Some states have felt the conflict between pro-payday lenders and anti-payday lenders more than other states. Delaware is a state that has felt more pressure. Although the payday lending business appears to be on the downfall in the state as major banks cease such activities, we can still help you get a quick and easy payday loan in the area.
If you need financial help, but a payday loan doesn’t sound like it’s going to cut it for you, try one of our other loan products. Some common alternatives to the payday loan are our credit cards, personal loans, and debt consolidation. You may also be interested in our credit counseling classes.
Although there has recently been much debate in the state, payday lending is legal in Delaware. One notable enactment of this debate occurred in late 2005 when County Bank, a prominent Delaware bank, ended their eight-year involvement with payday lending companies. Laws that relate to payday lending in Delaware are fairly similar to other states’ laws that allow payday lending. They are required to post a sign detailing lending regulations. If the transaction occurs via telephone, the information must be delivered to the client verbally, and if the transaction is done over the internet, a highly visible portion of the webpage must display the information. Payday lenders are allowed to charge interest on a daily, weekly, monthly, or annual basis and at whatever percentage the contract details.
While many of the payday lending companies have ceased work in Delaware, there are still at least three main payday lenders working in the state.
According to the United States Department of Labor: The unemployment rate in Delaware as of January 2006 was 4.3. This is a minute decrease from January 2005’s 4.5. The last ten years in Delaware unemployment have been rather steady: the unemployment rate has not changed more than two points.
In January 2006, 19,018 people were unemployed in Delaware.