Delaware Payday Loans and Cash Advances

Payday loans are marketed as an urgent cash inflow to individuals in a financial pinch. There are no other tools that can replace this kind of loan, because unlike other crediting organizations, payday loan stores are prepared to work with bad credit history borrowers, and they are available to everyone with minimal requirements. Let us have a closer look at how to take out an emergency short-term loan in the state of Delaware.

Are payday loans legal in Delaware?

Yes, they are. The state regulates the issuing of payday loans to citizens, preventing customers from getting trapped in a bad case of indebtedness. To this end, you will not be allowed to take out more than one loan at a time. The number of rollovers is four, which means that every time your debt reaches its maturity date, you will be able to pay the incurred fees, but not the debt itself, and ”roll it over”. You needn’t be too excited about rollovers though, as you will end up paying outrageously high fees on top of repaying the borrowed money.

How to get a payday loan in Delaware

You can apply through our website directly, or find a locally operating lender store. The benefit of using our website is that we find lenders charging the lowest fees, and we cooperate with a large number of lenders who are ready to approve customers with bad credit history. This winning combination, plus an added value of minimal time and efforts spent on the application process, is what makes our service so popular among Delaware citizens.

Get ready with the scans or photos of the following documents:

  • your state-issued ID (social security number, driver’s license, etc.)
  • paychecks for the last 3 months

Fill out the form with your name, birth date, employment, and income specifications, and wait for us to find a lender ready to approve your application – this will take but a few minutes. The money will be deposited into your account latest on the next banking day.

What are the minimal and maximal loans I can count on in Delaware?

In the state, you can receive a loan of up to $1,000 – with no minimal loans registered by the law. These loans can be used for the amount of time under 60 days. The state of Delaware does not regulate the charges applied to the loans, which is something borrowers should be watchful for. Our service connects you to lenders with honestly priced services, which are much lower than $532% reported to be average APR throughout the state.

What motivates Delaware citizens to apply for a loan?

There are multiple reasons for people to take out a payday loan in Delaware, but given that the poverty level in the state is above 12%, many borrowers take out consumer loans to help them make it to the next paycheck. Other popular reasons include unexpected but urgent medical bills, utility bills, ritual services, wedding expenses, and many more.

Users often ask us:

How many payday loans can you have in Delaware?

You can have one outstanding debt from a payday loan in the state.

How many people use payday loans in Delaware?

While the exact statistical data is lacking, it is known that the state has more payday loan stores per capita than Illinois, California, and Texas, which is 10.46 lenders available for every 100,000 residents.

Here is how you calculate APR for your loan

  1. Let’s take the average APR of 532%: by dividing 532% by 365 days in the year, we get 0,01457 you will pay on every day of using the loan;
  2. If you take a loan for the maximum of 59 days, you should multiply the number of days by the per-day interest rate: 59 x $0.01457 = 0.86
  3. To find out how much the loan will cost you, multiply the interest rate for 59 days (0.86) by the principal (say, the maximal loan of $1,000): 0.86 x $1,000 = $860
  4. Add the fees to the outstanding loan, and you will have $860 + $1,000 = $1,860 to be paid in 59 days.

Those were the maximal fees; let’s calculate charges for a lender we find for you with much lower APR following the same steps:

  • Loan Amount: $1,000
  • Loan Term: 59 days
  • APR (Annual Percentage Rate): 350%
  • Total Repayments: $1,565.75
  • Cost of Loan: $565.75

Do you still have questions remaining on how to get a payday loan with bad credit or on the same day in the state of Delaware? We are there for you to answer them with precision and readiness!