Need to learn about the intricacies involved
While Delaware is the second-smallest state in the US and its sixth least populous, it is also the country’s sixth most densely populated state. It has just three counties, the lowest number of any American state.
The largest employers in Delaware are in government, education, banking, healthcare, farming, retail, chemicals, pharmaceuticals, and technology. A number of economic downfalls have affected stable middle class jobs since the mid-2000s. In October 2015, the unemployment rate in Delaware stood at 5.1%.
Many residents of Delaware turn to payday loans when they need money in a hurry. If you’re thinking about getting one, learn what’s involved first.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies upon state
- Turnaround Time: 1-2 business days
- Total Costs: Varies depending on the amount and your state of residency
- Must be 18+
- No security needed
- Confidential and secure!
A selection of loans you could apply for
Are payday loans legal in Delaware?
Yes, payday loans in Delaware are legal. Delaware Code Title 5 2227 et seq. (the small loans act) governs the functioning of all payday lenders in this state. The maximum you can borrow through a payday loan in Delaware is $1,000.
You cannot get a payday loan if you exceed the limit of five short-term loans in any 12-month period. This includes instances of refinancing and loan rollovers. As a borrower you have the right to rescind a payday loan before the end of the business day that follows when you receive funds.
Why should you consider taking out a Delaware payday loan?
Payday loans, payday advances, and cash advances refer to the same kind of credit. Getting a payday loan in Delaware can work in your favor, provided you know what you’re getting into ahead of time. Here’s why you might think about getting one:
- Bad credit is okay. Seeking conventional credit can be a challenge if you have poor or bad creditworthiness. Payday loan providers assess your immediate financial situation and ability to repay, rather than your credit rating.
- Multiple options. There are plenty of payday lenders in Delaware. While you can locate lenders that have stores, you’ll find many more options online. Remember that not all providers offer the same levels of service or charge the same fees.
- Get money quickly. If you apply at a store-front you can get your hands on the money you need minutes after the lender approves your application, which is a quick process. If you apply online, the funds can be transferred into your bank account on the same day or by the next business day, depending on when you apply.
What fees and charges do Delaware payday loans attract?
Under state laws, payday lenders in Delaware can charge interest at a daily, weekly, monthly, or annual percentage rate, as agreed upon in the loan agreement. There is no upper limit to the interest a lender can charge.
A lender can charge reasonable fees for services rendered as well as for reimbursement of expenses. It can charge collection fees only once, and these are limited to 5% of the payment amount.
If your lender permits you to defer an installment payment, you may have to pay a deferral charge. Refinancing the loan could result in a refinancing charge. If you rollover your loan, additional fees may apply.
How can I apply for a Delaware payday loan?
You can apply for a Delaware cash advance online or by visiting a store-front. To apply, you’ll have to meet some eligibility criteria, which include:
- You’re over 19 years of age
- You’re an American citizen or a permanent resident of the US
- You have a steady source of income
Completing the application successfully requires that you submit some basic information:
- Your name, home address, email address, and phone number
- Your date of birth and social security number
- A valid form of identification document such as your driver’s license, passport, or state ID
- Details about your employment and income
Important information about payday loans
While payday loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information.
Have any more questions about Delaware payday loans?
What is the maximum loan term of payday loans in Delaware?
The maximum loan term for these loans is 60 days.
Is there a limit to the number of times I can rollover a payday loan in Delaware?
Yes, you cannot rollover payday loans in Delaware more than four times.
If I have a complaint about a payday lender in Delaware, who should I contact?
You should get in touch with the Delaware Office of the State Bank Commissioner.