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Payday Loan Laws in Delaware
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for
the desired amount, in addition to an interest fee. The lender will hold onto the check until the
next payday (usually 14 days) and then deposits it. Consumers also have the option to return with
cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement
which allows the lender to electronically withdraw the funds from their bank account on a
pre-determined date. Payday loans are regulated by state; therefore, it's important to
understand your state laws.
Payday loan laws in Delaware include the following:
The maximum amount of money you're allowed to borrow may not exceed $500.
The maximum interest fee is uncapped, meaning that the interest fee will vary with each lender.
The maximum loan term is 60 days.
Example:
(Assuming the lender charges an interest fee of 10% of the loan amount) A loan for $100 + $10 interest fee = $110 total
There is a maximum of 4 'roll-overs' permitted, meaning that a lender can issue you a new loan to repay an existing loan.
The sum of all outstanding loans cannot exceed $1,000.
Currently, there is no limit on the number of payday loans that you're allowed to withdraw annually.
Online payday lenders that lend to residents of Delaware must be licensed and comply with their loan limits and terms. You can verify the license of a payday lender in Delaware by calling 302-739-4235 or online.
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