Delaware Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Delaware payday loan laws contact the Delaware Office of the State Bank Commissioner.
Payday loans are permitted under the small loan act or licensing law in Delaware (see Delaware Payday Loans or Delaware Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | $1,000 |
| Rates or Fees (max) | Not Specified |
| Term Limitations | Max: 60 days |
In Delaware, four rollovers are permitted. Nothing is mentioned about cooling periods between loans. Delaware has no requirements for extended repayment plans.
For example, in Delaware the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | No Limit |
| APR | No Limit |
Delaware also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|---|
| Collection Fees | One fee for nonpayment if the contract so provides, not to exceed 5% of the payment amount |
A licensee may charge and collect interest in respect of a loan at such daily, weekly, monthly, annual or other periodic percentage rate or rates as the agreement governing the loan provides or as established in the manner provided in such agreement and may calculate such interest by way of simple interest or such other method as the agreement governing the loan provides. If the interest is precomputed it may be calculated on the assumption that all scheduled payments will be made when due. For purposes hereof, a year may but need not be a calendar year and may be such period of from 360 to 366 days, including or disregarding leap year, as the licensee may determine.