Presently, there’s absolutely no restriction to your number of pay day loans a Delaware resident may take down over any offered time frame. But that may alter on January 1, 2013 whenever a law that is new patterned after comparable rules in Washington and Illinois, takes effect. Payday loan providers are anticipating alterations in their systems and reporting much more states could follow in Delaware’s footsteps.
Under Delaware’s home Bill 289, borrowers are limited by taking right out five pay day loans of $1,000 or less in every 12-month duration. Loan rollovers and refinancing are a part of that quantity and timespan.