(last updated 11/13/2019)
Delaware Payday Loan Laws and Regulations in (DE)
Payday loans and cash advances are legal in Delaware. The Delaware Office of the State Bank Commissioner has been regulating Payday Loans and Cash Advances since May 16th, 1987. As of 01/08/2015 there were 333 licensed lenders and 941 licensed locations in Delaware.
The maximum payday loan allowed in Delaware is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is not specified, but no more than $1000 total. The maximum permissible fees allowed in Delaware is not specified. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is 4. The minimum loan term is not specified. The maximum loan term is 60 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Delaware, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Delaware Office of the State Bank Commissioner.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Delaware. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.