end up paying around $45 each time or about $270 when it’s all said and done.

But the big difference occurs when you only take the money out for a short time, for example on the payday loan example you’ll pay $45 to borrow it for two weeks, and you’ll pay $38 with DLC. Take it out for just a week and you’ll still pay $45 to a payday lender, but you’ll only pay $17 with Dollar Loan Center. So these loans make the most sense if you can get them paid off ASAP, either by asking a family member or a friend to help you out so it doesn’t cost so much.

Going In Person
If you go in person you’ll be able to receive cash in hand and you won’t have to involve your bank account. This would be a good way to go if you’re overdrawn and you have more pressing matters than paying your overdraft fees. A lot of times something comes up that needs to be taken care of, and if you don’t have a daily fee for having a negative balance, you can let your account rest easy for a few days or until your next direct deposit clears it up.

It’s always nice to see a company like Dollar Loan Center that is offering a product that is different from everything else that’s out there. This isn’t a payday loan, and it solves some of the problems that payday loans come with. It’s also good that they maintain a physical presence, and seem to have all of their ducks in a row when it comes to friendly customer service, a secure and easy to use website, and convenient locations.

It’s up to you to make the final decision on whether you need a loan like this or not, but once you do you then have to make the right decision in order to make it cost as little as possible to get you out of the jam you’re in. This sort of loan works better on a psychological level because there’s incentive to paying it off early, so you can get your mind working on how to get it paid off as soon as you can so that you can get on with your life and take away one more payment you have to make.

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