What you should know about unsecured loans with DollarConnect
DollarConnect isn't a direct lender. Instead, it's an online marketplace that connects individuals with lending partners that provide short-term loans and personal loans. If you qualify, you may be offered financing between $200 and $5,000 through DollarConnect lenders that you can use to cover sudden expenses, finance a significant purchase or help you to get by until the next payday.
If you have less-than-perfect credit, you might still have the ability to qualify for loans through DollarConnect partners.
Funds when next business day
If you need to pay rent or cover a medical bill, you do not also have considerable time to wait for that cash hitting your account. If your loan qualifies, DollarConnect says you may be able to get your funds as soon as the next working day.
Short-term loans may be your main option
Though DollarConnect lists personal loans like a lending option on its website, only a few people will qualify for them. Actually, DollarConnect states that many of their users are presented with a short-term loan option between $100 and $1,000. These loans often include higher rates and shorter terms than typical personal loans, so be sure to browse the small print before choosing a short-term loan.
Potential for top rates of interest and fees
Because most users is only going to be eligible for a a short-term loan, look out for high interest rates and costs. Based on the Consumer Financial Protection Bureau, fees for pay day loans can also add up. An average two-week payday loan can have fees that equal an annual percentage rate of just about 400%.
Expect plenty of phone calls
When you submit your contact details, DollarConnect asks you to definitely enter your phone number. Should you choose so, you agree to receive text messages, telephone calls and prerecorded voicemails in the company. That means you might get many texts and messages after you send in your application, which some people could find annoying.
A closer take a look at DollarConnect loans
Here are some more items to learn about DollarConnect.
- No upfront fees – You won't need to pay any money upfront to submit an application with DollarConnect. When the company links you to definitely a lender, you'll want to seek advice from that lender to see what fees it charges, such as an origination fee.
- No credit checks – DollarConnect won't look at your credit, but participating lenders might when deciding whether to provide you with a loan.
Who is really a DollarConnect personal bank loan great for?
DollarConnect often links individuals with lenders that provide online loans for emergency needs, but these loans may come with high interest rates and short repayment terms. That means loans from DollarConnect partners might be best for those who have exhausted all their other available choices.
If possible, it's a good idea to explore small personal loans and payday alternative loans, which may be less expensive options.
How to use on DollarConnect
You can use for a financial loan online at DollarConnect's website. To get going, you'll be asked some basic information, like the following:
- Loan purpose
- Requested loan amount
- Employment status and income
- Bank account information
- Homeownership status
- Email address
- Date of birth
When you submit your data online, DollarConnect will attempt to find a lender for you. If the company directs you to definitely a lender, you can complete the application process with that lender's website.
Since DollarConnect isn't available, you may want to think about these alternatives.
Here are some other available choices to think about.
- Upstart: An Upstart loan might be a good fit if you want to apply for a larger loan.
- OneMain Financial: If you like the opportunity to visit a branch location, OneMain may be a wise decision.
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