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Benefits of payday loans in Delaware

Payday loans can be described as small loans which are provided to a borrower in return for his next paycheck. Generally, before granting a loan to a borrower, a lender examines his credit history in order to make sure that his potential client is solvent and can repay the loan in future. Depending on the customer’s creditworthiness a lender determines the terms of payment and the loan amount. In the State of Delaware sometimes it is easy to resort to payday loans, but sometimes it is rather difficult.

A couple years ago the legislation of payday lending industry differed from the current one. There were a lot of controversial issues about payday loans. Basically two contrary points of view were contrasted: for and against payday lending. Lately County Bank and similar associations in the lending industry have stopped offering payday loans to Delaware citizens.

Today payday loans are allowed in the State in accordance with licensing law or small loan act.

Practically all the States ask a borrower to make a signature before providing him with a loan. A borrower signs the loan contract or other documents necessary for getting a loan. It is common practice of lending activities. However, in the State of Delaware besides a borrower’s signature, his fingerprint is also required under the legislation. This measure was adopted in order to safeguard Delaware customers against unfair lenders and their swindling operations. As it turned out, this measure was very effective. In 2010 the number of illegal activities of lending companies decreased by 60%. This is a significant improvement. Furthermore, this requirement has been only passed in one State, Delaware. Fingerprints are to be got from all the borrowers irrespective of the way a borrower applies for a loan – personally, by phone or online. Del. Code. Ann. tit. 5 § 2744 and Del. Code Ann. tit. 5 § 2227 et seq. are two documents where all the data about payday lending industry in Delaware are stated.

The period of repaying a loan also varies greatly from state to state and from country to country. But commonly the official laws of every State set the maximum and minimum terms of repayment. The minimum term in Delaware is 60 days. So a lender is prohibited to require a borrower to pay back a loan before 60 days have passed. Additionally, a borrower is allowed to extend one payday loan for 4 times.

What concerns financial fees, interest rates, charges and annual percentage rates, there are no restrictions on their amounts in the State. Lending companies are the only ones who decide how much and in what form their client should pay for the services. Interest rates and financial charges can be paid once a day, once a week, once or twice a month, etc. Usually these conditions are negotiated between a lender and a borrower.

A loan not exceeding $500 can be granted to a Delaware resident at one time. Borrowers are forbidden to apply for the new loans till the previous ones are not paid off.

As you can see, payday lending legislation in Delaware provides a lot of benefits to both lenders and borrowers. A lot of payday lending firms are operating in this industry at present and offering payday loans to the citizens of the State. Loansassist.net is one of them. We are very pleased to help you in a difficult financial situation and give you a loan for a desired amount of cash. With our assistance you can repay unexpected bills, fix your car and do everything what is needed.

You won’t have any problems when applying for a loan. You will just spend a few minutes to complete the application form and get an approval. The loan sum will be immediately transferred to your bank account and you can discharge it in a day. Everything is very easy and convenient. Don’t worry that your personal information will be known to other customers. Our company has a high level of privacy and security. We are always happy to assist those customers who need urgent cash