Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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There are a wide variety of lenders offering payday loans — also known as a cash advance — to residents of Dover. But before you borrow, be sure you know the potential terms of your loan.
Yes, payday loans are legal in Dover and are governed by Delaware Code Title 5 2227 et seq., whether the lender operates a physical storefront or offers loans online.
You can borrow up to $1,000, and your loan term may last up to 60 days. However, you can only borrow five loans within a 12-month period — and that includes any refinancing or rolling over of your loan amount. This limit is meant to help borrowers avoid the high cost of borrowing, but it may not do much. This is because lenders aren’t limited to the interest they charge. The result? You may have an APR in the hundreds of percents when you borrow.
Before you get involved with a loan, compare your rates to make sure you find a lender that offers affordable terms.
The first step is to make sure you qualify. While eligibility requirements vary by lender, you’ll generally have to have a steady source of income, be a US citizen or permanent resident and be at least 18 years old.
Then, to complete the application successfully, you’ll have to provide some basic information. This includes:
The exact information a lender needs will depend on whether you visit a store or apply online, so before you start, be sure you check the lender’s requirements.
Delaware doesn’t set an upper limit on the amount a lender can charge in financing fees. This means there is no limit on the maximum APR you’ll have to pay — it varies by lender, so you may be stuck with an extremely high rate if you don’t carefully compare your options. Because of this, you should be cautious when borrowing a loan, especially if your lender sets your loan term at your next payday.
Before you sign a contract, be sure to consider some short-term loan alternatives, including the options listed in the section below.
Payday loans aren’t the only option when you live in Dover. Installment loans and auto title loans are also commonly turned to when someone has bad credit, but keep in mind that the cost is still quite high.
Dover, like all of Delaware, has a variety of payday loan options available to its residents. And while these can be convenient options — especially if you need to borrow a larger amount — the cost can quickly skyrocket if you aren’t picky when selecting a lender. Because of this, you should read up on payday loans and learn more about borrowing in Delaware to make sure you’re getting the best deal.
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