Sometimes called “The First State” for signing the U.S. Constitution before any other in 1787, Delaware is now considered the 36th most expensive state to live in. As costs continue rising throughout the country, Delaware has become more expensive. Because of this, many residents are struggling to make ends meet.
That’s where online personal loans come in. No matter where you live in Delaware, whether it’s a rural area or the great city of Dover, a personal loan could help in times of need. Even with bad or limited credit, you could still qualify for a loan customized to your unique circumstances.
Personal loans in Delaware are convenient, especially if you go through an online direct lender like Jora. They’re also versatile since you can use them for things like medical expenses, car repairs, or life-changing events like childbirth or a wedding.
If you live in Delaware and need cash fast, apply for a personal loan through Jora. You just need secure internet access and a few minutes to complete the online application. And, if you apply early enough on a business day, you could get anywhere from $500 to $4,000 today.
From 2010 to 2021, Delaware saw an 11.5% increase in population — from 899,647 to 1,003,384 people. Delaware is still one of the two smallest states by population, but this is still significant growth over time.
Many possible reasons contribute to this population growth. For one, Delaware has more lenient business taxes than any other state. The state has also continued to expand in terms of its job market, though more slowly than most other states. The total number of jobs rose from 437,480 in 2012 to 478,380 in 2022— a 0.90% increase.
As more people move to Delaware, the cost of living also increases. If you live in Delaware or are considering moving there, it’s essential to know the types of loans available. That way, you can avoid or handle any unexpected financial problems. With that in mind, here are your loan options in the state:
In Delaware, you could also get cash advances, personal lines of credit, or home equity lines of credit (HELOCs). But if you’re interested in getting a small personal loan that does not require good credit and comes with fixed monthly payments, apply for one with Jora.
Different loans come with different requirements and limitations, so it’s essential to consider them before applying. Some lenders have stricter loan requirements than others, while certain loan types — including bad credit loans like title loans — are easier to get.
Whether you currently need a loan or are weighing your options, here’s what you need to know before applying for one in Delaware.
Many lenders will do a fast credit check upon receiving your loan application. A person’s credit score is a three-digit number based on specific information, such as payment history, credit utilization, and the average age of all open accounts.
The better your credit score is, the higher your odds of getting the loan you need. If you have good credit, or a FICO score of 670+, you could potentially get the best rates and terms. This could save you hundreds or thousands of dollars in interest charges over the life of your loan.
If you do not know your credit score, get a free copy of your credit report from all three major credit reporting agencies. Look it over to see which factors might be affecting your credit score. Check for any errors, too, since these could lower your score. If your credit is not as good as you’d like it to be, try taking some time to improve it before applying for a loan.
Before taking on any new loan, calculate your total monthly payments and debts first. Add up everyday expenses, credit card payments, rent or mortgage payments, and other loans or bills. Also, calculate your total monthly income to make sure you can comfortably afford the new loan. That way, you can avoid potential late fees, excess interest charges, or hurting your credit score.
Delaware’s average median household income is $72,724 — or about $6,060 a month. Say you spend $5,500 a month on all household expenses and debts. That would leave you with $560. Now, ask yourself if that’s enough to handle another loan payment. If not, wait on getting the loan for now.
Another thing to remember is that many lenders consider your debt obligations when deciding whether to lend you money. They might reject your application if you do not have enough money left at the end of the month.
When reviewing your application, many lenders will also check your employment status and income. They might require additional documentation that verifies whether you’re currently employed at how much you make each month or year. This could include things like a letter of employment, bank statements, federal tax returns, or W2 forms.
Before you apply for a loan in Delaware, add up your total income. Include every income source, like your main job, side gig income, alimony, and child support. Not only will this help you determine whether you can afford the new loan, but it will also give you an idea of what you might qualify for.
Most personal loans are unsecured, meaning they do not require collateral. But if you’re applying for a secured loan, you may need proof of assets to qualify. A lender might use one or more of these assets as collateral in case you default on your loan. Regardless, having proof of assets could improve your approval odds, especially if you have poor credit or low income.
