Delaware State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $1000

Loan Term: Less than 60 days

Maximum Finance Rate and Fees: Not Specified

Finance Charge for 14-day $100 loan: No Limit

APR for 14-day $100 loan: No Limit

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Limit of five loans from all licensees in 12-month period.

Rollovers Permitted: Four (rollovers)

Cooling-off Period: N/A

Repayment Plan: Voluntary workout agreements. Equal instalments, minimum 90 days, no fees or interest

Collection Limits:

Collection Fees: One fee for nonpayment if the contract so provides, not to exceed 5% of the payment amount. Attorney fees and court costs

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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