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Delaware
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/
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Last Updated on: Thu, 23 Nov 2017
Based on 82 reviews
Years in Business:12 Years