Delaware Payday Loan Laws and Regulations
Find out if short-term Payday Loans are legal in Delaware and what amounts, interest rates and repayment terms are set by the state's Legislation.
delaware payday loans Rates and Terms
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Legal Status
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Legal Status The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates. |
Legal |
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Maximum Loan Amount
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Maximum Loan Amount It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements. |
$1000 |
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Maximum Loan Term
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Maximum Loan Term It’s the maximum period of time within which you are to allowed to pay off your loan. |
60 day(s) |
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Average APR
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Average APR The average percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan. |
521.00% |
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Finance Charges
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Finance Charges All the payments you’re going to be charged for the loan including APR and other fees. |
Not limited |
Make yourself safe by studying the laws, rules and regulations concerning Payday Loans and other short-term cash advance in Delaware. Apply for a Payday Loan online on a strong note.
Compare top legit Payday Lenders in Delaware:
LendYou is will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: Starting at 4.99% APR
- Turnaround Time: 1 business day
- $100 - $1000 Payday Loans
- $1000 - $5000 Installment Loans
- $5000 - $35000 Personal Loans
- 18 years of age or older
- U.S. citizenship
- Valid checking or savings account with direct deposit
- Minimum regular income of $1,000 per month
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- Pros
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- High up to $15,000 loan amounts.
- Minimal restrictions on how you can use your loan.
- No collatera or guarantor.
- Bad credit is OK.
- Cons
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- It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with.
Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $50
- MAX Loan Amount: $3000
- Terms: Vary by state.
- Rates and fees: 261% to 782% APR
- Turnaround Time: 1 business day
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- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- 21+ years old (19+ in Alabama)
- Social Security number (for Indiana residents only)
- Pros
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- You can get even as low as $50.
- Quick funding on the next business day.
- Money can be used for any personal needs.
- Cons
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- Not available in every state.
- APR can be more than 153.73% depending on your state.
- High late payment fees.
PaydayloansUSA.online offers Payday Loans, Installment Loans, Personal Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Vary by state.
- Rates and fees: 4.99% to 1386% APR
- Turnaround Time: 1 business day
- Payday Loans
- Installment Loans
- Personal Loans
- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- Pros
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- Quick - no driving, waiting, faxing, paperwork.
- More than 300 direct lenders.
- High approval rate even for bad credit Payday Loans.
- Online Payday cash advance with no collateral.
- 24 / 7 online service.
- No hard credit check Payday Loans.
- Cons
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- High interest rates.
- Available not in all the states.
- Not many financial products offered.
Table of Contents:
Are Payday Loans legal in Delaware?
Delaware Payday Loan Terms and Amounts
Delaware Payday Loans online laws
Delaware Payday Loans interest rates, fees and other finance charges
Delaware Payday Loans direct lenders regulations
Delaware Payday Loans consumer information
Legitimate Payday Loans online with NO credit check in Delaware
Does Delaware law allow Payday Loans for bad credit borrowers?
Legit Payday Loans in Delaware collection practices
Delaware Payday Loans news - latest changes
Are Payday Loans Legal in Delaware?
Short-term Payday Loans are legal in the state of Delaware and are mostly regulated through The Small Loan Act or Licensing Law, Del. Code Ann. Tit. 5 2227 et seq.. The Payday Lending legislation covers all the parts of the process concerning:
- Payday Loan amounts
- Payday Loan repayment terms
- Payday Loan online direct lenders
- Payday Loan stores near you
- Payday Loan interest rates and other fees
- Payday Loan collecting practices
- Payday Loan default penalties
- The number of outstanding Payday Loans as well as a cooling off period in-between etc.
Read more: Payday Loans in Delaware
To see if you're eligible for a Payday Loan in Delaware check out the lenders' requirements:
- US residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address
Delaware allows maximum $1000 Payday Loan amount. It should be repaid within 60 days as you get your next paycheck. Earlier payments don’t contemplate any additional fees. The average APR is 521.00% and the finance charges are Not limited. For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.
Delaware Payday Loan Terms and Amounts
Delaware residents who are eligible for a Payday Loan can get $1000 cash advance per contract and have no more than 5.00 outstanding loans at a time. The repayment term is 60 days.
However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in Delaware.
If $1000 is not enough, there are always other options to receive the necessary funds in Delaware: unsecured Installment Loans, bad credit Personal Loans, Title Loans, Check Cashing, Pawn Shops, etc.
Delaware Payday Loans online laws
Cash advances (payday loans) from both storefront and online lenders are legal in the state of Delaware. Though most Payday Loan lenders operate online, they must have a legal address and physical space to obtain a license.
Lenders are obliged to educate consumers by providing comprehensive information on risks associated with payday loans. Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.
You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score.
