Loan Options in Delaware

You can borrow payday loans and installment loans in Delaware through lenders licensed by the Office of the State Bank Commissioner. Short-term payday products fall under Title 5, Chapter 22, Subchapter IV of the Delaware Code. Installment loans are covered by the broader Licensed Lenders Act in the same chapter.

Delaware doesn't cap interest rates for licensed lenders, so costs on both short-term and installment products can climb much higher than in states with strict limits. Compare total repayment amounts before you commit-not just the advertised fee or rate. The Delaware rates & fees page shows you what to watch for.

If a lender can't show you a current state license or won't put the full repayment schedule in writing, walk away. For product-specific rules, see the payday loans or installment loans page. If you'd rather explore other options first, start with alternatives in Delaware.

Delaware law includes several protections when you borrow from a licensed lender. Here's what matters most when you're reviewing an offer:

• Lender licensing required. Any company making consumer loans in Delaware must hold a license from the Office of the State Bank Commissioner, which gives you a way to verify they're legitimate before you share personal or banking details. Look up a licensee here.
• You get the loan terms in writing before you sign. Licensed lenders must hand you a written agreement showing the finance charge, APR, repayment schedule, and total amount you'll repay. If they skip this step, stop.
• You can cancel a short-term loan the next business day. Delaware's short-term lending law (5 Del. C. § 2235A) lets you rescind a payday loan by returning the principal without penalty if you act before the end of the next business day after getting the money.
• You can file a complaint with the state. If a licensed lender breaks Delaware law or treats you unfairly, report them to the Office of the State Bank Commissioner.

Before you share personal information with any lender, review the LendUp scams and safety checklist and check the lender's license through the state licensing lookup.