We all fall on hard times every now and then. Payday loans are usually a quick, easy option to score some cash in a pinch – but they come at a cost.
At the present moment, you can take out $1,000 in payday loans at a time in Delaware, and lenders can charge APRs up to 521%! Let’s take a look at some payday loan alternatives that equate to a 0% APR (annual percentage rate).
Options For Payday Loans in Delaware
Generally, payday loans in Delaware incur an average fee of $20 for every $100 you borrow. For perspective, if you take out a $400 payday loan, you’ll have to pay at least $480 back a couple of weeks to a month later.
Requirements
To be eligible for a payday loan in Delaware, you must be at least 18 years old and have a steady stream of income. This means you have to show proof that you either have a job or government payment that actively deposits into your account. There is no credit score minimum for a payday loan in Delaware.
Credit Affects
When you apply and get granted a payday loan, the lender typically doesn’t pull your credit score. However, if you don’t pay the loan back on time, your credit score will likely be negatively affected due to late payment that gets reported to credit bureaus.
Loan Terms
As a borrower, you’re not allowed more than 5 loans per 12-month period. The repayment term is 60 days minimum, but the lender can request the loan be repaid before then.
Max Loan Amount
The maximum loan amount in Delaware is $1,000 at a time.
Penalties
Not paying your loan back or if you are a little late can result in phone calls, mail notices, and your account may be sent to collections. This can all hurt your credit score, making it more difficult for you to secure any other type of loan or even housing.
Payday Loan Alternatives in Delaware
Instead of taking the steep interest rate that comes with payday loans, consider the alternatives that provide 0% APR. low or non-existent fees and opportunities to improve your financial standing.
Instacash
MoneyLion offers an interest-free cash advance – Instacash, where you can borrow up to $250 anytime you need it. Download the app and we will determine your Instacash eligibility based on your direct deposits or income deposits. There is no credit check, and you can use Instacash as often as you need it for one low monthly membership fee.
Some of the best benefits that Instacash provides:
0% APR
Funds in your account within 24-48 hours with no fee
Instant funds for a small fee ($3.99)
Mobile-friendly
Access to other financial tools and perks
Let’s see how a payday loan and Instacash compares.
Loan Type | Amount Borrowed | APR | Fees | Repayment Amount |
|---|---|---|---|---|
Payday Loan | $250 | 300% | $25 | $343.75 |
Instacash | $250 | 0% | $0-$3.99 | $250 – $253.99 |
Credit Builder Loans
Another safe alternative to a payday loan is a Credit Builder Loan. On average, MoneyLion’s Credit Builder Loans raise a user’s score by 27 points in the first 60 days! This is all made possible by our straightforward lending process and automatic payments.
Once you apply, you can be approved for up to $1,000 instantly based on your banking activity. After being approved, a portion of your funds will be available right away while another portion may remain in a Credit Reserve account where it will gain interest until you receive it when you pay off your loan. This helps you not to over-borrow and helps you save money while you pay off your loan.
Thirty percent of your credit score is weighted by on-time payments. That’s why we set up your payments to occur automatically and report those timely payments to all 3 credit bureaus every month.
If you need extra cash and want to raise your credit score at the same time, check out our Credit Builder Loan today!
Cash When You Need It
We understand that running low on cash happens. We’re here to help!
Apply for Instacash for cash advances up to $250 at 0% APR and get the funds in your account today. Need more than $250? A Credit Builder Loan might be the best option for you. With competitive APR you can apply for loans up to $1000 with zero credit check.
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Disclosures
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.