Delaware Payday Loans interest rates, fees and other finance charges
The main part of payday loan payment is mostly made up of the interest rate, or APR. The average APR that may be charged for short-term cash advance in Delaware is 521.00%. The finance charges are Not limited.
Besides, the total cost of a Payday Loan includes some additional fees. Delaware lending rules allow to charge: $25 NSF fee, the amount of the loan plus attorney fees
The law obligates Delaware Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree acknowledge the notification by signing the contract.
Delaware Payday Loans direct lenders regulations
According to Delaware payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loan direct lenders and lenders in a store near you.
The main rules regarding Payday loan lenders in Delaware are:
- Essential state license.
- Complete disclosure of all the information concerning the loan such as its repayment terms, rates, fees, etc.
- Besides, Delaware direct lending companies are recommended to educate the customers on the possible issues related to payday loans. Borrowers must be aware of possible risks, default penalties, other consequences of short-term loans and their alternatives.
- Delaware laws prohibit offensive collecting practices connected with the due loans. Criminal action threats are banned and the lender is required to send a mail notification before starting any legal proceedings against expired contracts.
Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under Delaware state law.
Delaware Payday Loans consumer information
Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in Delaware. They include the availability and number of rollovers, extensions and repayment plan, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:
| Rollovers or extensions | 4 rollovers |
| Cooling-off period | None |
| NSF fee | $25 |
| Other default penalties | $25 NSF fee, the amount of the loan plus attorney fees |
| Criminal actions | Prohibited |
Look for more detailed information on the official Delaware state regulator website - https://banking.delaware.gov/contact/.
Legitimate Payday Loans online with NO credit check in Delaware
Looking for a legal Payday Loan with No credit check in Delaware? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian and TransUnion.
If you don’t want to damage your credit history Delaware law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. They can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.
Delaware Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.
Does Delaware law allow Payday Loans for bad credit borrowers?
The average credit score in Delaware is 679, placing it in the good range. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in Delaware.
- First of all, there're a lot of legit direct lenders in Delaware providing Payday cash advance to borrowers with both good and bad credit score.
- Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
- Find out how to improve your credit score and do your best to do it fast.
- Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.
Legit Payday Loans in Delaware collection practices
If you can’t repay the loan amount plus interest on a due date it means you default the loan. When Delaware direct lender isn’t able to cash your check after the repayment term is over he may charge you an NSF fee. NSF fee means there are non-sufficient funds on your account. The amount charged is determined by the lender and stated in the agreement and may also be limited by the state’s Payday Loan law. In Alabama it’s $25.
Besides there are other default penalties in Delaware such as $25 NSF fee, the amount of the loan plus attorney fees .
What concerns collection practices, first of all, you may stay assured that any criminal actions are forbidden in Delaware. State legislation also does not allow payday lenders to charge additional interest on deferred loans with an outstanding balance 10 weeks after the loan agreement date. In the case of a default, Delaware payday lenders are barred from initiating any criminal proceedings against borrowers.
If you think that your payday lender violates the Delaware Payday Loans law, you may file a written complaint with Delaware Office of the State Bank Commissioner, 555 E. Loockerman Street Suite 210 Dover DE 19901, (302) 739-4235. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges
Delaware Payday Loans news - latest changes
In 222016 The Consumer Financial Protection Bureau (CFPB) proposed a Payday Loan Rule to limit the APR which was to come into effect in November 2020. But there haven't been any changes in short-term cash advance yet.
Delaware Payday Loans historical background
| since May 16, 1987 | The Delaware Office of the State Bank Commissioner has been regulating the Payday lending. |
| 2006 | Payday Loans for the military were capped at 36%. |
| 2012 | Delaware H.B. 289 was passed to protect the borrowers. A limit of 5 loans per 12-month period was set. The maximum amount was raised to $1,000 loans instead of $500. A special database of the number of loans was established. The lenders were required to check the borrowers' creditworthiness before lending. |
| June 2, 2016 | The Consumer Financial Protection Bureau (CFPB) proposed a Payday Loan Rule that hasn’t yet fully come into effect (expected in November 2020). |
| 2016 | There was an attempt to cat the interest at 100% but unsuccessfully. |
Delaware Payday Loan alternatives
If you're looking for instant cash advance in Delaware but not a Payday Loan, consider other alternative ways to get the necessary funds:
- Apply for a Delaware Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
- Take out a Car Title Loan if you own a vehicle to use as collateral.
- Sell some of your valuable stuff online or at a pawn-shop.
- Consider borrowing from a bank or credit union. There are 3 Federal Credit Unions offering Payday Alternative Loans in Delaware - Del-One Federal Credit Union, Community Powered Federal Credit Union, Tidemark Federal Credit Union.
- Qualify for one of Federal or state Delaware government assistance programs: Long-term care through Medicaid, Medical assistance through Medicaid, Supplemental Nutrition Assistance Program, Temporary Assistance for Needy Families.
