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When you’re in need of money between paychecks, you may be considering a payday loan. While these can be good for emergencies, the high interest rates make borrowing risky. We’ll go over all the possible fees and charges, as well as the laws in Delaware, to make sure you know everything you need before you borrow.
Payday loans are legal in Delaware. Delaware Code Title 5 Chapter 22 § 2227 governs payday lenders, which are required to be licesned in order to service loans.
Here are the seven basic rules surrounding payday loans in Delaware.
You can cancel your payday loan before the end of the business day after you receive your funds at no extra charge.
Check the websites of any providers you’re interested in to confirm they operate in your state.
You can expect to pay back your loan amount with interest charges and financing fees added on. If you don’t pay it back on time or decide to get a second loan, you could be charged additional fees.
When you’re facing a financial emergency, like a major car repair or an unexpected bill, you might be struggling to make it to your next paycheck. A payday loan is meant to fill this gap, and if you budget for the total cost of the loan–outlined in your contract–you can avoid the debt trap others fall in.
As with all forms of credit, be sure you can afford the loan before you apply.
If you don’t think you’ll be able to afford it or want to avoid taking out a loan, Delaware has some programs that can help. The Delaware Prescription Assistance Program, Temporary Assistance for Needy Families (TANF) and the Food Supplement Program can all be used when you need to pay your bills but aren’t able to afford them.
In order to qualify for a loan, you’ll to meet some basic eligibility criteria: be at least 18 years old, be a US citizen or permanent resident and have a regular source of income.
You’ll also need to provide some personal information.
In addition to these, borrowers are required to submit their signature and thumb print in order to confirm their identity and prevent fraud. This applies to loans from storefronts and online.
You won’t be able to apply for a new loan unless you’re a returning customer.
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