Payday Loans in Dover: Subprime Report
An OppLoans Guide to Getting The Help You Need


Sometimes life’s challenges and expenses can be overwhelming. Every now and then you might need a little bit of help to get by. Fortunately, Dover has social programs and resources to help with financial problems, substance abuse, homelessness and more.

Borrowing Money in Dover

Some financial emergencies cannot be helped by any of the resources above. The solution to a financial emergency might be a loan. But it’s important to know that some loans are safer than others. Many lenders promise fast cash, but oftentimes their loans have extremely high interest rates and fees. If you do a little bit of research, you’ll learn the ugly truth about payday, pawn shop and car title loans.

Payday Loans in Dover
Expensive loans that often trap borrowers.

Another way to get quick cash in Dover is through a payday loan. But these short-term loans have a high cost. Many payday lenders take advantage of people in desperate financial situations; making borrowers’ situations worse rather than better.

To take out a payday loan, a borrower gives the lender a check dated for their next payday. The check is made out for the principal (amount borrowed) plus interest and additional fees. In return, the borrower receives a cash loan and the lender deposits the check at the due date.

In Dover you can borrow up to $500 through a payday loan for as long as 60 days. And the state of Delaware has few regulations on these loans, so payday lenders can charge as much in fees and interest rates as they choose.(2) Because these loans can be so costly, many people in Delaware get stuck in payday loans.

Another way payday lenders profit is when they allow borrowers to “rollover” their loan. Rollover is when a borrower is unable to pay the loan back at its due date, so the lender allows them to extend the loan for an additional fee. Many states outlaw rollover, but in Delaware you can rollover your payday loan as many as four times.(3)

If you have any questions or complaints about a Dover payday lender, contact the Delaware Department of Finance.

Personal Installment Loans in Dover
A safe and affordable loan that builds credit.

If you need a safe and affordable loan in Dover, you should consider a personal installment loan from OppLoans.

At OppLoans, we offer personal installment loans from $1,000-$5,000 and our interest rates are typically 70-125% lower than other personal lenders. We have fixed interest rates, so your monthly payment never changes. And with repayment plans that range from 6-36 months, you’ll be able to find the loan that’s right for you.

OppLoans delivers fast, flexible, five-star service:

  • Fast: Apply online and find out if you’re approved in minutes. Once approved you can get your cash as early as the next business day.
  • Flexible: We offer longer terms, larger loans, and affordable, fixed payments. Your monthly payment will be the same throughout the life of the loan.
  • Five-Star: Customers rate us 4.9 out of 5 stars for our friendly service. We also provide discounts for credit education.

Opploans offers credit-building personal loans that help you seize control of your finances. If you have imperfect credit and need a cash loan, apply online or call us at (800) 990-9130, Monday – Friday 7am to 7pm, or Saturday 9am to 4pm Central Standard Time.

More Resources:

See more local Delaware guides below:
Dover | Wilmington

References:

  1. “Car-Title Loan Regulation” Consumer Federation of America. December 2012. Accessed March 14, 2016. https://www.consumerfed.org/pdfs/Resources.CTL.StateLawTermChart12.2.12.pdf
  2. “Payday Loan Consumer Information” Consumer Federation of America. Accessed March 14, 2016. https://www.paydayloaninfo.org/state-information/15.
  3. “Payday Loan Consumer Information” Consumer Federation of America. Accessed March 14, 2016. https://www.paydayloaninfo.org/state-information/15
  4. “Title 24.” Delaware Code Online. Accessed March 14, 2016. https://delcode.delaware.gov/title24/c023/sc01/.

*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.