Delaware Schedule of Fees and Charges
SCHEDULE OF LOAN FEES AND CHARGES
TitleMax of Delaware, Inc.
(Online)
Effective September 2020
TitleMax of Delaware, Inc. is licensed and regulated under 5 Del. Code Ch. 22 by the Delaware State Bank Commissioner, 1110 Forrest Ave., Dover, DE 19904, Phone (302) 739-4235, Fax (302) 739-3609, http://banking.delaware.gov.
Available Loan Amounts: $100.00 to $2,500.00 (first time borrowers are eligible for a maximum loan amount of $1,000.00)
Loan Term: 12 months (12 monthly payments, 24 semi-monthly payments or 26 bi-weekly payments)
Interest: Simple interest of 442.00% per annum. Interest will continue to accrue on past due principal amounts until paid in full in accordance with Delaware law.
Prepayment: There is no prepayment penalty.
Late Fee: 5% of the unpaid amount of any installment not paid by the end of the 10th day after the due date for such installment.
Returned Payment Handling Charge: $25.00 for each payment (whether made electronically or by check, money order or other payment instrument) that is not honored or cannot be processed for any reason, including insufficient funds.
Following are loan examples with Monthly, Bi-Weekly and Semi-Monthly repayment schedules. All payment schedules and APRs are examples only; actual payment amounts and APRs vary depending on the month and date of loan origination. The final scheduled payment amount typically differs from the other payment amounts.
12 Month Installment Loan with 12 Monthly Payments
| Loan Proceeds | Finance Charge | Payment Schedule* | Total of Payments | Annual Percentage Rate (APR) |
|---|---|---|---|---|
| $250.00 | $891.11 |
11 payments of $95.09 1 payment of $95.12 |
$1,141.11 | $446.16% |
| $750.00 | $2,673.36 |
11 payments of $285.27 1 payment of $285.39 |
$3,423.36 | $446.16% |
| $1,250.00 | $4,455.81 |
11 payments of $475.45 1 payment of $475.86 |
$5,705.81 | $446.16% |
| $1,750.00 | $6,238.06 |
11 payments of $665.63 1 payment of $666.13 |
$7,988.06 | $446.16% |
| $2,250.00 | $8,020.01 |
11 payments of $855.81 1 payment of $856.10 |
$10,270.01 | $446.16% |
* All loan examples above assume a monthly payment schedule with 12 payments due on the same day each month.
12 Month Installment Loan with 26 Bi-Weekly Payments
| Loan Proceeds | Finance Charge | Payment Schedule* | Total of Payments | Annual Percentage Rate (APR) |
|---|---|---|---|---|
| $250.00 | $870.22 |
25 payments of $43.12 1 payment of $42.22 |
$1,120.22 | $440.78% |
| $750.00 | $2,612.43 |
25 payments of $129.36 1 payment of $128.43 |
$3,362.43 | $440.79% |
| $1,250.00 | $4,356.78 |
25 payments of $215.59 1 payment of $217.03 |
$5,606.78 | $440.79% |
| $1,750.00 | $6,097.36 |
25 payments of $301.83 1 payment of $301.61 |
$7,847.36 | $440.79% |
| $2,250.00 | $7,838.88 |
25 payments of $388.07 1 payment of $387.13 |
$10,088.88 | $440.79% |
* All loan examples above assume a bi-weekly payment schedule with 26 payments due every 14 days.
12 Month Installment Loan with 24 Semi-Monthly Payments
| Loan Proceeds | Finance Charge | Payment Schedule* | Total of Payments | Annual Percentage Rate (APR) |
|---|---|---|---|---|
| $250.00 | $857.09 |
23 payments of $46.08 1 payment of $47.25 |
$1,107.09 | $439.10% |
| $750.00 | $2,569.11 |
23 payments of $138.25 1 payment of $139.36 |
$3,319.11 | $439.11% |
| $1,250.00 | $4,280.92 |
23 payments of $230.42 1 payment of $231.26 |
$5,530.92 | $439.11% |
| $1,750.00 | $5,992.69 |
23 payments of $322.59 1 payment of $323.12 |
$7,742.69 | $439.11% |
| $2,250.00 | $7,704.40 |
23 payments of $414.76 1 payment of $414.92 |
$9,954.40 | $439.11% |
* All loan examples above assume a semi-monthly (twice monthly) payment schedule with 24 payments due two times per month on the same dates.
LICENSES AND REGULATORY INFORMATION
Confirmation of Lender's status as a "Licensed Lender" can be found here:
https://banking.delaware.gov/non-depository-institutions/
Delaware State Bank Commissioner
1110 Forrest Avenue
Dover, DE 19904
Phone: (302) 739-4235
Fax (302): 739-3609
http://banking.delaware.gov