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Usury Laws by State
Each state has its own regulations on the maximum interest rate that can be charged for a loan. The maximum interest is also commonly referred to as the "usury limit". When you build your loan you should make sure that you check the usury rate for the state in which the loan is being made. If your loan's interest rate exceeds a state's usury limit it could impact the legality of your loan.
While we do our best to keep our usury information accurate and up to date, its important that you check with a local attorney or accountant if you have any questions about the interest rate on your loan.
External Links on Usury
- Usury Law Summaries by State - UsuryLaws.com
- Usury - Wikipedia.com
- The History of Usury - Americans for Fairness in Lending
Alabama
- Interest Rate Limit
Maximum legal interest rate is 8% if there is a written loan agreement - Exceptions
Loans with an original principal balance over $2,000 - More Information
- Alabama Chapter 8 – Interest & Usury - Justia US Laws
- Alabama Usury Law Summary - UsuryLaw.com
- Alabama Interest Rate Laws - FindLaw.com
Alaska
- Interest Rate Limit
Maximum legal interest rate is 10.5% - Exceptions
If the original balance of the loan is less than $25,000, the maximum legal interest rate is more than 5% above the FRBSF Discount Rate at the time the loan is made. - More Information
- Sec. 45.45.010. Legal rate of interest - Alaska State Law
- Alaska Usury Law Summary - UsuryLaw.com
- Alaska Interest Rate Laws - FindLaw.com
Arizona
- Interest Rate Limit
Maximum legal interest rate is 10% unless a different rate is contracted for in writing, in which event any rate of interest may be agreed to. - More Information
- 44-1201. Rate of interest for loan or indebtedness; interest on judgments - Arizona State Law
- Arizona Usury Law Summary - UsuryLaw.com
- Arizona Interest Rate Laws - FindLaw.com
Arkansas
- Interest Rate Limit
Maximum legal interest rate is 5% above the Federal Reserve Discount Rate at the time the loan is made - Exceptions
The maximum legal interest rate for consumer loans is capped at 17%. - More Information
- Article 19. Miscellaneous Provisions - Arkansas State Law
- Arkansas Usury Law Summary - UsuryLaw.com
- Arkansas Interest Rate Laws - FindLaw.com
California
- Interest Rate Limit
- Maximum legal interest rate for consumer loans is 10%
- Maximum legal interest rate for non-consumer loans is 5% above the FRBSF Discount Rate at the time the loan is made.
- More Information
- Article 15 Usury - California Constitution
- California Usury Law Summary - UsuryLaw.com
- California Interest Rate Laws - FindLaw.com
Colorado
- Interest Rate Limit
- Maximum legal interest rate for non-consumer loans is 45%
- Maximum legal interest rate for consumer loans is 12%
- More Information
- Colorado Usury Law Summary - UsuryLaw.com
- Colorado Interest Rate Laws - FindLaw.com
Connecticut
- Interest Rate Limit
Maximum legal interest rate is 12% - Exceptions
- A mortgage of real property greater than $5,000
- The maximum legal interest rate for a business loan between the value of $10,000 and $250,000 may not exceed 17% plus the Deposit Index.
