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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:

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
Website: http://banking.delaware.gov/
File complaint: http://banking.delaware.gov/consumer-complaints/

Last Updated on: Thu, 23 Nov 2017

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Years in Business:12 Years