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Personal Loans in Delaware

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Delaware Personal Loans

Personal loans in Delaware are rather common. So where do you start? And, can you qualify for personal loans with bad credit in Delaware? Borrowing Money can help you financially, but it does come at a cost. By understanding how personal loans work you can increase your chances of choosing a better loan.

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Learn More About Personal Loans in Delaware

Keep reading to learn more about personal loans in Delaware.

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Where can I get a loan in Delaware?

There are several places that consumers can get a loan in Delaware. Car loans, mortgage loans, personal loans, business loans, student loans, and more can all be obtained from a variety of financial institutions including banks, online lenders, and credit unions. Each of these banking options have their own pros and cons including how strict their underwriting process is, how easy the application process is, the expected turnaround time, and the average interest rate.
For example, online lenders and credit unions often offer consumers access to the best interest rates when compared to traditional banks.
Once you are ready to apply, you can submit your information either online or in person with the financial institution of your choice. Be ready to provide information about your income and expect to undergo a credit check. Every lender has their own unique application requirements that applicants must meet in order to receive loan approval. If you do not qualify, you may still be able to get approved using the services of a cosigner or co borrower on the loan.
In order to get a better idea of where you can qualify and where you can find the best deal on your loan in Delaware, you will want to consider getting prequalified from a few different lenders before applying. Getting prequalified should not affect your credit score and can get you results from several different financial institutions in a matter of minutes. Not sure where to start? Visit Acorn Finance to check personal loan offers with no impact on your credit score.

Can you get a personal loan in Delaware?

You can get a personal loan in Delaware, as long as you qualify! You will also need to find a lender that legally operates in Delaware. Some online lenders may only operate in select states. Personal loans are a great way to finance a variety of financial needs including debt consolidation, emergencies, medical bills, vehicle purchases, home renovations, and more.

What is the minimum loan amount in Delaware?

In the state of Delaware, there is no minimum loan amount for obtaining a personal loan or a microloan. However, most lenders do not offer personal loans in amounts less than $1,000. You should check with the lender of your choice to find out what their minimum loan amount is. Most lenders will have a minimum and maximum loan amount. At Acorn Finance you can check personal loan offers in Delaware ranging between $1,000 to $100,000, depending on credit score.
When it comes to mortgages, the minimum loan amount for an FHA mortgage in Delaware is just $5,000, while the maximum amount typically varies by county. Mortgage loans that exceed the maximum amount are called jumbo loans, which are covered in the next section.

What is a jumbo loan amount in Delaware?

A jumbo loan is any mortgage loan that is over the allowable mortgage limit in that state.
For residents in the state of Delaware, any loan over $647,200 is considered to be a jumbo loan. This is true of all 3 counties in Delaware including Kent, Sussex, and New Castle.
It's important to note that applicants for jumbo loans are subject to stricter qualifications including a high credit score, low debt-to-income (DTI) ratio, and a larger down payment requirement. Interest rates may also be higher for consumers who pursue a jumbo loan.

What is the maximum interest rate allowed in Delaware?

Most states have usury laws (or interest rate laws) that set regulations around the maximum allowable interest rates in order to provide consumer protections. The state of Delaware does have such laws on its books to protect its residents from predatory lending practices.
In the state of Delaware, this maximum interest rate is set at 5% over the Federal Reserve Discount rate. There are typically exceptions to the maximum interest rate in every state. For example, in Delaware, loans that exceed $100,000 and are not secured by a mortgage on the borrower's own personal property are not subject to any interest rate limit.

Does Delaware offer installment loans?

Most loans offered today are set up as an installment loan. This includes personal loans, mortgages, business loans, car loans, and student loans. Consumers in the state of Delaware can obtain all of these types of loans from banks, credit unions, and online lenders.
An example of a loan that is not an installment loan, thus meaning that it's not set up to be repaid in equal monthly installments is a loan from a payday lender. Payday loans are instead repaid as a lump sum when the borrower receives their next paycheck. These loans are not allowed in some states, but Delaware does allow them within its borders. Payday loans in Delaware are subject to a $1,000 limit imposed on lenders.

What Delaware bank is easiest to get a personal loan from?