- More Information
- Chapter 673 Interest - Connecticut State Law
- Connecticut Usury Law Summary - UsuryLaw.com
- Connecticut Interest Rate Laws - FindLaw.com
Delaware
- Interest Rate Limit
Maximum legal interest rate is 5% above the Federal Reserve Discount Rate at the time the loan is made. - Exceptions
There is no limit on the interest rate if the loan is greater than $100,000 and the loan is not secured by a mortgage against the principal residence of the borrower. - More Information
- Chapter 23 Interest - Delaware State Law
- Delaware Usury Law Summary - UsuryLaw.com
- Delaware Interest Rate Laws - FindLaw.com
District of Columbia
- Interest Rate Limit
Maximum legal interest rate is 24% - Exceptions
There is no limit on an interest rate if the loan is greater than $1,000 and any of the following conditions apply:- The loan is not a mortgage
- The borrower is a not for profit corporation
- The loan is made for the purpose of acquiring or carrying on a business
- • The loan is made for the purpose of acquiring any real or personal property as an investment
- More Information
- Chapter 33 Interest and Usury (PDF) - Washington DC Law
- Washington DC Usury Law Summary - UsuryLaw.com
- Washington DC Interest Rate Laws - FindLaw.com
Florida
- Interest Rate Limit
- Maximum legal interest rate on personal loans less than $500,000 is 18%
- Maximum legal interest rate on personal loans greater than $500,000 is 25%
- More Information
- 687.071 Criminal usury, loan sharking; shylocking - Florida Law
- Florida Usury Law Summary - UsuryLaw.com
- Florida Interest Rate Laws - FindLaw.com
Georgia
- Interest Rate Limit
- Maximum legal interest rate on loans equal to $3,000 or less is 16%
- Maximum legal interest rate on loans between $3,000 and $250,000 is 5% per month and must use simple interest
- More Information
- Georgia Usury Law Summary - UsuryLaw.com
- Georgia Interest Rate Laws - FindLaw.com
Hawaii
- Interest Rate Limit
Maximum legal interest rate on personal loans is 10% - More Information
- §478-2 Legal rate; computation - Hawaii Law
- Hawaii Usury Law Summary - UsuryLaw.com
- Hawaii Interest Rate Laws - FindLaw.com
Idaho
- Interest Rate Limit
Maximum legal interest rate on personal loans is 12% - More Information
- Legal Rate of Interest - Idaho Law
- Idaho Usury Law Summary - UsuryLaw.com
- Idaho Interest Rate Laws - FindLaw.com
Illinois
- Interest Rate Limit
Maximum legal interest rate on personal loans is 9% - More Information
- Section 4.1a of the Interest Act - Illinois Law
- Illinois Usury Law Summary - UsuryLaw.com
- Illinois Interest Rate Laws - FindLaw.com
Indiana
- Interest Rate Limit
Maximum legal interest rate on loans less than $50,000 or less is 21% - More Information
- Chapter 3. Loans - Indiana Law
- Indiana Usury Law Summary - UsuryLaw.com
- Indiana Interest Rate Laws - FindLaw.com
Iowa
- Interest Rate Limit
Maximum legal interest rate on loans is 2% above the monthly average 10-year constant maturity interest rate of US government bonds. The Iowa Superintendent of Banking publishes the monthly maximum rate on their website. - Exceptions
There is no limit on the interest rate if the loan purpose is for:- Purchasing real property or refinancing the purchase of real property
- A loan greater than $25,000 for constructing improvements on real property
- A loan greater than $25,000 for personal, family, or household purposes
- A loan for business or agricultural purposes
- More Information
- Chapter 535 Money and Interest - Iowa Law
- Iowa Usury Law Summary - UsuryLaw.com
- Iowa Interest Rate Laws - FindLaw.com
Kansas
- Interest Rate Limit
Maximum legal interest rate on loans is 15% - Exceptions
Maximum legal interest rate on loans secured by real estate is 1.5% above the yield of thirty-year fixed rate conventional home mortgages. The Kansas Secretary of State publishes this rate on their website. - More Information
- Chapter 16- Contracts and Promises - Kansas Law
- Kansas Usury Law Summary - UsuryLaw.com
- Kansas Interest Rate Laws - FindLaw.com
Kentucky
- Interest Rate Limit
Maximum legal interest rate on loans less than $15,000 is the lesser of:- 19%
- 4% above the Federal Reserve Discount Rate at the time the loan is made.
