Charles Brennan is the majority owner, Founder and CEO of Dollar Loan Center, a Las Vegas, Nevada based company offering signature loans to customers in Nevada, Utah, South Dakota, and California. Charles Brennan explains signature loans in the following Q&A.
Q: What is a signature loan?
Charles Brennan: It is a short-term loan used, mostly, in financial emergencies.
Q: What are some of the ways folks in Las Vegas, Nevada and elsewhere have used signature loans from Dollar Loan Center?
Charles Brennan: The loans are used mostly to bridge the gap between having a bill due and the timing of a paycheck. People have used loans for medical bills, rent, and home maintenance emergencies, for example.
Q: How do people apply for Dollar Loan Center signature loans?
Charles Brennan: They can come in for face to face service at one of our 80 locations. As well, anyone can apply online at any time at dontbebroke.com.
Q: How does one qualify for a signature loan?
Charles Brennan: To qualify, recipients go through an application process and must have steady employment.
Q: What about bad credit?
Charles Brennan: Dollar Loan Center has a loan product for everyone, even those without stellar credit.
Q: Does it cost anything to get a signature loan from Dollar Loan Center?
Charles Brennan: There are no upfront or processing fees; the recipient only pays interest charges for how long they have the loan out.
Q: How much interest does the loan recipient pay?
Charles Brennan: The amount of interest varies by the individual and the size of the loan, but it is accrued daily and is never compounded.
Q: What if a borrower repays the loan early; do they still pay interest charges?
Charles Brennan: Absolutely not. Interest payments end the day the loan is repaid. Dollar Loan Center wants to help people avoid the debt treadmill.
Q: Does a borrower go through the same application process for additional loans?
Charles Brennan: If the borrower’s information in the Las Vegas, Nevada based Dollar Loan Center system is current within the last 12 months, they do not have to go through the application process again to get approval for additional loans.
Q: How does the signature loan at Dollar Loan Center differ from typical payday loans?
Charles Brennan: The Dollar Loan Center signature or short-term loans rely only on a borrower’s promise to pay; Dollar Loan Center does not require any other collateral and does not hold post-dated checks.
Q: How does Dollar Loan Center mitigate that risk?
Charles Brennan: Dollar Loan Center is diligent in reviewing potential borrowers and collects interest that is higher than a secured, bank loan.
Q: Is this type of signature loan popular with customers?
Charles Brennan: Certainly! We have had over 2,000,000 people apply for loans at Dollar Loan Center and most of them by referral from other customers. Last year in 2012 we processed an average of 721 loans per DAY! Our customers love Dollar Loan Center as much as I do.
Charles Brennan is a Las Vegas, Nevada based entrepreneur, finance expert and philanthropist. Along with his wife, Charles Brennan co-founded Clark County Collection Service, one of the fastest growing companies in the U.S., according to Entrepreneur Magazine. The couple resides in Las Vegas, Nevada.