There are several local banks in the state of Delaware that are highly ranked and very popular with local residents. Some of the top banks in the state of Delaware include CIT Bank, PNC Bank, BBVA, Barclays Bank, Axos Bank, and M&T Bank. Other banks that have been ranked highly by consumer reviews on WalletHub include Taylor Bank, Provident State Bank, Artisans' Bank, Citizens Bank, and Shore United Bank.
Major credit unions operating in the state of Delaware include Priority Plus Federal Credit Union, edU Federal Credit Union, Tidemark Federal Credit Union, and Delaware Alliance Federal Credit Union. All of these credit unions are popular and well-trusted by local consumers.
Of the banks listed above, consumers should have an easy time obtaining a personal loan from Axos Bank, which has offered digital banking services for more than 20 years. Axos Bank offers loans in amounts from $5,000 – $50,000 with repayment periods ranging between 1 – 5 years.
Although a minimum credit score of 700 is required to borrow from Axos Bank, the online application process is quick and easy, and those who qualify will receive their funds in as little as 1 business day. In general, the underwriting process from a lender like Axos Bank is usually much faster and more lenient than applying in person with a major big name bank. At Acorn Finance you check offers from top lenders in Delaware including Axos Bank.

Is it a good idea to get a personal loan in Delaware?

Obtaining a personal loan is often a better financial choice than many other types of financing. They have better interest rates than using credit cards, carry less risk than using home equity loans, and are subject to less restrictions than business loans. Individuals may take out a personal loan for a variety of reasons including debt consolidation, financing a business, funding a vacation or other major life event, covering an emergency, and paying for a major purchase.
When you need quick access to cash for an unexpected expense or major life event, a personal loan is a very good idea, whether you live in Delaware or any other state. To get started, check personal loan offers. This step can help you determine if you qualify for a personal loan and if you can afford the monthly payment. At Acorn Finance you can access a network of top national lenders all in one place. Checking offers at Acorn Finance can be done within 60 seconds or less and does not impact your credit score.

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Frequently Asked Questions

How do you find the best personal loans in Delaware?

In Delaware, there are plenty of lenders (local and online) that offer personal loans. While this may seem like a positive (and is a positive), it can also make the decision and shopping process more complex. Comparing offers can help you find the best personal loan in Delaware based on your actual qualifications. To simplify the process of checking offers, visit Acorn Finance. With access to offers from top national lenders all in one place, you can check rates in seconds with no credit score impact. As you compare offers, consider the following to help you choose the best offer.

  • Origination fees: Also known as an upfront fee, origination fees can be charged by a lender to process a new loan. Origination fees are generally calculated as a percentage of the total loan amount. 
  • Fixed APR: Fixed monthly payments are more predictable and often simpler to budget. If the APR is fixed, the payment should be fixed, too. If the APR is variable, then the required monthly payment is likely variable, too. While variable rates can sometimes benefit borrowers, some of the best loans come with fixed APRs. 
  • No early repayment penalties: The lenders featured on our list do not charge repayment penalties. This allows borrowers to pay off their loans early to save money on interest and potentially other fees, too. As a result of paying off the loan, your credit score may increase.
  • Streamlined application process: We love hassle-free processes, don’t you? Some lenders can be difficult to do business with. A red flag that challenges are ahead starts with the application process. Find lenders with streamlined application processes that can deliver fast loan decisions. At Acorn Finance, you can check rates in a matter of seconds with just a little bit of personal information. Our platform leverages advanced technology to match borrowers and lenders. As a result, you can narrow down the best loan options faster.
  • Funding options and speed: At Acorn Finance, our lending partners can fund loans in as little as 1-2 business days, although funding times may vary. Fast funding can be a reflection of a streamlined process and a lender that’s using advanced technology. 
  • Borrower perks: Some lenders offer perks for borrowers, such as credit monitoring services or auto payment discounts. Additionally, some lenders offer convenient smartphone apps and online portals to manage accounts. Review the lender and what they can offer as part of your decision as to who is best.
  • APR: In most cases, the loan process starts with a pre-qualified offer. Following the offer, the borrower accepts the offer, and the underwriting process begins. Once the applicant is verified, a final approval is usually issued. The offer can change during this process, depending on what the lender finds. Be sure you monitor the APR and other factors of the loan to ensure you are getting the deal you originally said yes to. Focusing on total loan costs is a more accurate representation of the cost of the loan compared to the monthly payment. 

