Frequently Asked Questions

How It Works:

What do I need to apply for a loan?

You need a job or proven source of income, email address, checking account in good standing, and you must be at least 18 years of age (19 years of age for applicants residing in Alabama and Nebraska). Signed Loan Agreements are subject to verification of prior loan history and application information.
Your application will be either approved or declined based on our evaluation of the information you provide. On occasion, we may ask customers to fax additional information. Accounts in good standing reflect 30 days of transaction history without any of the following:

  • • Non-sufficient fund transactions
  • • Returned checks
  • • Overdraft charges
  • • Negative account balances
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How much can I borrow?

We offer loans of up to $2,500. Maximum loan amount for initial loan is $1000.00. Click Loan Cost and Terms for more information.

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How soon can I get my money?

We complete application verification at 6:00 PM Eastern Time. If your application is approved, your money will be electronically deposited (via ACH) to your bank account (Monday through Friday excluding bank holidays). The funds will typically arrive at your bank the following business day. You can contact your bank to verify that the funds have been credited to your account. You can also elect to receive your funds via a check by postal mail. Please note that by choosing this option, you should allow 7 to 10 days for delivery. Loan applications received after 6:00 PM Eastern Time are processed the next business day.



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How much does a First Bank of Delaware loan cost?

The cost of your loan is based on the size of the loan you are approved for. It ranges from $0.92 per day per $100 borrowed (334% APR) for small, short-term loans down to $0.24 per day per $100 borrowed (87% APR) for larger, longer-term loans for customers with successful payment histories or higher credit scores. While these rates are lower than the rates charged by many other short term lenders, they are higher than some other forms of credit, so we encourage you to pay off your loan as quickly as possible.

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Payment Options:

What are my First Bank of Delaware payment options?

First Bank of Delaware loans can be paid off in several installments or paid off at any time - without penalties.

The number of payments is based on the size of your loan and your payment schedule. Smaller loans are paid off over a few months while larger loan amounts term is as long as two and a half years. We have structured our loans so in most cases you don’t pay more than $100 per payment (based on biweekly payments - your actual payment amount will vary based on pay frequency and loan amount). The loan payment dates are linked to your pay dates to help you be able to make your payments.

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What happens if I don’t make a payment on my loan by the due date?

You are responsible for making your payment by the due date. You can either schedule an electronic payment from your checking account or provide payment in any other form you prefer (check, Money Gram, money order, etc.). If you make a late payment, skip a payment, or a payment is returned to us, you may incur additional fees.

If you are unable to make the payment on your due date, please contact Customer Support

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Application:

How do I know when my application is approved?

When you submit your application, the results will be available in a matter of seconds in most cases.* If approved, you will be able to choose how much you want to borrow up to your maximum approved amount. If your application for credit is not approved, we will provide you with the reason for denial.

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Security:

How does First Bank of Delaware protect my personal information?

Visit our Security page to learn more about how we protect your personal information.

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* Loans are offered by First Bank of Delaware (member FDIC). Maximum loan amount for initial loan is $1000.00. Maximum loan amount for subsequent loans is $2500.00. All loans are subject to credit approval. Credit approval is subject to the bank’s credit standards, and actual terms (including actual loan amounts) may vary by applicant. Applications processed before 6:00 p.m. Eastern Time are typically funded the next banking day. In some cases we may not be able to verify your application information and may ask you to provide certain documents. The Annual Percentage Rate (APR) for a loan of $1000.00 is 219.4% with 30 bi-weekly payments of $92.53. Click the Loan Cost and Terms tab on www.FBDLoans.com for additional details. Complete disclosures of APR, fees and payment terms are provided within the Loan Agreement.