In March 2022, 25 year-old Justine Gray noticed a gap in the market for people who needed access to money in an emergency. This is how DollarHand.com was formed, a website that helps people who need money in emergencies.
Justine says, “As a young person who recently became a homeowner, I was surprised to discover how many sudden costs I kept being faced with. One day there would be plumbing problems, and another day car repairs, and all of these things could set you back between hundreds and thousands of pounds, making them confusing to budget for. I had just purchased a home, and did not have this sort of spare money lying around.”
This is why Justine set up Dollar Hand. It aims to connect borrowers to the best lender based on their loan amounts and speeds for emergency costs. For example, someone who needs £300 for an unexpected car repair can have that money in their account the same day they apply.
Dollar Hand offers numerous options in terms of pricing, and aims to find the perfect loan product for each borrower. They are the cross between a price comparison site and a broker, allowing them to operate on a fee-free basis. Dollar Hand does not charge customers a fee, instead making a commission from the lender if the customer’s loan is successful.
Justine says, “Most people who need money for an emergency ask their parents, use their overdraft, or max out a credit car. The fees for this can be in the thousands of percent, and drastically affect your credit score. The great thing about Dollar Hand is that applying through us doesn’t impact your credit score.”
So far, customers have been generated through Google and word of mouth. The majority of customers are younger than 25. Justine says, “This is great! It means young people feel able to turn to us when they can’t dip into their parents’ pockets!”
Approximately 3 million Brits and 12 million Americans use high cost loans each year for loans that average between £200 and £350. Many lenders are careful to only offer these products to carefully-screened borrowers who are more likely to be able to afford them, but 20% struggle to keep up with payments.
“0% credit cards are completely free if paid off on time,” Justine advises. “You can apply with a credit union. The APR rates can be around 36%, making them extremely low cost.”
Dollar Hand compiles a range of loan products, allowing users to see which options are available such as loans, credit cards, credit unions and more. This gives people options in an emergency, and comes at no charge to the customer.