Delaware Payday Loans
When you’re in need of money between paychecks, you may be considering a payday loan. Delaware payday loans can help you when having an emergency that can only be resolved until you get your next paycheck. In such a case, and it should be a personal emergency.
We’ll go over all the possible fees and charges, as well as the laws in Delaware. So, if you decide to take out a payday loan in Delaware, here is what you need to know.
Are Delaware Payday Loans legal?
Yes. According to State law, it is legal to operate a payday loan company in Delaware. The law is called the Small Loans Act and the maximum loan one is allowed to take out is $1000. You can only take out 5 of such loans per year, according to the law. This includes refinancing and rollovers too. One safety measure is that you can cancel the loan before the end of the next business day.
Why Delaware Payday Loans can be a good option
The most important thing to do when it comes to Delaware payday loans is to be well informed and understand all the consequences.
- Bad credit is ok. Even if your credit is not that good right now, you can still get a loan. This means that your credit really does not matter when it comes to the approval. What matters is that you have a job and are able to repay on time.
- Money quickly in your hands. It can be quick to get money into your bank account. If you apply for a loan online, money usually gets deposited the next day but sometimes the same day depending on the hour.
Delaware Payday Loan fees
- APR. According to the law, Delaware payday loans can charge interest daily, weekly, monthly or yearly. It all depends on the agreement you sign. There is no limit to what the interest can be.
- Collection. Collection fees can be charged and they are reasonable. Delaware payday loan companies can only charge up to 5% of the total loan amount.
- Rollover. There will be deferral fees if you are permitted to rollover your loan. This can also incur a refinance charge which also costs money. Be careful.
How to apply for a Delaware payday loan
You can choose to take out a loan from a store or an online supplier. In order to get one either way, you will be required to meet some criteria.
- 18 years old minimum
- American citizen or permanent resident
- Regular source of income
- Name, DOB, SS#, valid ID
- Address, email, phone
- Employment and income details
- Checking account details
If you are looking for your next payday loan just complete the registration form with all your details online from your computer, tablet or phone and because the process occurs in real-time, you’ll get a response within a few minutes.