The maximum amount you may borrow at one time is $500.00 and there is no limit on the interest rates.
The small loan laws of Delaware allow the lender to charge any amount of interest the borrower agrees to pay.
The payday loan laws of Delaware have a maximum time frame of 59 days.
You may roll over your payday loan in Delaware up to 4 times.
On a good note the lenders of payday loans may not collect check charges or bank fees for payday loan debt, but make up the difference in interest rates, which lead to extremely high rates passed on to the borrower.
Delaware allows borrowers to take out up to 5 payday loans a year. They are allowed to extend loans of up to $100.00 to 12 months.
The payday loan laws in the state of Arkansas are unique and rather disheartening to the borrowers welfare. While payday loans are technically illegal in Arkansas, they are still in business and growing by the day.
Arkansas law prohibits any lender to charge more than 5 percent annually for and given loan agreement.
Since the APR of payday loans is usually around 390 to 780 percent annually, yes, you read that right, this makes payday loans illegal in this state.
Many law suites have been created out of this law and payday loan companies had to do something about this problem so the convinced the Arkansas legislature to introduce and pass the Act 1216 of 1999, the “Check-Cashers Act,” codified at ARK. CODE ANN. § 23-52-100