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: https://banking.delaware.gov/
- File complaint: https://banking.delaware.gov/consumer-complaints/
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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