Here’s what you need to know before you apply for a short term loan in Dover.
Short term loans, also referred to as payday loans and cash advances, might be an option you’re considering if you’re low on cash, looking to borrow a small amount and don’t have the best credit history. If you’re thinking about getting a Dover short term loan, go through this guide before you submit your application.
Are payday loans legal in Dover?
Yes, payday loans in Dover, DE are legal. All payday lenders operating out of this city have to adhere to Delaware Code Title 5 2227 et seq. These regulations also apply to payday lenders that provide online loans to residents of Dover.
Consider these lenders for a short term loan in Dover
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
Why a short term loan in Dover might work for you
- Quick and easy process. Applying for a typical Dover short term loan should take no more than a few minutes. With an in-store application, you can get the money you need almost as soon as the lender approves your loan. With online short term loans in Dover, the money is usually transferred into your checking account the next business day.
- Bad credit is okay. Poor or bad creditworthiness does not have to get in the way of your getting a short term loan. What’s important is that you have a regular source of income and can demonstrate an ability to repay the loan.
- Use money for different reasons. What you do with the money you get from a Dover short term loan is basically up to you. For example, you can use it to pay bills, buy groceries or repair your car.
Is there any protection when taking out a short term loan in Dover?
- Loan amount. The maximum you can borrow through a Dover payday loan is $500. While you can take out multiple payday loans, the maximum you can owe through multiple payday loans at any given time cannot exceed $1,000.
- Restrictions on rollovers and multiple loans. You can rollover a short term loan in Dover up to four times and state payday lending laws don’t allow you to take more than five payday loans in a 12-month period. This includes instances of rollovers and refinancing. This can help protect you from getting into unmanageable debt.
- Loan term. The maximum loan term for payday loans in Dover is 60 days, giving you a lengthy amount of time to repay what you owe.
Cindy missed three weeks of workCindy had to stay home from work for over three weeks because she was ill. She didn’t receive any pay during that time. This, coupled with the unexpected medical expenses, left her needing some extra money in a hurry. While she had returned to work, her next payday was a couple of weeks away. Her poor creditworthiness stopped her from applying for a personal loan. On the suggestion of a friend, she decided to get a short term loan.
She looked at online lenders and found one that suited her needs. She had her documents in order, and the lender approved her application for a $500 short term loan. She agreed to repay the entire amount in 28 days, through a single payment. The loan contract stated that she would have to pay an APR of 391.07%. This brought the fees to $150.
She inputted her checking account details on the lender’s website so they could withdraw the funds on the due date. With that, Cindy paid her loan off in full without any extra fees.
Ready to apply? Here’s how to submit your application
An easy way to apply for a short term loan in Dover is to submit an online application. Alternatively, you can visit a payday lender’s store in your area. Eligibility criteria differs between lenders, but generally you have to be: have to meet these eligibility criteria to apply:
- You are over 18 years old
- You are an American citizen or a permanent resident of the US
- You have a steady source of income
- To apply online, you should have an operational checking account
In order to complete the application successfully, you’ll have to provide some basic information:
- Your name, home address, email address and phone number
- Your date of birth, social security number and details from an acceptable form of identification document
- Your employer’s name, address and phone number
- Details about your income
- If applying online, your bank account details
Short term loans in Dover, Delaware
Short term loan offices in Dover
Finding providers of short term loans in Dover, DE is easy. If you want to apply by visiting a storefront, here are some of your options:
- E Z Cash of Delaware. 1030 Forrest Ave #122, Dover, DE 19904
- E Z Loans. 229 Stadium St, Smyrna, DE 19977
- Loan-Till-Payday. 178 N Dupont Hwy, Dover, DE 19901
- Minute Loan Center. 510 N Dupont Hwy #4, Dover, DE 19901
- TJM Financial Group. 738 N Dupont Hwy, Dover, DE 19901