Payday loans are legal in Delaware.
The maximum loan amount is $1,000. The maximum loan term is 60 days and a lender has no right to require the repayment before that term. Maximum finance charges or interest rates in Delaware are not specified. Real APR in Delaware can reach 521%
Currently, payday lending in Delaware is regulated by the Small Loan Act or Licensing Law.
You cannot get any additional loans until the previous one is repaid.
You can get 4 rollovers on each bad credit loan in Delaware.
You can have no more than 5 loans per 12-month period.
A lender can charge one NSF collection fee not exceeding $25.
If you do not repay a payday loan, the amount of the loan + attorney fees can be recovered through the court trial. However, criminal actions against borrower are prohibited.
Delaware Payday Loan Regulations:
|Interest Rate (APR)||521%|
|Minimum Loan Amount||
|Maximum Loan Amount||
|Number of Rollovers Allowed||4|
|Finance Charges||No limit|
|Minimum Loan Term||
|Maximum Loan Term||