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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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:
Your name, date of birth, Social Security number and contact information
Your employer’s name, address and phone number
Your income, pay frequency and details from a checking account
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.
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
Must read: Be cautious of high financing fees
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.
What other short-term loan options do I have in Dover?
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.
Installment loans. Installment loans are similar to payday loans, but you’ll generally have longer than 60 days to repay what you borrow. This can make monthly payments easier, though it could come at a cost: The longer your loan term, the more interest you might pay.
Auto title loans. When you borrow an auto title loan, you use your car title as collateral. However, like payday loans, the fees a lender can charge isn’t regulated. Because of this, you should take your time choosing a lender and making sure your budget can handle the monthly payments.
Bottom line
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.
Frequently asked questions
Yes. Delaware allows you to roll over or refinance a payday loan up to four times. However, this counts against the total number of loans you can borrow within a 12-month period, and you may also need to pay extra fees to your lender.
No. This is a voluntary option. If your lender does agree to a repayment plan, it must be divided into equal installments over a 90-day period, and the lender may not charge you any interest or fees.
A lender may charge one fee, which can’t exceed 5% of the payment amount. If applicable, you may also be required to pay attorney fees and court costs.
While some lenders advertise no credit check loans, this is often just a scheme to attract buyers. While you may not have your credit pulled from the big three credit bureaus, a lender may still check your credit with Teletrack. And even if there’s no credit check process involved, you’ll still have to meet other eligibility requirements to borrow.
Elizabeth Barry is lead editor for Finder's global financial niches which includes banking, crypto and investments. She has written about finance for 10 years and specialises in personal finance, including new and emerging areas of banking in Australia and globally. Elizabeth is regularly featured in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
