Dollars Direct Review

The Good:


25% off loan fees with code CJSUMMER until 6/30 at DollarsDirect.ca!

• Here at onlinetradersrated, our focus is obviously investing in the stock market. However, we have heard from several readers who were inquiring as to our knowledge of Dollars Direct, a short term loan company operating in Canada. We listen to our readers here, so we decided to have our resident Canuck review the site and service. Here are his thoughts...

• The first and most obvious advantage to using Dollars Direct is the fact that you don't have to leave your home to apply for a loan. There will be no awkward moments to deal with in person; no looking around to make sure nobody sees you enter the "money store". You apply from the privacy of your own home, and nobody else needs to know.

The website itself is simple to use, I'm confident in saying that virtually anybody--regardless of their computer skill level--will be able to easily navigate their site and complete the loan application. The form is very simple to understand, and the process of applying for a loan takes only a few minutes. Which brings me to:

The speed of this process is very impressive. The application takes only a few minutes to fill out, and the processing of the application is sometimes instantaneous. To put it simply: you'll often know within just a few minutes of visiting their website if you qualify. Once approved, the money is deposited into your bank account as quickly as that very same day.





The Could-Be-Better:

dollars direct reviewDollars Direct FAQ Snippet

Q: Do I need to fax or email documents?
A: There are some instances where additional proof-of-identity such as a driver’s licence or other identification document may be required. IE: we normally require self-employed applicants to fax us bank statements.

Q: What is the fee for my payday loan?
A: If you are a resident of Ontario, you will be charged a fee of...READ MORE.


When it comes right down to it, my only real gripe with Dollars Direct is the limitations on the amount you can borrow. If you are a first-time customer, the maximum you can borrow is $400. In some cases, this simply may not  be enough cash to bridge the gap required. However, having said that, returning customers can borrow up to $1500, which is much better.

As of the time of this review, Dollars Direct does not offer its services to all provinces and territories in Canada. As of now, residents of Ontario, British Columbia, Alberta and Saskatchewan are eligible, while the rest of Canada is unfortunately out of luck. We would like to see Dollars Direct expand into the rest of Canada, but only time will tell.


This final item should really go without saying, but the interest rates are high. This is, in my opinion, to be expected and I would imagine that anyone applying would already be aware of this, but it does bear mentioning for the sake of full disclosure. You are paying for the convenience of their service, and it is up to you to decide if it is worth it or not.





Summary

There are many, many scenarios in life that could lead to a person needing a short-term bridge loan. We're not going to get into the why or the how of it, the bottom line is that if you are in need of some money--and in need of it fast--Dollars Direct should be on your radar. For me personally, the biggest benefit is the privacy this company is offering. Nobody will ever have to know, and that peace of mind is something you can't put a price tag on.






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