In 2012, Delaware’s state legislature passed home Bill 289, which increased the restriction on short term installment loans from $500 to $1,000. The bill also restricts borrowers from taking out more than 5 loans over a 12 month period to protect consumers from falling into a cycle of debt. The borrower’s name, address, social security or employment authorization number and gross monthly income into the database if the screen is passed and a borrower is eligible for a loan, licensed lenders are also required to: Enter. Too, licensed lenders have to upgrade the database when financing is compensated in complete or if a debtor defaults. To learn more about exactly exactly just what these loan providers have to give you, read our complete guide on bad credit loans. (more…)