Delaware Payday Loan Laws
 | Max Term of Payday Loan: | 60 days | | Max Fees and Finance Charges: | Not specified | | Maximum Loan Amount: | $500 | | Number of Rollovers: | 4 (Rollovers) | | Outstanding loans allowed at one time: | Not specified | | Cool-off period: | Not specified | | Military Protection: | Not specified | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | Not specified | | Presentment Limit: | Not specified | | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order | | Private right of action: | Not specified |
Delaware Payday Loan Laws:
The small loan laws of Delaware permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates. H.B. 152: enacted 7/12/05 sets fees/damages for bad checks and provides that damages or fees may not be obtained for pay-day loans, made by a bank or licensed payday lenders.
| Payday Loan Laws: |
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