Delaware Payday Loans

The state of Delaware does allow payday loans to be granted. These loans are permitted according to licensing law and the Small Loan Act. The maximum amount a borrower can take out at a time is $500. While most states only allow one month or 31 days for a borrower to pay back a payday loan, Delaware regulations allow for a 60 day repayment period. Lenders are also required to allow borrowers to renew, or rollover, their loans as many as four times. Typically this limit is much lower. Delaware is also unique in that in lieu of a signature to certify a loan, lenders must get the thumbprint of a borrower (in order to reduce fraud).

According to recent updates to payday loan regulations in Delaware, borrowers can take out a maximum of 5 payday loans of $1000 or less in a one year time frame.

Interest Rate Limits

Delaware does not place any limits on the interest rate or amount of interest that payday loan companies can charge. Lenders can also choose how to calculate the interest.

New Legislation

Recently in Delaware, updates have been made to small-loan legislation. In addition to limiting the number of loans that a borrower can take out per year, it creates a state database in order to track this.

Small Loan Regulation

The Delaware Office of the State Bank Commissioner regulates small loans in Delaware. Their office is located in Dover, DE.

Ace America's Cash Express
630 North Dual Highway
Seaford, DE 19973
EZ Cash of Delaware
300 Bi State Boulevard
Delmar, DE 19940
Cash Advance
Food Lion Plaza
Seaford, DE 19973
National's-PayDay Loans
2419 Kirkwood Highway, Suite 500
Wilmington, DE 19805
Cash Advance
200 West 9th Street Suite 103
Wilmington, DE 19801
Cash Advance
Penn Mart Shopping Centre
New Castle, DE 19720
Cash Advance
Parland Shopping Centre
Wilmington, DE 19801
Advanace America Cash
941 North Dupont Boulevard
Milford, DE 19963
E Z Cash of Delaware Inc
600 North Broad Street
Middletown, DE 19709
Cash Advance
248 East Dupont Highway
Millsboro, DE 19966



Delaware Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$6284022%58%8%12%36%64%
2011$5963716%59%16%9%29%71%
2010$6113919%50%18%13%32%68%