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Delaware Interest Rates Laws
More Information on Interest Rate Laws
| Legal Maximum Rate of Interest | 5% over Federal Reserve discount rate; same maximum rate even if agreed upon in writing (Tit. 6 §2301) |
| Penalty for Usury (Unlawful Interest Rate) | Debtor not required to pay excess over legal rate; if whole debt is paid with interest over legal rate, debtor may recover 3 times amount of excess interest or $500, whichever is greater, if action brought within 1 year (Tit. 6 §2304[b] |
| Interest Rates on Judgments | 5% over Federal Reserve discount rate; same maximum rate even if agreed upon in writing (Tit. 6 §2301) |
| Exceptions | No limit where loan exceeds $100,000 and is not secured by mortgage on borrower's personal residence (Tit.6§2301(c)) |
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