Delaware security deposit loans start at West End Neighborhood House

Delaware security deposit loans are made possible thanks to a charitable program. West End Neighborhood House created and administers the Statewide Security Deposit Loan Program (SDLP).

Statewide Security Deposit Loan Program

Tenants in any of Delaware’s three counties may be eligible for a low interest security deposit loan through West End Neighborhood House. This is a specialized loan product that is available specifically for security deposits on an apartment or rental home.

West End designed this product as an alternative to direct competitors. For-profit lenders offer security deposit loans that can frequently carry high interest rates. Such excess finance charges can cause an unsuspecting borrow further hardship down the road as they try to afford their regular bills, plus make monthly loan payments.

The Statewide Security Deposit Loan Program provides working adults with a low interest loan that can be used to meet your landlord’s security deposit requirement. This can help you get approved for a lease on an affordable rental property and keep a roof over your head.

While the SDLP loan is intended specifically for security deposits on rental units, there are additional uses that are allowed through the program:

• Deposits on utilities. West End can help you with your rental security deposit as well as the deposits on your utilities. You can get moved in and turn your lights on with a little help from the agency.
• Moving companies. If you need a truck or help from a moving company, this could also be an allowable use of the loan proceeds.

To apply for an SDLP loan, you will need to provide West End with the appropriate documentation as well as a completed application for the loan. Bring in all pay stubs over the past month as well as driver’s license or state issued ID card. They will also need a copy of your bank statement to ensure that you have no overdrafts.

The SDLP option is a great one for a working family who needs a little help making the move to a new rental home. It can allow you to come up with the cash you need to get moved in as well as the flexibility and low cost to repay the loan as you are able. An additional benefit is that your on-time payment history can be reported to credit bureaus, thereby allowing you to build up a positive credit rating.

To find out more, contact West End at 302-658-4171. This is one decision that can work well for you and your family. You simply cannot find a better deal!