Q. Hi, I like your blog and I hope you can help me out. I am interested in a short-term loan, but I really don’t need the amount a title loan is usually for. What I really need is about $200, and only for a couple weeks at most. I have looked at several options in my area for payday advances, but I can’t really figure out which option is the best for me. Do you have any Approved Lenders that do payday loans? I would appreciate any information you could give me!
Cammie J.
A. Well, Cammie, I must admit you have caught me off guard with a question about payday loans, especially payday loans in Delaware. By the way, I love Newark. My cousin went to the University of Delaware back in the early nineties, and I would drive down from my college in Philadelphia (Temple) to hang out. We used to go to the Deer Park and The Stone Balloon (I saw so many bands at the Stone Balloon!) and just enjoy our time together. He’s an insurance lawyer in Wilmington now, and we don’t see each other more than once every couple years. Oh, well! Life moves forward! So you need $200 as a short-term loan? Well, like you said, the minimum you can get as a title loan in Delaware is more than you need. In Delaware, the range for title loans is from $300 to $6000, so that’s not what you are looking for. I am assuming you are employed, Cammie, so I will also assume you have a checking account and some checks? And a state issued ID? And maybe stuffed away in your purse or a file at home a recent check stub? If my assumptions are correct in these regards, you are in possession of everything you need to get a Delaware payday loan. Delaware payday loans range from $100 to $500 dollars, and are pretty easy to get, although not as easy as Delaware title loans! The main difference is that your job is your credit with a Delaware payday loan, as opposed to your car being your credit with a Delaware title loan. First of all, let’s define a payay loan.
“A Payday Loan is a small short-term loan that the borrower promises to repay from the next period’s paycheck. These loans are used by wage earners who run short of cash before their next payday. Payday loans typically entail a high annualized interest rate and a two-week maturity. For example, a $100 loan for two weeks might entail a fee of $15.”
Basically, the payday loan provider takes a promissory note (your personal check) to provide you with a cash advance until your next payday. The check you give them is post-dated until the maturity date of the loan, on which day the payday loan provider cashes your check, which is for the amount of the loan plus the interest. Pretty simple, in essence, but be sure to shop your options as far as reliability, customer service, and best terms. My friends over at Payday Loan or Title Loan offered me this suggestion to you. They have a similar list of good payday loan lenders, like our Approved Lenders List. Their recommendation is Delaware Payday Loans. Delaware Payday Loans has multiple convenient locations throughout the state of Delaware, and they are part of a nationwide chain of over 700 stores, so you can count on their reliability. In addition, Delaware Payday Loans also has convenient and private online applications, meaning you can be pre-approved before you ever set foot in any of their Delaware Payday Loans locations. They sound like the real deal, and they are partners with our Approved Lender, Delaware Title Loans, so I can’t think of a better option for your Delaware payday loan. Thanks for your letter, and good luck!
[...] usually don’t have much call to post about payday loans, but recently, because of the economy I’m sure, more people have been contacting us about [...]