Delaware Consumer Protections: Delaware permits payday lending with minimal rate restrictions, as licensed lenders are exempt from usury caps. Consumers should exercise caution as APRs can be extremely high. Complaints can be filed with the Office of the State Bank Commissioner or the Attorney General's Consumer Protection Unit.
Interest Rate Cap: Delaware usury cap: No usury cap for licensed lenders (5 Del. C. 2227); payday loans legal with no rate cap.
Key Regulations: - Delaware has no usury cap for licensed lenders, making it one of the most lender-friendly states.
- Payday lenders must be licensed under the Delaware Licensed Lenders Act.
- Short-term consumer loans have no APR cap, resulting in some of the highest rates in the nation.
- The Consumer Fraud Act prohibits deceptive practices in lending.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Delaware Attorney General Consumer Protection Unit.