Best Bad-Credit Loan Lenders in Delaware
MoneyGeek's analysis of 30 different factors can help you get the best bad-credit loan in Delaware depending on your specific needs. We reviewed APR ranges, credit score requirements, fund distribution time, loan amounts, payback terms and a few other factors.
Since Upstart accepts credit scores as low as 300, our analysis determined that it is the ideal lender for bad-credit loans in Delaware. Meanwhile, Upgrade is the runner-up for loans for individuals with bad credit.
While some lenders provide favorable interest rates, be prepared to pay higher interest rates if your credit score is low.
Best Overall Bad-Credit Loan in Delaware: Upstart
- Upstart
- 3.22% to 35.99%APR Range
- 300Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
Runner-Up for Best Bad-Credit Loan in Delaware: Upgrade
- Upgrade
- 5.94% to 35.47%APR Range
- 560Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
How to Choose the Best Bad-Credit Loan in Delaware for You
The average personal loan debt in Delaware is $16,674. Thoroughly consider all of your options before submitting your application, paying attention to interest rates, loan amounts, repayment terms and any additional expenses.
Before applying for a bad-credit loan in Delaware, you should consider the following tips.
Ask Yourself the Important Questions
Before applying for a loan, it is essential to examine your current financial situation and funding requirements. It is also necessary to consider the amount of debt you presently have and your capacity to obtain a new loan.
To choose the best bad-credit loan provider in Delaware, ask yourself:
- How much funding do I need?
- What’s my credit score?
- Can I afford the monthly payments?
- Do I have existing debts?
- Is my debt manageable through other means?
Do Your Research
After determining your requirements and the amount of funds you need, you can start searching for lenders that offer loans to borrowers with poor credit. In addition to understanding the lender's interest rates, you should also determine whether applicants may obtain a co-signer and whether they can verify their rates upfront.
Although MoneyGeek's resources can be helpful, we strongly recommend you do your own research since our recommendations may not match your needs. Our suggestions are based on general borrower profiles.
Read the Fine Print
After you have decided on a bad-credit loan provider in Delaware, it is important to check the loan agreement and read the fine print so that you can get an idea of the fees charged by the lender as well as any other costs that you might be liable for. You must take this step to avoid paying extra money in the long run.
Wait
The cost of obtaining a loan is significant, and it is typically repaid over an extended period of time. Take your time and make an informed choice. MoneyGeek encourages you to wait a few days before submitting a loan application after you've chosen your ideal lender. During this time, you can explore the lender's customer support reputation or consider alternative financing options.
Apply
You should now be ready to submit an application for the loan that you are looking for. The lender will now want identification, financial data and employment history details. Applying online is likely to be more convenient than submitting an application in person. However, if your lender offers the option to submit your application in person, doing so can ensure you complete your application correctly and get all your questions answered.
What to Do if You Can’t Get a Bad-Credit Loan in Delaware
Even if you meet the credit requirements and provide sufficient documentation, it is not guaranteed that the lender will approve your application. The most prudent thing for you to do in this scenario is to get in touch with the lender and inquire about the reasons why your application was denied.
If you contact the lender quickly, you might be able to fix the error and reapply for a loan once you know what went wrong. If, for example, the lender dismissed your application because it had insufficient information about your income, you have the option to reapply after providing them with the necessary supporting documents.
Although it's possible to apply with a different lender, it's unlikely that your application would be accepted without completing the aforementioned steps. In addition, remember that payday loans carry exorbitantly high APRs and have extremely short repayment terms. These can result in additional debt and further damage to your credit score, so we don’t recommend them.
Calculate Your Monthly Payment
In most instances, the lender will need you to repay your loan in equal monthly installments that include interest. Use MoneyGeek's personal loan calculator to determine your monthly payment before applying for a loan to ensure you can cover the cost.
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FAQs About Bad-Credit Loans in Delaware
In order to choose the best bad-credit loan lender in Delaware, you must evaluate your current financial situation and needs. MoneyGeek has answered the following frequently asked questions to help you identify which lender offers loans that may be ideal for you.
Methodology
MoneyGeek selected the best loan providers in Delaware by evaluating over 30 personal loan companies using at least 35 different data points in six essential categories, including loan accessibility, affordability, customer friendliness, lender transparency, customer support and flexibility.
We evaluated a number of separate data points within each rating category that we feel to be the most essential when picking a personal loan provider. These consist of the required minimum credit scores, application fees, loan amounts, APR ranges, required minimum income and disbursement times.
MoneyGeek prioritizes the requirements of customers like you, so we also evaluated each lender's business reputation, customer support and any additional features (e.g., automatic payment options, pre-approval and mobile applications) that can make the entire process more straightforward and comfortable for you.
Our final recommendations are the ones that are most suitable for you. You can utilize our loan recommendations to make prudent financial choices when choosing a lender that fits your requirements and circumstances.
sources
- Upstart. "Get A Smarter Loan." Accessed November 3, 2022.
- Upstart. "A Personal Loan for Your Personal Needs." Accessed November 3, 2022.
- Upgrade. "Personal Loans Up to $50,000." Accessed November 3, 2022.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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