By CreditNinja
Modified on March 15, 2024

Wilmington, DE, is home to amazing breweries, restaurants, historical sites, and tons of green areas to enjoy. When visiting the city, be sure to check out the Winterthur Museum, the Delaware Art Museum, the DuPont Building, Hagley Museum and Library, and Brandywine Park. About 70,898 people live in Wilmington, and 43% are homeowners. Homeowners can expect their monthly costs to be $1,397, while renters can expect a monthly cost of $473.

When residents of Wilmington need some extra cash, they can turn to personal loans. They have some of the most affordable and convenient loan terms available. Below you will find more information on these loan options in Wilmington.

What Are Personal Loans?

Personal loans are unsecured loan options that you can find at banks, credit unions, and online lenders. A standard personal loan is repaid in steady monthly payments (one reason they are called installment loans). The repayment terms and interest rates for these loans will depend on your finances and the lender you choose to work with.

Are These Loan Options Right for Me?

Personal loans may be suitable for you if you are experiencing a financial emergency or need to make a necessary purchase. For example, many people use a personal loan to make ends meet in between jobs or for something like a down payment on a home.

Different Types of Personal Loans in Wilmington, DE

The great thing about personal loans is that they are flexible for all kinds of financial situations. And that is because they come in different variations. Along with a standard personal loan; here are some of the different types available:

Bad Credit Loans

Bad credit personal loans are available for borrowers who have a credit score that is lower than 670. The great thing about these loan options is that they won’t come with the high fees that other bad credit loans have, like if you were to apply for a payday loan or a title loan. Along with that, the interest rates will be competitive even for subprime scores.

Secured Loan Options

Secured loans use an asset as collateral. This can include anything of value like a car, home, jewelry, etc. If a standard personal loan doesn’t work for you because of your credit score or income, a secured one may be an option to consider. Keep in mind that you will lose any collateral if you happen to default on a secured loan.

Variable Interest Loans

While fixed rates stay the same throughout repayment, variable interest rates can change. These rates will be determined by your finances and by market trends. So while there is a chance you can save a good amount, there is also the risk of overpaying.

What Do I Need for a Personal Loan in Delaware?

The great thing about a personal loan is that you don’t need much to apply or be approved. In most scenarios, you will need the following:

A Valid Source of Income

Lenders will need to see proof of income to figure out whether you can repay the loan. You can use documents like bank statements, pay stubs, letters of income, etc. The flexible thing is that all kinds of income sources can be accepted for a loan option. Self-employment income, passive income, part-time income, etc., are all valid income sources when applying for a personal loan.

Government Issued Identification

A government-issued photo ID will be required when applying for a personal loan. You can use IDs like a driver’s license, military ID, passport, or permanent residence card. Lenders will use this information to verify your identity and age.

A Social Security Card or TIN Number

You will also need your Social Security card or a Tax Identification Number (TIN). Your lender will use this information to verify your identity and perform a credit check.

Proof of Residency

Documents like mail, bank statements, and pay stubs can be used to prove residency. Lenders will need to ensure that you live within the state in which you are applying for a loan.

A Checking Account

Many lenders out there will require their borrowers to have a checking account/ debit card account for direct deposit purposes.

Benefits of Personal Loans?

There are all kinds of benefits available for borrowers with a personal loan, and these benefits are especially apparent when compared to other loans in Wilmington:

Personal Loans vs. Title Loans

A title loan, also called an auto title loan, is a type of secured loan option that uses the borrower’s vehicle as collateral. And so, to take out one of these loans, you will have to own a vehicle with a clear vehicle title. Your lender will perform a vehicle evaluation and check your ability to repay the loan.

You can get title loans even if you have a bad credit history; however, the interest rates and fees will be very high. And if you cannot pay back the loan, your car will be at risk. Instead, consider a personal loan available for bad credit histories which has better interest rates, and doesn’t require collateral.

A Personal Loan vs. A Payday Loan

A payday loan is an extremely short-term loan option available to borrowers with bad credit. Loan amounts range up to a few hundred dollars and must be repaid in a few weeks.

Although these loans can be convenient, they come with high-interest rates and extra fees. Personal loans work better when looking for a bad credit loan alternative! You’ll get more time to repay your loan, potentially a higher loan amount, and less interest and fees.

Personal Loans vs. Credit Cards

A credit card is a form of revolving credit, which you’ll have to partially pay back each month if you borrow money from it. To be eligible for a credit card, you may need to have good credit. On top of that, interest rates can be high, and credit cards make it easier to overspend. Instead of a credit card, consider a personal loan! They have better interest rates, easier eligibility, and don’t come with the risk of overspending.

Home Equity Loans vs. Personal Loans

Homeowners who need to borrow money can do so with a home equity loan. The great thing about these loan options is that credit history isn’t a huge concern for loan approval, and you could get a considerable loan amount. However, if you cannot pay back your loan, your home could be at risk. If you aren’t a homeowner or don’t want to put such a large asset at risk, consider a personal loan option. You don’t need collateral, and you could still get a large loan amount.

Why Should You Choose CreditNinja?

CreditNinja is the best place to start for a personal loan in Wilmington, Delaware. Here are some of the benefits you could look forward to when working with us:

Exceptional Customer Service

Our customer service team is extremely friendly and can help you throughout the loan process. Whether you need help before you apply or while repaying your personal loan, we are here to help.

An Easy Application Process

With just a few simple steps, you can apply online for a personal loan with us. Our application involves:

  • Answering a few questions.
  • Hitting the submit button and sending in documents.
  • Waiting for us to let you know about approval.

Fast Cash Once Approved

Once approved for a personal loan in Wilmington, you will get the money quickly. It typically only takes one business day to send the funds to a bank account.

Apply 24/7 for Loans in Wilmington

You can apply for a personal loan from anywhere, day or night. Because our application process can be done online, you’ll have the flexibility to apply from anywhere, whenever it is convenient for you.

Pay Your Loan Off Easily

At CreditNinja, we accept the following payment methods:

  • Payments over the phone.
  • Online payments.

You can use whatever method of payment that is best for you.

Get a Long or Short-term Loan

Whether you need a long-term loan or something short-term, our loan options may be able to work! Talk to a loan agent about your preferred loan terms.

Highly Competitive Interest Rates

The interest rates for the loans we service are highly competitive. This could mean saving a ton of money on your loan!

No Hidden Fees

There are never any surprises with our loans. You repay them in monthly installments that are steady!

These are just a few of the benefits you could look forward to when working with our team! Ready to get started with CreditNinja? Head to our website and apply for a personal loan right away!

  1. US Census Bureau QuickFacts: Wilmington city, Delaware
  2. 8 Incredible Things To Do In Historic Wilmington, Delaware

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.