Wilmington DE
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This page was last updated September 2018

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Fair Credit Lenders in Wilmington DE

Lenders: contact us for listing removal.

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Del-One Federal Credit Union
901 N Market St Wilmington
DE 19801 - www.del-one.org
302.739.4496

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DEXSTA Federal Credit Union
300 Foulk Rd #100, Wilmington
DE 19803 - www.dexsta.com
302.571.0522

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Franklin Mint Federal Credit Union
1201 N Market St #111, Wilmington
DE 19801 - www.fmfcu.org
302.357.3039

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Louviers Federal Credit Union
Nemours Building, 1007 Orange Street
Wilmingt - n, DE 19801
www.louviers.com
302.733.0426

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Stepping Stones Community FCU
603 N Church St, Wilmington
DE 19801 - steppingstonescfcu.org
302.298.3253

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Wilmington Police & Fire FCU
1701 Shallcross Ave b, Wilmington
DE 19806 - www.wpffcu.org
302.654.0818

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PSA Federal Credit Union
408 E 8th St, Wilmington
DE 19801 - 302.658.3719

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Chestnut Run Federal Credit Union
974 Centre Rd, Wilmington
DE 19805 - www.louviers.com
302.792.7328

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Best Egg
1523 Concord Pike, Wilmington
DE 19803 - www.bestegg.com
855.282.6353

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Debt Hero Credit Consolidation
1000 N West Street Wilmington
DE 19801 - 302.342.1549

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Bad Credit Loans in Wilmington DE

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)

 

Wilmington DE Lender Area Map

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Wilmington DE Loan App Volume

Top 5 Wilmington neighborhood loan app volume

  1. Saint Elizabeth's Area
  2. Ships Tavern
  3. Market Street Mall
  4. West Center City
  5. Old Swedes Historic District

Soldiers and Sailors Monument in Wilmington Delaware: Licensing

Wilmington Bad Credit Loan Example

Maggie in Wilmington was trying to get approved for a very small loan, but she had bad credit. There are two problems with this: One, getting a legitimate small loan without using a predatory lender is rare, and Two, when you have bad credit you can't take advantage of low interest rates.

And this brings me to a question I've always asked:

"Why is there not loan shops that lend people small amounts of money at a normal interest rate?"

And what I mean by a normal interest rate is no more than 20% a the very worst (the very highest). Instead of these ridculous payday loan and cash advance rates, why not have normal rates of interest for short term loans?

For example in Maggie's case she a had a low credit score of 565 and wanted a small loan for $1000. She didn't want get another credit card, or anything like that - she wanted a simple cash loan, that she would pay back over a six-month period.

So do you think this kind of a loan agreement exists?

At one time I would have said NO WAY, because all of the short-term loan companies (loan sharks) never allowed repayment terms going past 90 days; and those types of loans had HUGE APR attached to them. And if you were ever late for a payment, or rolled over a loan, you ended up costing you and arm, a leg, two eyebrows, and an earlobe.

So when Lance (our founder & my father) started the WFL Project, he made sure to find lenders who didn't do business like payday loan companies - he wanted to find lenders who lend small amounts of cash for a period of many months. Some terms as long as a year, AND with normal APR on them.

Well he did find some lenders who do exactly that! They're users of the WFL Lender pool, and when you submit your pre-app, these lenders can review your loan request.

Below we have the calculations for Maggie's small $1000 loan; showing the total interest, term length, principal, monthly payments, and rate:

• Loan Amount (principal) = $1000
• Interest Rate = 11.83%
• Term Length = 6 months
• Monthly Payment = $172.46
• Total Paid Back = $1034.79
• Total Interest = $34.79

Now that's more like it! Even with a bad credit rating, you shouldn't have to pay stupid high APR like what so-called "cash advance" companies charge.

For Maggie's small six-month loan your total interest was only $34.79! Do that math with a payday loan fee and see how much a difference this is with their APR models.

Now, there aren't that many lenders in the United States who provide these kinds of terms, and most of them aren't institutional lenders whatsoever. They're legitimate loan companies who work on huge voulme.

Some fine day all these payday/cash advance shops will be turfed to the side; just like some old product we still can't believe was ever "a thing".

If you're living in Wilmington Delaware like Maggie, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Andy Somerset

Andy Somerset is a writer for the WFL Project.

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Upgrades Nearest Wilmington DE

Job/Income Upgrades: Indeed / Monster

Education Upgrades: College / University

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Wilmington Credit Counseling

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Counselors contact us for listing removal or info change.

Clarifi - Consumer Credit Counseling
710 N Lincoln St Wilmington
DE 19805 - clarifi.org
267.546.0430

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Consumer Credit Counseling Services
407 Foulk Rd, Wilmington
DE 19803 - 302.421.3676

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Wilmington Assistance Programs

Food Bank: Kingswood Community Center / Address: 2300 Bowers Street, Wilmington, DE - 19802 / Phone: 302.764.9022

Hot/Cold Meals: Ministry of Caring / Address: 115 East 14th Street, Wilmington, DE 19801-3209 / Phone: 302.652.5523 / Email: mail@ministryofcaring.org

Shelter In Case of Eviction: Sunday Breakfast Mission / Address: 110 North Poplar Street, Wilmington, DE 19801 / 877.306.HOME(4000)

Social Assistance Programs: Division of Social Services

Youth Programs/Assistance: Division of Child Support Services

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Usury Law Governing Wilmington DE

Summary of Delaware Usury Law(s) / Quote: Legal: 5.5% Contract: 5.5% plus surcharge; any rate over $100,000 not secured by mortgage or residence / Judgment: 5.5% / Corporate: No rate specified (read more on Delaware lending laws)

Complaint process for Wilmington residents:

Delaware Office of the State Bank Commissioner / Physical Address: 555 E. Loockerman Street, Suite 210, Dover, DE 19901 / Phone: (302) 739-4235 or (302) 577-6722 / Fax: (302) 739-2356 / Email: bankcommissioner@state.de.us / Delaware Office of the State Bank Commissioner / Delaware Complaint Process

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WFL Loan Products

Wilmington residents struggling with bad credit can learn about our bad credit loan service, or if their credit is borderline they can learn about fair credit loan service. If you're deep in debt you can learn about our debt consolidation loan service.

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