Other factors, such as customer service and lender's requirements, can play a role in defining the best offer. For example, some lenders may require collateral (secured loan) while others may offer unsecured personal loans with no collateral requirement. Pay close attention to the details and the experience you have with the lender. The cheapest loan does not equal the best loan. You will want to consider the whole picture from loan costs to who you are doing business with. 

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What are the different types of loans in Delaware?

Personal loans are a popular option thanks to their flexibility. With few spending restrictions, personal loans are an installment loan option that can be used for various activities. From home improvement loans to weddings, personal loans can bring your dreams to life. However, it’s essential to consider all options. 

Here are some types of loans or methods of borrowing  that may be comparable to personal loans:

  • Credit card: Credit cards may be convenient, but they can be more expensive and harder to budget compared to a personal loan.  
  • Promotional financing: Some creditors offer promotional financing periods. For example, the creditor may offer no interest if the principal is paid in full within six months of funding or approval. 
  • Financing through retailers or third-party lenders: Some retailers offer financing options, including promotional financing. Most retailers partner with third-party financial institutions or companies to support financing, but some may offer in-house options. 
  • Line of credit: A line of credit can be preferred for an ongoing need for cash. They are often secured by collateral such as your home. You can draw from the line of credit up to the credit limit. You will only need to repay the amount you draw with interest. 

What are the best personal loans for Delaware residents? 

The internet is home to some of the best personal loans in Delaware. Here are some reasons consumers should take advantage of online personal loans. 

  • Convenience: Expand your search on the online marketplace for personal loans from the comfort of your home or office, or just about anywhere you have phone service or internet access. 
  • Fast funding: Online lenders are known for streamlined processes. After all, they don’t have a human touch to keep customers engaged. Therefore, they must be easy to deal with via their online process.
  • More options: Online loans can expand your options. Rather than being limited to local lenders, banks, and credit unions, you can access offers nationwide. 
  • Less strict requirements: Online lenders often have reduced overhead. As a result, they may be able to take on more risk and or pass the overhead savings onto customers. Additionally, they face a tremendous amount of competition. 

Protecting your personal information is a real concern in our modern world, online or in person. As you shop for loan offers, ensure you work with legitimate companies and lenders. Take advantage of the Acorn Finance safe and secure platform to check personal loan offers with no credit score impact.

How do you compare Delaware personal loans?

With offers at our fingertips, the online marketplace is a valuable resource for comparing personal loans in 2024. If you’re visiting or live in Delaware or are even traveling there, visit Acorn Finance to compare offers. Complete our online form to check rates in seconds with no credit score impact. Local banks and credit unions can also offer personal loans, but you will likely need to apply with each source individually. Some banks and credit unions offer online applications, while others require you to call in or visit a location.

How do personal loans in Delaware work?

While each state can have certain restrictions on interest rates, debt utilization, and other variances, personal loans are installment loans. Typically, they are funded as a lump sum with a predetermined repayment period. Payments are usually fixed, meaning they will not fluctuate. Personal loans have few spending restrictions, which gives borrowers flexibility. In a nutshell, here are five steps that outline how a personal loan works. 

  1. Prequalification
  2. Offer Acceptance
  3. Approval
  4. Funding
  5. Repayment

Check Delaware Usury laws and regulations to learn more about legal restrictions placed on lenders. Currently, in Delaware, lenders can charge a maximum of 5% over the Federal Reserve discount rate. Additionally, no loans exceeding $100,000 are permitted unless backed by collateral. 

Are personal loans in Delaware worth it?

As we’ve explained, personal loans are installment loans with few spending restrictions. To determine if a personal loan is worth it and or the best option, you will need to consider your situation and ability to repay. You may also want to consider the requirements to qualify. Personal loans are commonly used for positive spending activities such as home improvements, education, weddings, engagement rings, medical expenses, and more. 

