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Payday loan laws in Delaware

  • Legal status: Legal (Permitted under small loan act or licensing law)
    (Del. Code Ann. Tit. 5 2227 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: Maximum 60 days
  • Fees and finance charges: Not specified
  • Finance charge on a 14-day $100 loan: No limit
  • APR on 14-day $100 loan: No limit

Collection restrictions:

  • Collection fees: One fee for nonpayment if the contract allows but should not exceed 5% of the payment amount.
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Not Specified (cannot have more than $1000 in total)
  • Rollovers allowed: Four
  • Cooling-off phase: Not specified
  • Repayment plan: Not specified

Complaint cell:

Last Updated on: Thu, 23 Nov 2017