Payday Loan 
Title Loan 
Personal Loan 
Business Loan What are Installment Loans?
Installment loans are a popular type of loan that allow you to borrow money for a specific period, usually one to five years. Unlike payday loans or title loans, which require repayment in one lump sum, installment loans are designed to be paid back in regular, monthly payments. This makes them a more manageable option for those who need a larger amount of money but can’t afford to repay it all at once.
Are Installment Loans Legal in Rockland, Delaware?
Yes, installment loans are legal and regulated in Rockland, Delaware. In fact, Delaware has some of the most borrower-friendly laws in the country when it comes to installment loans. Lenders are required to follow strict regulations and caps on interest rates, so borrowers can feel confident that they are not being taken advantage of.
The Benefits of Installment Loans
- Longer repayment terms: As mentioned, installment loans are designed to be repaid over a period of several months or years, which can make them a more manageable option than other types of loans.
- Predictable payments: With installment loans, your monthly payments will be fixed for the entire life of the loan, so you’ll always know exactly how much you need to pay each month. This can be helpful for budgeting and planning.
- Faster access to funds: Depending on the lender and your credit score, you could receive your funds as soon as the next business day after you’re approved for an installment loan.
- Flexible borrowing options: Installment loans can be used for a variety of purposes, from paying off credit card debt to financing a home renovation project.
Interest Rates and Fees for Installment Loans in Rockland, Delaware
While Delaware has some of the most borrower-friendly laws in the country when it comes to installment loans, it’s still important to understand the interest rates and fees associated with these types of loans.
The maximum APR for a $1,000 installment loan in Delaware is 35.99%, and lenders are not allowed to charge any prepayment penalties or origination fees. However, if you miss a payment or default on your loan, you could face late fees, collection fees, and other penalties.
Interesting Facts and Statistics
- In 2019, Delaware residents took out a total of $3.9 billion in consumer loans, including installment loans.
- The average installment loan in Delaware is $1,500.
- Delaware has one of the highest concentration of payday lenders in the country, but installment loans are becoming increasingly popular as a more affordable and manageable borrowing option.
Apply Now
If you’re interested in applying for an installment loan in Rockland, Delaware, TheGuaranteedLoans can help. As a connector service, we work with a network of trusted lenders who offer installment loans to borrowers in Delaware and beyond. We can help you find a lender that meets your needs and connect you with them quickly and easily.
To get started, simply fill out our online application. We’ll ask you for some basic information about your income, employment, and credit history, and we’ll use that information to match you with potential lenders. If you’re approved for a loan, you could receive your funds as soon as the next business day.
Please note that TheGuaranteedLoans is a connector service, not a direct lender. We do not make credit decisions or lend money ourselves. Instead, we facilitate the connection between borrowers and lenders, so you can get the funds you need with less hassle.