List pros & cons of Personal Loans in Delaware:


  • Few spending restrictions 
  • Fast funding 
  • Compare offers online
  • Access to a lump sum of cash 


  • Interest and fees
  • Payment commitment 
  • Risk of impacting credit score negatively 

Pros and cons of lenders Personal Loans in Delaware:


Best for home improvement loans 

Minimum qualifications: 

  • Minimum credit score requirement of 660 or above 
  • Minimum income requirement of $50,000/year


  • No origination fees
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Competitive loan offers
  • Allows co-signer
  • Large personal loans available 
  • Flexible repayment periods up to 12 years


  • Strict qualification requirements
  • No access to pre-qualify through the LightStream website (When applying directly, you can get pre-approved but not pre-qualified, therefore, you may be subject to a hard credit pull. To get pre-qualified with LightStream, check offers through Acorn Finance to see if you qualify.)
  • No direct payment to creditors for debt consolidation loans


Best for online personal loans for borrowers with next-to-perfect credit

Minimum qualifications:

  • Minimum credit score requirement of 680 or above 
  • Minimum income requirement of $50,000/year


  • Flexible loan amounts and repayment terms
  • No origination fees
  • Competitive interest rates
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Allows cosigner applications
  • Unemployment protection available


  • High credit score requirement
  • Approvals may take 3 days or more

Best Egg

Best for personal loans for borrowers with fair credit 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 


  • Fair credit scores can qualify
  • No minimum income requirement
  • Same or next day funding available, although funding times can vary


  • Not available in some states
  • Origination fees between 0.99% and 6.99%
  • Higher APRs


Best for peer-to-peer loans

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 


  • Low threshold for credit score
  • No minimum income requirement
  • Flexibility to change payment dates
  • Offers peer-to-peer lending


  • Long funding times
  • Origination and late fees may apply
  • No rate discount for autopay is available
  • Restrictive repayment periods
  • Funding may take about 5 business days 


Best for bad credit personal loans 

Minimum qualifications:

  • Minimum credit score requirement of 560 or above 
  • No minimum income requirement


  • Low credit score requirement
  • No early payoff penalty
  • Joint applications allowed
  • Funding as soon as one business day on approved loans, although funding times can vary


  • Origination fees between 2.9% to 8%
  • Higher APRs, especially for subprime borrowers

Axos Bank

Best for refinancing existing personal loan

Minimum qualifications:

  • Minimum credit score requirement of 700 or above 
  • Minimum income requirement $48,000/year


  • Low origination fees
  • Mobile app to manage loans
  • Fast funding times
  • Funding as soon as one business day on approved loans, although funding times can vary


  • High credit score requirement
  • Origination fee up to 2%

OneMain Financial

Best for borrowers with less-than-perfect credit who need fast funding for a personal loan

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $7,200/year


  • Low credit score requirement
  • Offers secured loan option
  • Low income requirement
  • Flexibility to choose your payment date
  • Fast funding times


  • High interest compared to similar lenders
  • Origination fee between 1% – 10% (or flat fee up to $500 depending on state)


Best for fair credit personal loans with fast funding

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $30,000/year


  • Low origination fees
  • Relaxed credit score and income requirements
  • Same or next-day funding is available, although funding times can vary


  • No joint applications
  • High loan costs
  • Short repayment periods 

Lending USA

LendingUSA is best for one-time purchases or uses, such as cosmetic surgery financing, pet financing, funeral financing, and more. LendingUSA offers loans for a variety of industries. Loans can be obtained through the LendingUSA website or through a merchant partner that refers to LendingUSA. 

One of the main highlights of LendingUSA is their offer to pay off a loan balance within 6 months. By doing so, 

no interest will be charged to the principal. 

Reprise Financial

Reprise Financial can help borrowers find personal loan offers that meet their needs. To help borrowers obtain funds quickly, Reprise works to streamline the personal loan process. With customized payment options and fixed rates, check personal loan offers at Reprise Financial. 

Similar to Acorn, one of the main highlights of Reprise Financial is the ability to shop and compare offers. 

Universal Credit

For borrowers with bad credit, Universal Credit may be your golden ticket to the funds you need. With a minimum credit score requirement of only 560, Universal Credit is a top choice for subprime borrowers. While loan costs may be higher, they usually are when it comes to borrowing money with bad credit.

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