How To Compare Loans in Delaware
Select how much you would like to borrow.
Filter the results based on your criteria and compare the best Delaware loan rates.
Find the best personal loan for your loan needs.
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Why Compare Loans in Delaware with Financer.com
When applying for loans in Delaware, lenders require the following:
- The borrower's signature
- The borrower's thumbprint
- The borrower must be a U.S. citizen
- The borrower must provide a source of income
In addition to a signature, borrowers need to provide a thumbprint, whether the application is done via phone, in person, or online.
This feature is a distinctive characteristic of Delaware installment loans laws and was introduced with an aim to protect consumers from being victims of fraudulent lending companies.
Delaware Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 521%* |
| Max. Loan Amount | $1,000 |
| Min. Loan Term | Not specified |
| Max. Loan Term | 60 days |
| Number of Rollovers | 4 |
| Finance Charges | No limit |
| Statute of Limitations | 3 years from the last payment |
* Real APR for loans in Delaware can reach 521% according to the Center for Responsible Lending 2019.
Delaware Payday Loans
Delaware state law reads that payday loans are legal under the Small Loan Act or Licensing law.
A lender is only allowed to give out a maximum amount of $1000. Unless the loan debt is settled, no additional loans can be granted.
Regulations governing Delaware cash advance loans require a minimum repayment term of 60 days. The lender is thus prohibited from demanding the full repayment before that term ends.
Charges, fees, and interest rates on loans are not regulated by the Delaware state. Therefore, it is up to the lending companies to decide how much to charge a borrower.
Up to four rollovers are allowed for each borrower per loan.
Delaware Loan Collection Restrictions
Payday loans usually have inherent restrictions. In addition to these, lenders in Delaware who provide deferred loans are not allowed to roll over the loan amount after 12 weeks.
The state legislation also prohibits lenders from charging additional interest on the deferred loan. Lenders are not allowed to initiate criminal proceedings in case of failure of the borrower to repay. Borrowers can borrow up to five times within a calendar year.
If a lender contravenes these guidelines, they can be reported to the Delaware State Bank Commissioner.
Payday Loan Regulations in Delaware
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Why Compare with Financer.com
Financer.com helps you compare the best personal loans in Delaware and get the lowest personal loan rates from leading U.S. lenders.
Our online loan comparison is fast, easy, and completely free. Best of all, you can pre-qualify without hurting your credit score.
Use Financer.com's free loan comparison tool and take the guesswork out of finding the best personal loan for your needs.
Delaware Loans FAQs
How much can I borrow?
Personal loan amounts vary between lenders, and the amount you can be approved for depends on your credit score, your loan payment history, and your debt-to-income ratio, among others. However, payday loans in Delaware are limited to $1,000. By comparing lenders you can choose the best loan rates and terms.
How much does a loan cost in Delaware?
There is no limit with regards to APRs lenders may charge. Although personal loan rates are much lower, payday loan APRs are known to exceed 520% in Delaware.
What do I need to apply for a loan?
Lenders typically require your personal information such as your employment status, Social Security number, credit history, and contact details. This can vary from one lender to the next but online applications are fast and easy, and won't hurt your credit score when you pre-qualify.
What does it cost to compare loans with Financer.com?
You can compare loans with Financer.com free of charge. Our service is free and we only work with lenders that are established and have a long history of providing loans to customers in the U.S.
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