Dollar Loan Center is a cash advance establishment which operates in four states, and whose advertisements are a staple of daytime AM-radio. Today we’re looking for user reviews.
About
Dollar Loan Center operates 76 locations in four U.S. states: California, Nevada, Utah, and South Dakota. Their website is dontbebroke.com, which was registered back in 2002. At that time, it only operated in Las Vegas and Sioux Falls, South Dakota.
Dollar Loan Center is a cash advance service, offering short-term loans. They claim to be different than a other similar services, which are often tied to a date and employment or income verification. These will often hold a check until a certain date.
Cost & Rates
Although their FAQ doesn’t specifically give their rates, they do offer examples on a $500 loan:
- 1 day – $2.71
- 6 days – $16.24
- 14 days – $37.90
- 30 days – $80.81
- 90 days – $237.57
In the fine print below these examples, they state that the APR is 197.06%, but that “The actual APR on your loan may be higher or lower, depending on the amount you borrow and the payment schedule.”
Requirements
According to the website, borrowers must supply proof of employment or income and a valid state-issued ID. Approval is based on a “review of the applicants’ creditworthiness.”
Online
There is an option to apply online and receive your cash via direct deposit. This requires a checking account.
BBB Rating
Dollar Loan Center has an A+ rating with the Better Business Bureau in Las Vegas, but it has only been accredited for a few months. We could not find ratings for any of the other states.
Alternatives
If you’re considering this type of transaction, you may want to read the Federal Trade Commission recommendations for alternatives to high-interest short-term loans. They include:
- Seek a small bank or credit union loan
- Look into low-interest credit cards.
- Work with your creditors
- Seek credit counseling
- Revise your budget
Bottom Line
Cash advances and short term loans are generally not a good solution to financial troubles. Dollar Loan Center appears to be a legitimate business which has been in operation for many years.
Your Turn
We have not done business with Dollar Loan Center, but we’re hoping those who have will share their experiences with us. Have you used Dollar Loan Center? Let us know about your experience in the comments below.
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