Payday Loans in Wilmington: Subprime Report
An OppLoans Guide to Getting The Help You Need
It isn’t uncommon for people to need a helping hand once in a while. Sometimes the expenses and hassles of daily life are just too much. When people need help with bills, homelessness or substance abuse it’s not always obvious where to turn. This is why so many social programs and organizations exist in Wilmington, Delaware. If you do some research you’ll find that there are answers out there.
Borrowing Money in Wilmington
When times are tough, many people also turn to cash loans in Wilmington. Getting fast cash is fairly easy depending on where you go, but that does not guarantee that it’s a safe option. Many personal loans out there are designed to take advantage of borrowers. Watch out for predatory loans with extremely high interest rates and fees, and unreasonable terms. It would be wise to learn the ugly truth about payday, pawn shop and car title loans before agreeing to a loan in Wilmington.
Payday Loans in Wilmington
High-cost, risky loans that trap borrowers in debt.
Payday loans are one way for residents of Wilmington to secure a fast cash loan. But they aren’t the only way to get quick cash. And if you care about your financial independence and your future debt, then you’ll do what you can to avoid these high-risk, predatory loans.
To get a payday loan, you are usually required to give the lender a check, dated for your next payday. The amount on the check will be the amount you’re borrowing, plus all additional fees and interest charges. The lender will then provide you with the cash, and on your next payday they will deposit your check to make back their money. The process is simple enough, but the consequences of getting one can be serious.
In Wilmington, payday lenders can only loan you $500 maximum, for a period of 60 days or less. In addition, the state of Delaware doesn’t have very many regulations for these dangerous loans, which means lenders can charge as much in interest and finance fees as they want.(2) This makes it difficult for people to pay off their loans on time, or at all.
If you aren’t able to afford the payment when it’s due, the lender will most likely allow you to “rollover” the loan. This just means extending the loan and charging you even more. Most states have laws preventing rollover, because it traps people in cycles of debt. But in Delaware you can rollover a loan as many as four times.(3)
Do you best to avoid payday loans in Wilmington. If you have questions about a payday loan in Wilmington, contact the Delaware Department of Finance.
Personal Installment Loans in Wilmington
A safer loan offering flexibility, affordability and great customer service.
If you’re struggling to find a safe way to get fast cash in Wilmington, it may be time to consider OppLoans. We’re not a payday or title lender, and our loans are designed to be safer, more affordable and more flexible.
OppLoans offers personal installment loans ranging from $1,000 to $10,000 with interest rates that are usually 70-125% less than other personal loans. We have payment plans that range from 6 to 36 months, and fixed-rate payments so you always know what to expect.
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 can provide you a credit-building personal loan to help you and your family in your time of need. For a decision today and money in your account as soon as tomorrow. Apply online or call (800) 990-9130, Monday – Friday 7am to 7pm, or Saturday 9am to 4pm Central Standard Time.
- “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.
- “Payday Loan Consumer Information” Consumer Federation of America. Accessed March 14, 2016. https://www.paydayloaninfo.org/state-information/15.
- “Payday Loan Consumer Information” Consumer Federation of America. Accessed March 14, 2016. https://www.paydayloaninfo.org/state-information/15
- “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.