- Exceptions
There is no limit on loans greater than $15,000 - More Information
- Chapter 16- Contracts and Promises - Kentucky Law
- Kentucky Usury Law Summary - UsuryLaw.com
- Kentucky Interest Rate Laws - FindLaw.com
Louisiana
- Interest Rate Limit
Maximum legal interest rate on loans is 12% - Exceptions
Maximum legal interest rate on adjustable rate mortgages is 17% - More Information
- §3500 - Louisiana Law
- §3504 - Louisiana Law
- Louisiana Usury Law Summary - UsuryLaw.com
- Louisiana Interest Rate Laws - FindLaw.com
Maine
- Interest Rate Limit
No limit - More Information
- Maine Consumer Credit Code (PDF) - Maine Law
- Maine Usury Law Summary - UsuryLaw.com
- Maine Interest Rate Laws - FindLaw.com
Maryland
- Interest Rate Limit
Maximum legal interest rate on loans is 8% - Exceptions
There are numerous exceptions to the maximum interest rate in Maryland. If you have any questions please contact a local attorney. - More Information
- Maryland Usury Law Summary - UsuryLaw.com
- Maryland Interest Rate Laws - FindLaw.com
Massachusetts
- Interest Rate Limit
Maximum legal interest rate on loans is 20% - More Information
- Chapter 271: Section 49. Criminal usury - Massachusetts Law
- Massachusetts Usury Law Summary - UsuryLaw.com
- Massachusetts Interest Rate Laws - FindLaw.com
Michigan
- Interest Rate Limit
Maximum legal interest rate on loans is 7% - Exceptions
There are numerous exceptions that raise the maximum legal interest rate to 25% that are detailed in the Michigan Statutory Interest Rate Ceilings (PDF). - More Information
- Michigan Statutory Interest Rate Ceilings (PDF) - UsuryLaw.com
- Michigan Usury Law Summary - UsuryLaw.com
- Michigan Interest Rate Laws - FindLaw.com
Minnesota
- Interest Rate Limit
Maximum legal interest rate on loans is 8% - Exceptions
The maximum legal interest rate for a loan of less than $100,000 for business or agricultural purposes 4.5% above the discount rate on 90-day commercial paper at the Minnesota Federal Reserve. - More Information
- Usury - Minnesota Law
- Minnesota Usury Law Summary - UsuryLaw.com
- Minnesota Interest Rate Laws - FindLaw.com
Mississippi
- Interest Rate Limit
Maximum legal interest rate on loans is the greater of:- 10%
- 5% above the Federal Reserve Discount Rate at the time the loan is made.
- Exceptions
- The maximum legal interest rate on loans greater than $2,500 for a business purpose is the greater of:
- 15%
- 5% above the Federal Reserve Discount Rate at the time the loan is made.
- The maximum legal interest rate on a mortgage is the greater of:
- The maximum legal interest rate on loans greater than $2,500 for a business purpose is the greater of:
- More Information
- § 75-17-1. Legal rates of interest and finance charges - Mississippi Statutes
- Mississippi Usury Law Summary - UsuryLaw.com
- Mississippi Interest Rate Laws - FindLaw.com
Missouri
- Interest Rate Limit
The maximum legal interest rate on loans is the greater of:- 10%
- 3% above the long term United States government bond yields
- Exceptions
Note I can’t find any exceptions, but virgin money shows multiple exceptions - More Information
- Legal Tender and Interest Section - Missouri Law
- Missouri Usury Law Summary - UsuryLaw.com
- Missouri Interest Rate Laws - FindLaw.com
Montana
- Interest Rate Limit
The maximum legal interest rate on loans is the greater of:- 15%
- 6% above the Wall Street Journal Prime Rate
- More Information
- Loans of Money - Interest Rates - Montana Law
- Montana Usury Law Summary - UsuryLaw.com
- Montana Interest Rate Laws - FindLaw.com
Nebraska
- Interest Rate Limit
Maximum legal interest rate on loans 16% - Exceptions
There are multiple exceptions to the maximum legal interest that can be found in Nebraska Revised Statute 45-101.04. - More Information
- General interest rate; maximum; variable rate authorized; conditions - Nebraska Statutes
- Nebraska Usury Law Summary - UsuryLaw.com
- Nebraska Interest Rate Laws - FindLaw.com
Nevada
- Interest Rate Limit
No limit - More Information
- Money of Account and Interest - Nevada Law
- Nevada Usury Law Summary - UsuryLaw.com
- Nevada Interest Rate Laws - FindLaw.com
New Hampshire
- Interest Rate Limit
No limit - More Information
- Interest - New Hampshire
- New Hampshire Usury Law Summary - UsuryLaw.com
- New Hampshire Interest Rate Laws - FindLaw.com
New Jersey
- Interest Rate Limit
Maximum legal interest rate on loans 16% - More Information
- 2C:21-19. Wrongful Credit Practices and Related Offenses - New Jersey Statutes
- New Jersey Usury Law Summary - UsuryLaw.com
- New Jersey Interest Rate Laws - FindLaw.com
New Mexico
- Interest Rate Limit
No limit with written loan agreement - More Information
- Article 8 Money, Interest and Usury - New Mexico Statutes
- New Mexico Usury Law Summary - UsuryLaw.com
- New Mexico Interest Rate Laws - FindLaw.com
New York
- Interest Rate Limit
Maximum legal interest rate on loans is 16% - More Information
- Interest and Usury; Brokerage on Loans - New York Statutes
- New York Usury Law Summary - UsuryLaw.com
- New York Interest Rate Laws - FindLaw.com
North Carolina
- