Delaware Payday Loans
Delaware Payday Loans State Information
Legal Status for Delaware payday loans:
Permitted under small loan act or licensing law – Legal
Citation:
Del. Code Ann. Tit. 5 2227 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Four (rollovers)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action:
If you are contemplating using Delaware payday loans due to some financial emergency, then it might be useful for you to know the current payday loan laws. The following legal information is relevant for Delaware payday loans:
1. Are payday loans legal in Delaware?
Yes, payday loans are indeed legal in Delaware. They are Permitted under small loan act or licensing law.
2. What is the maximum amount that I can borrow?
You can borrow as much as $500 in the form of a payday loan from a financial institution in Delaware.
3. What can be the term of a payday loan in Delaware?
The maximum term for Delaware payday loans is 60 days.
4. What can be the maximum interest rate and fees in Delaware?
Payday loan laws in Delaware do not specify anything about maximum interest rates and fees. They do not specify anything about finance charges either. There is no limit to the annual percentage rate or APR that can be charged to the consumers.
5. What can be the maximum number of outstanding payday loans at one time?
There is no limit to the number of outstanding loans, but you cannot have more than $1000 in total as payday loans in Delaware.
6. Are payday loan rollovers allowed in Delaware?
Rollover means taking a new loan to pay off the original loan. Four rollovers are permitted in Delaware.
7. Is it mandatory to have a “cooling-off” period between successive payday loans?
Payday loan laws in Delaware do not specify anything regarding the cooling-off period between two payday loans.
8. Am I eligible for a repayment plan, if I am facing financial trouble?
Payday loan laws in Delaware do not specify anything regarding repayment plans.
9. Is there any collection limit on payday loans in Delaware?
Payday loan laws in Delaware do not specify anything regarding collection limit.
10. Can a financial institution take criminal action against me, if I default on the loan?
Payday loan laws in Delaware do not specify anything regarding criminal action that can be taken against you in case of default.
11. Where should you go to file a complaint and get more information about payday loan laws in Delaware?
Delaware Office of the State Bank Commissioner is the regulatory authority in Arkansas. Contact them in case of any complaints or information about payday loan laws. You can get in touch with them at:
Where to Complain, Get Information:
Regulator: Delaware Office of the State Bank Commissioner
Address: 555 E. Loockerman Street Suite 210 Dover DE 19901
Phone: (302) 739-4235
Fax: (302) 739-3609
Regulatory Contact: , Administrator, Non-Depository Institutions and Compliance
Regulator Website
Online Resources:
Brochure: Do You Need to Borrow Money?
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