Payday loans in Delaware |

Compare your loan options in Delaware

Interested in getting a payday loan in Delaware? Our guide has everything you need to know.

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.

OppLoans Installment Loans

OppLoans Installment Loans

OppLoans offers borrowers fast funding with lower interest than a typical payday loan.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $4,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old (19+ in Alabama)

    How does a payday loan in Delaware work?

    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.

    1. Maximum loan amount: $500 per loan, $1,000 total
    2. Minimum loan term: None
    3. Maximum loan term: 60 days
    4. Maximum APR: None
    5. Rollovers: Borrowers are permitted 4 rollover/refinancing periods per loan.
    6. Loan limit: Borrowers are limited to 5 loans every 12 months, including refinancing and rollovers.
    7. Repayment plan: Repayment plans are available at the discretion of the lender.

    You can cancel your payday loan before the end of the business day after you receive your funds at no extra charge.

    Compare short-term loans available in Delaware

    Check the websites of any providers you’re interested in to confirm they operate in your state.

    Rates last updated February 20th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit and meet minimum income requirements.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
    MaxLend Installment Loans
    Get up to $1,000 as a first-timer, with loans of up to $2,000 and lower APRs for repeat borrowers.
    6 months
    As soon as the next business day
    Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.

    Compare up to 4 providers

    What are the fees of payday loans in Delaware?

    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.

    • APR: Payday lenders can charge interest at a daily, weekly, monthly or annual percentage rate, and there is no upper limit to the interest a lender can charge.
    • Financing fees: A lender can charge reasonable fees for services rendered as well as for reimbursement of expenses.
    • Collection fees: A lender can charge collection fees only once, limited to 5% of the payment amount. If you default, a lender can also charge reasonable attorney fees.
    • Rollover fees: If your lender permits you to defer a payment, you may have to pay a deferral charge.

    Worried about the high costs? Alternatives to consider

    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.

    Even more alternatives to consider

    How can I apply for a payday loan?

    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.

    • Your name, date of birth, Social Security number and a valid form of ID
    • Your address, email and phone number
    • Details about your employment and income
    • Details of your existing checking account

    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.

    Have any more questions?

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    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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