Charles C. Brennan founded Dollar Loan Center 15 years ago, with a mission to provide loans to residents that are a more affordable alternative to payday loans. With a background in rock concert promotion, Charles C. Brennan has helped Dollar Loan Center grow from its original Las Vegas, Nevada, location into a successful franchise, with 80 locations throughout Nevada, California, Utah and South Dakota.
Today, Dollar Loan Center maintains its original focus on community-based customer service that Charles C. Brennan instilled in the organization. Not only has Charles C. Brennan opened new locations, he has also converted several mom-and-pop businesses into Dollar Loan Center locations. On the eve of the company’s 15th anniversary, Presentation Solutions spoke with Charles C. Brennan about the company’s accomplishments, as well as what he hopes to achieve through the business in the future.
Presentation Solutions: What sets Dollar Loan Center apart?
Charles C. Brennan: Our business model is an excellent alternative to the traditional payday loan concept. Instead of charging a flat fee to hold a check, we specialize in signature loans.
Presentation Solutions: How does a signature loan work?
Charles C. Brennan: We don’t require someone to plop down a postdated check. Instead, customers are given a loan that accumulates simple interest on a daily basis.
Presentation Solutions: What prompted you to create Dollar Loan Center?
Charles C. Brennan: There was nothing like it, leaving consumers who wanted a short-term loan no choice but to do business with a traditional payday loan location.
Presentation Solutions: Does your loan model require a checking account?
Charles C. Brennan: Not at all. Because of our signature loan model, we’re able to provide loans to those who have been unable to obtain help because of changes in the banking industry.
Presentation Solutions: But doesn’t offering low rates cut into your profits?
Charles C. Brennan: We’ve been able to remain profitable through taking time to make sure our underwriting process covers everything, as well as by following through on collections. This saves customers money while also helping us continue to grow.
Presentation Solutions: Your stores go by the slogan, “Your community leader.” Why is that?
Charles C. Brennan: Dollar Loan Center is an active part of every single community in which we’re located. We believe in not just helping our customers, but getting to know the people who are impacted by our assistance.
Presentation Solutions: In addition to your locations, you offer online lending. How can someone obtain a loan online?
Charles C. Brennan: Through our website, dontbebroke.com, consumers can fill out a simple application and receive payment either in one of our stores or online through direct deposit.
Presentation Solutions: Can anyone apply for a loan online?
Charles C. Brennan: To participate, a consumer has to be located in one of the four states in which Dollar Loan Center is located. The direct deposit option also requires a checking account, but consumers without one can still start the ball rolling online, and then pick up cash at one of our many locations.
In addition to his work with Dollar Loan Center, Charles C. Brennan is also the founder of the Brennan Rock & Roll Academy in South Dakota. Through this academy, Charles C. Brennan helps disadvantaged youth learn music.