Cash Advance and Payday Loans in Delaware
Delaware is one of the more lenient states when it comes to cash advance laws. That can be great if you need money fast, but it also means that you need to be extra careful regarding the regulations. Read on for specific information regarding cash advance laws in Delaware.
Delaware Cash Advance and Payday Loan Rules and Regulations
In Delaware, the maximum loan amount is $1,000. Borrowers are permitted a maximum of five outstanding loans in one year. The maximum loan term is 60 days, but you can extend this up to four times. That means you get up to four rollovers on a single payday loan. Lenders are not subject to caps on finance rates or fees. However, standard APR can reach up to 520%. Additionally, lenders can charge one NSF fee of up to $25. There is no cooling-off period between payday loans. If a loan is not repaid, the lender can recover the amount of the loan plus attorney fees from the borrower.
If you are confused between payday loans and cash advance funding, these two products are the same. That means that the regulations that apply to one will also apply to the other.
How Payday Loans Work – short-term loan lenders may offer fast cash when you need it and then take the money back on an agreed-upon date (usually when you expect to be paid)
Maximum Amount – The loan amount cannot exceed $1,000.
Repayment Extensions – The law allows up to four rollovers.
Delaware Cash Advance Lenders by City
Delaware residents may be looking for local payday loan options. If this is the case, some brick and mortar providers may be willing to help. Here are some lenders by city in Delaware:
Dover – Check ‘n Go, Advance America
Newark – Check ‘n Go, Advance America, Loan Till Payday
Wilmington – Check ‘n Go
New Castle – Check ‘n Go, Advance America, Loan Till Payday
Camden – Check ‘n Go
How to Get a Payday Loan in Delaware
You can fill out a loan request online to get in touch with a potential lender.
A loan request usually asks for the following:
Personal information, such as your name, address, and phone number
Business information, such as your employer or revenue source
Bank information, such as your account number
In addition to requiring a borrower's signature before a loan is granted, Delaware also requires a fingerprint.
After you submit your loan request, you may be approved relatively quickly. If the lender approves you for a loan, you could receive your funding in as little as one business day.
Installment Loans in Delaware
Unlike payday loans, installment loans are personal loans that customers can pay back over a fixed period. While installment loans might make sense to borrowers with lower credit scores, rates for these loans tend to be higher than those charged at banks or credit unions. Installment loan amounts vary between $100 and $10,000 and are repayable within four to 50 months.
Installment Loan Regulations for Delaware
Delaware residents who are 18 years or older might be able to request an installment loan online. Lenders may require the following information from applicants:
Proof of identity and address
Recent pay stubs and proof of employment
Social Security number
The application process varies by lender but can take between 15 and 60 minutes. Lenders may consider applicants' credit score, credit history, and debt-to-income ratio to determine their eligibility.
Applicants who have alternative forms of income, including self-employment, government benefits, alimony, child support, royalties, trust fund payments, or investments, may also be eligible.
Requesting Title Loans in Delaware
When qualifying for a payday loan is difficult, borrowers may turn to title loans. These are loans that require an asset to be used as collateral. Title loans can be approved for amounts as low as $1,000.
Car Title Loan Laws in Delaware
Car title loans are the most common form of title loans. Borrowers use their cars as collateral to qualify for a loan. These types of loans last between 15 and 30 days, and may have an annual percentage rate (APR) over 100%, which is higher than most forms of credit.Car title loans in Delaware are legal, and there are no limits on how much is borrowed. However, loan agreements cannot exceed 180 days, including rollovers.
Title Loan Requirements
Items required from the borrower to request title loans include:
Driver's license or state-issued ID
Title to the vehicle
Inspection of the vehicle
Before signing the loan agreement, be sure to look over the documents and pay close attention to the rates and interest charges included in the loan. Check the length of the title loan in Delaware and when you are required to make the payments. If you cannot promptly make payments, the lender has the right to repossess your vehicle and sell it to cover the cost of the loan.
Also known as the First State, Delaware is the leading state when it comes to lenient lending laws. Although we are not a lender, we have helped over a million people submit a funding request of up to $1,000. You can join them by completing the form on this page.
*opencashadvance.com strives to present accurate information on each state's regulations; however, we do not guarantee the accuracy of data as presented. Please contact your state's department of finance or visit your state's official website for the most accurate information and inquiries. You can find your state's site here: delaware.gov.
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