About Dollar Loan Center, LLC
Dollar Loan Center (DLC) was founded in 1998 by Charles Chuck Brennan who is still the majority owner of the company as well as being the Founder/CEO. With his strong background in the financial services industry, Chuck recognized that there was a better way to make short-term loans than the typical payday loan (flat-fee for holding a post-dated check for a fixed period). The business model was simple, offer customers a signature loan (no check or other collateral, simple interest the interest accrues daily and does not compound). Compared to charging a flat fee upfront, this is a better product for the customer and one that had previously been unavailable to anyone who is in need of a short-term loan. The signature loan product also allows us to give credit to those without a checking account. This has helped to attract more customers in recent times due to the changing banking environment.
Through careful underwriting and proactive collection efforts, we have been able to effectively charge customers a lower rate of interest. The creation of a superior product that was actually less expensive to the customer has proven to be a winning formula for growth.