Every year here at “Help With Payday Loan Debt” we revisit and do state by state revisions in payday loan laws and this post will be about the Delaware payday loan laws being updated.
Delaware has an active payday loan business and it is growing every day.
They do have some pitfalls so it really pays to understand what the laws are, how much interest can be charged, etc.
In other words, pretty much how they work!
Delaware Payday Loan Laws
Both online and storefront payday loans are legal in Delaware.
They both have a limit of $500.00 per loan with a maximum overall total of $1000.00 and any one given time.
You must take out your loan for a minimum of 60 days and do not gain any break in interest if paid early. In other words, the terms of the loan stand regardless of early repayment.
You are allowed to have five loans in any one calendar year with a maximum rollover of 4 times per loan.
There are no limits on interest charged in this state leaving it up to the individual loan companies to set the market.
There is also no set amount for counter fees which leads to extremely high fees making this state a very dangerous state to get a payday loan in.
One redeeming factor for Delaware is these companies are not allowed to bring criminal charges against any borrowers who may end up in default and or collections.
Please keep in mind that many of these online companies do not follow state laws and can take advantage of borrowers.
They run outside the country and local and state laws are extremely hard if not impossible to enforce.
Indian tribes that offer payday loans are among the companies to check out thoroughly as they tend to also run on their own set of laws.
Deleware is also unique in how it grants these loans in their storefronts and for their online payday loans.
You will be required to leave a thumbprint for identification purposes when taking out one of these loans by phone, in person and online.
We have covered the Deleware payday loan laws, how they can affect you and what to watch out for when dealing with these companies.
It is always best to know what you may be getting into before taking action on borrowing money and we strongly suggest you read our articles on How To Use Payday Loans and Are Online Payday Loans Safe.
The two above mentioned articles get a bit more in-depth on how these loans work and what to watch out for when using them.
If you need immediate assistance with payday loan debt in this or any state please give us a call toll-free at 1-877-280-5100 and we can show you how to eliminate this debt.
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