Milford at a glance
- Population: about 13,289 residents, ranking 5th of 57 Census places in Delaware (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: 11,185 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: a gain of roughly 18.8% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among Delaware places: 5th of 57 by population (US Census Bureau, Vintage 2023).
- Size percentile: roughly 91% of Delaware's places have fewer residents (US Census Bureau).
- Coordinates: 38.9098 / -75.4223, per the US Census Bureau Gazetteer.
- Nearest larger cities: Dover, DE (18 mi); Easton, MD (36 mi); Bridgeton, NJ (37 mi); Salisbury, MD (38 mi); Millville, NJ (39 mi); each population is a US Census Bureau estimate.
- Nearest smaller communities: Houston, DE (4 mi); Slaughter Beach, DE (6 mi); Ellendale, DE (7 mi) (Census populations).
What a personal loan costs in Milford
With an installment loan the payment is fixed for the life of the loan, so the schedule is predictable from the first month to the last.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
Delaware lending rules that apply in Milford
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Delaware Office of the State Bank Commissioner (OSBC) Source says: "The Office of the State Bank Commissioner is responsible for regulating and examining State-chartered banks and trust companies and licensed financial services businesses". | Delaware Office of the State Bank Commissioner as of 2026-09-16 |
| Title loans (5 Del. C. ch. 22, subch. V) | Title loans permitted: secured by motor vehicle title, original repayment period of 180 days or less; borrower has a right to rescind until the end of the next business day Source says: "“Title loan” means a loan made to one or more natural persons by a licensee and secured by the title to a motor vehicle". | Delaware General Assembly — 5 Del. C. § 2250 as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 5% over the Federal Reserve discount rate; no rate limit for loans over $100,000 (licensed lenders may set rates by agreement under 5 Del. C. § 2229) Source says: "interest at any rate agreed upon in writing not in excess of 5% over the Federal Reserve discount rate"; "there shall be no limitation on the rate of interest which may be legally charged for the loan or use of money". | Delaware General Assembly — 6 Del. C. § 2301 as of 2026-09-16 |
| Payday lending status | Permitted as 'short-term consumer loans' (≤$1,000, stated term under 60 days); max 5 per borrower per 12 months; max 4 rollovers Source says: "a short-term consumer loan that would cause the borrower to have more than 5 short-term consumer loans from all licensees in any 12-month period"; "No licensee shall make more than 4 rollovers of an existing short-term consumer loan". | Delaware General Assembly — 5 Del. C. §§ 2227, 2235A as of 2026-09-16 |
| Small-loan / installment lender licensing | Licensed lender license required from the State Bank Commissioner; making more than 5 loans in any 12-month period is deemed 'transacting the business of lending' Source says: "Every person desiring to transact the business of lending money in this State shall be required to obtain a license under this chapter". | Delaware General Assembly — 5 Del. C. § 2202 as of 2026-09-16 |
How to compare offers in Milford
These steps are the ones that most affect the offer you receive in Milford:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Delaware using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.