DELAWARE PERSONAL LOAN RATES AND TERMS:

Personal Loans in Delaware:

Delaware Payday Loan Laws and Delaware Loan Regulations

Legal Status: Permitted under small loan act or licensing law - Legal

Citation: Del. Code Ann. Tit. 5 2227 et seq.


Delaware State Licensed Online Lenders:
CashCentral.com, CashNetUSA.com, ChecknGo.com, QLoot.com
Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: Not specified
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit


Debt Limits: Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Four (rollovers)
Cooling-off Period:
Repayment Plan:


Collection Limits:
Collection Fees: One fee for nonpayment if the contract so provides, not to exceed 5% of the payment amount
Criminal Action: Prohibited


State Regulatory Agencies for Payday Loans:

Regulator: Delaware Office of the State Bank Commissioner
Address: 555 E. Loockerman Street Suite 210 Dover DE 19901
Phone: (302) 739-4235
Fax: (302) 739-3609
Regulatory Contact:
State of Delaware-Office of the State Bank Commissioner
Information-Non Depository Institutions(Search Licensees)
Consumer Services – File a Complaint
Online Resources:
Delaware Defined Contribution Plans
Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.



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