Payday Loans in Delaware (DE)
When you’re going through hardship and you’re short on money, payday loans are the light in the darkness. When your problems require money to be solved, payday loans come like a superhero to save the day. You may feel like there’s no end to the problems, but the reality is different. You are able to get one of these loans and put an end to any problem once and for all.
Delaware has several laws about loans and there are certain requirements you need to meet. So, the following paragraphs will offer you information about payday loans in Delaware.
What exactly is a payday loan?
As the name says, emergency situations always take you by surprise, and it’s difficult to be prepared for every hard situation. Many times, you need cash to be able to live through emergencies. However, it’s not all rainbows and butterflies. The financial struggle seems to be a magnet for these moments. It’s like the Universe complots against you and your well-being.
For example, let’s say your car is a very important thing to the family, as it is used to bring you to work, take your kids to school, bring home the groceries from the supermarket, etc. Suddenly, one of your tires gets pierced, and you can’t drive your car safely. You don’t have funds, and you don’t know what to do.
Well, this is where a payday loan comes under the spotlight. You can borrow money, solve your problem, and repay the amount by your paycheck. However, keep in mind that lenders offer them under a certain set of requirements and rules. They are short-term loans meant to help you when in need.
What are the laws for payday loans in Delaware?
Payday loans are legal in DE. Lenders are governed by Delaware Code Title 5 Chapter 22 § 2227. They are also required to have a license.
The maximum loan amount you can borrow in Delaware is $500 per loan, but you can get 2 loans for a maximum of $1,000. The laws don’t specify a minimum loan term, but the maximum term is 60 days. Also, as a borrower, you are allowed 4 rollovers per loan. There is no maximum APR. A borrower can only take 5 loans annually, including rollovers and refinancing.
After receiving the funds at no extra charge, a payday loan can be canceled at the end of a business day.
There are also fees you need to pay when applying. A lender can charge a financing fee. Collection fees can be charged only once and are about 5% of the payment amount only. If you’re allowed to delay a payment, you might have to pay a rollover fee.
How can you apply for Delaware payday loans?
Payday loans in Delaware have a set of conditions you need to meet when applying.
You have to:
- Be a US citizen or permanent resident
- Have a regular source of income
- Be at least 18 years old
You might also have to give the lender information like:
- Name, phone number/email, address, date of birth, ID or Social Security Number
- Employment details
- Details about your checking account
You can request a payday loan here.
For safety reasons, you may have to submit your thumbprint and signature to confirm your identity.
So, you can easily obtain payday loans in Delaware with no credit check if you meet the conditions. Make sure you know the laws before doing so.