You can often find a lender’s typical rates, terms, and amounts on their website. However, you might not know the exact terms until you go through the application process.
Short-term loans usually have a higher annual percentage rate (APR) than long-term loans. But since the repayment term is shorter, you could pay less interest.
Some short-term loans, such as payday loans, must be repaid on your next payday. These loans can be challenging to pay off on time. To avoid this, consider getting a loan with a longer term. Jora, for example, offers personal loans that you can repay over several months or more. These loans can still be expensive, but they’re easier to manage.
Keep in mind that APR and loan term both determine your monthly payment amount, as well as your total interest charges. If you want to get an idea of your loan’s total and monthly cost, use our online calculator.
Along with credit score, employment, and income requirements, many lenders also require some or all of the following:
Getting a loan — installment loan, bad credit loan, payday loan, etc. — in Delaware is usually not very complicated. The traditional option is to apply for one through a credit union or bank. Traditional lenders may require you to go in person, though some have online applications nowadays.
Another option is to apply for a loan through a private lender from the comfort of your home. Jora and other online lenders have a simple application process that only takes a few minutes to complete. Before you do this, though, ask yourself a few questions to determine whether a loan is right for you. For example:
If you’ve decided that a loan is your best option, the next step is finding a reputable Delaware lender. Ask around for recommendations, or use an online marketplace to compare online lenders in your area.
See what each lender offers and make sure it works with your situation. Compare their typical repayment terms, APRs, other fees, or eligibility requirements. Choose a lender — like Jora — that does not charge hidden fees to save on costs.
Before applying, check your credit score to get a better idea of whether you qualify for a loan. Review your income and total expenses, too.
If you’re ready to take out an installment loan for bad credit, here’s how it works with Jora:
Both traditional and online lenders will sometimes conduct a soft inquiry into your credit to check your history. This will not affect your credit score, but it can give you an idea of your options and possible loan terms and rates. Other lenders will only perform a hard credit inquiry, which could temporarily hurt your credit score.
There are two primary types of personal loans:
Any kind of personal loan comes with some level of risk. For instance, you could hurt your credit score if you miss a payment. Late payments also often come with late fees or other charges. And if you still don’t pay, the lender could send your account to a collection agency.
Weigh the pros and cons of getting a loan before applying. Ensure you understand the risks and can comfortably afford the monthly payments to avoid negative consequences.
Your credit score plays a big role in your financing options. It can also affect your rates and terms.
Credit scores range from 300-850. A credit score of 670 and above is considered “good” credit. Having good credit can increase your approval odds and financing options. This is because lenders usually check your credit when determining how risky it is to work with you. Bad credit can limit your ability to qualify for loans or lines of credit and lead to higher APR and shorter terms.
The following factors make up your credit score:
Negative marks and errors on your credit report can also affect your credit score. The most common negative marks include foreclosures or bankruptcies. These marks can remain on your report for 7-10 years.
Even one error on your credit report can also lower your credit score and keep you from qualifying for financing when you need it. Some common errors include misspellings, wrong addresses, incorrectly reported missed payments, and duplicate accounts. An estimated 20% of consumers have found a mistake on their credit reports. If you find an error, immediately dispute it with the reporting credit bureau.
You can take out a personal loan of $500 to $4,000 through Jora. The exact amount depends on your credit score and other factors in your application.
If you apply and are approved by 10:30 a.m. CT on a non-holiday business day, you could receive funds that same day.* If you apply or accept a loan offer after this, you will typically receive funding the next business day.
Residents of Delaware who need funds quickly have many options, ranging from online installment loans to bad credit loans to personal loans. These loans can help in times of emergency and when you need extra cash to pay for a big- ticket item or life-changing event.
Before you apply for a personal loan in Delaware, check out different lenders and compare their rates, terms, and loan requirements. Be prepared with some basic information or documentation verifying your personal, contact, employment, and financial details. If you do not already know your credit score, check it to see where you stand.