Payday loans, also known as cash advances, are becoming more and more popular across Delaware, as well as the rest of the country--especially for those who are living paycheck to paycheck. Cash Advances are very short term, small dollar amount loans that have been designed for the purpose of carrying one through a sudden financial mishap or emergency until their next payday (usually about two weeks).

Say, for example, your heating system failed in the middle of January. You don’t have any cash to spare, and won’t have any until a week from Friday, which is your next payday. A cash advance is an ideal way to pay for the necessary repairs to keep you warm through the rest of winter.

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Cash Advances are not like a traditional loan, meaning that your credit isn’t the deciding factor of your loan amount. Instead, the payday loan industry utilizes your current job and paycheck amount to make this decision.

Many cash advance lenders will write your loan on the basis of your post-dated check. You simply write the check out to your lender for the full amount of the loan, plus any applicable fees. When your loan becomes due, the lender simply cashes the check, applies the correct amount to your loan, and keeps the fees.

Delaware has laws regulating the payday loan industry, benefiting both the consumer and lender:

Loan cannot be written for more than 59 days.
No more than 4 rollovers (refinancing the same loan with another cash advance) for one loan.
No more than $1,000 in cash advances may be held by one consumer.
No maximum of fees or interest charged by a lender.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.