The dollar loan center is just one of the companies providing short term or quick cash loans for individuals in the U.S. These short term loans are usually required by individuals who have urgent or emergency spending requirements or when they simply run out of budget. Most of the company’s customers are employees or individuals who find it impractical or hard to apply for petty cash from banks and other large financial institutions. The large demand for short term loan or the potential market made it possible for the company to expand and offer its services throughout the country by establishing several dollar loan center locations or offices.
Types of Loans the Company Offers
The company offers two types of short term personal loans namely; payday loans and personal cash advances.
- Payday Loans. Payday loans are short term personal loans granted to individuals who are employed and expect regular receipt of salary. As the term suggests, loan payments or funds used to settle the obligation are to be taken from the future salaries that individual will receive. Usually, dollar loan center will ask the borrower to issue post dated checks, or perhaps, payments will be charged against a nominated bank account. The term of payday loans can usually lasts a few days or weeks and interest or fees are charged upfront.
- Personal Cash Advance. All other quick cash or short term loans that dollar loan center offers other than payday loans fall under the cash advance type or category. Most often, financial experts also classify payday loans as personal cash advances. A cash advance is a short term loan of a small sum of money to individuals with emergency or petty cash needs. Most individuals often consider it an easier and instant alternative to ordinary bank and commercial types of loans. The loan term is also shorter and the interests and fees are usually charged upfront.
Advantages and Risks of Availing Cash Advances
There are benefits as well as drawbacks that an individual may experience when availing cash advances not only from dollar loan center, but all other similar lending companies and institutions as well. Among the advantages include:
- A quick source of cash for emergencies or contingencies. Petty loans that usually involve a couple of hundred dollars which you could not get from the bank.
- The company is not that rigorous or strict on the borrower’s credit rating and the requirements.
- There are no securities or collaterals needed.
- The term of each loan contract is rather short avoiding the burdens of paying long-standing debts.
- The interest rates are flexible and are calculated daily or according to the term or agreed option.
- There are now several branches available on certain states like the dollar loan center Las Vegas, Dollar loan center Utah, and there’s probably one near you.
The drawbacks on the other hand include:
- Since it is an unsecured, easy-access, and quick-approval loan, the fees or interests charged are higher, at times, comparable to the interest rates of credit card companies.
- The limited amount of loan that can be availed.
- And, a person may develop a negative habit of reapplying for loans since the approval process is easier or faster.
How to Avail Dollar Loan Center Services
The loans and services that the company provides can either be coursed through their branches, locations, offices, or perhaps, by directly applying on the company’s website. There are other financial organizations all over the US the offer similar services but it is wise to research about them first before availing such financial assistance. Make sure you fully understand everything before you sign any paper and avoid regretting the decision later.