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What you need to know about personal loans with DollarConnect
DollarConnect isn’t a direct lender. Instead, it’s an online marketplace that connects people with lending partners that offer short-term loans and personal loans. If you qualify, you could be offered a loan between $200 and $5,000 through DollarConnect lenders that you can use to cover sudden expenses, finance a major purchase or help you get by until your next payday.
If you have less-than-perfect credit, you may still be able to qualify for loans through DollarConnect partners.
Funds as soon as next business day
If you need to pay rent or cover a medical bill, you don’t always have a lot of time to wait for the cash to hit your account. But if your loan is approved, DollarConnect says you may be able to get your funds as soon as the next business day.
Short-term loans may be your only option
Though DollarConnect lists personal loans as a lending option on its website, only some people will qualify for them. In fact, DollarConnect states that most of its users are presented with a short-term loan option between $100 and $1,000. These loans often come with much higher rates and shorter terms than typical personal loans, so make sure to read the fine print before choosing a short-term loan.
Potential for high interest rates and fees
Because most users will only qualify for a short-term loan, watch out for high interest rates and fees. According to the Consumer Financial Protection Bureau, fees for payday loans can add up. A typical two-week payday loan can have fees that equate to an annual percentage rate of almost 400%.
Expect lots of phone calls
When you submit your contact information, DollarConnect will ask you to enter your phone number. If you do so, you agree to receive text messages, telephone calls and prerecorded voicemails from the company. That means you may get many texts and messages after you send in your application, which some people may find annoying.
A closer look at DollarConnect loans
Here are some more things to know about DollarConnect.
- No upfront fees — You won’t have to pay any money upfront to fill out an application with DollarConnect. If the company links you to a lender, you’ll want to check with that lender to see what fees it charges, such as an origination fee.
- No credit checks — DollarConnect won’t check your credit, but participating lenders might when deciding whether to offer you a loan.
Who is a DollarConnect personal loan good for?
DollarConnect often links people with lenders that offer online loans for emergency needs, but these loans may come with high interest rates and short repayment terms. That means loans from DollarConnect partners may be best for people who have exhausted all their other options.
If at all possible, it’s a good idea to explore small personal loans and payday alternative loans, which can be less expensive options.
How to apply on DollarConnect
You can apply for a loan online at DollarConnect’s website. To get started, 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 information online, DollarConnect will attempt to find a lender for you. If the company directs you to a lender, you can complete the application process on that lender’s website.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.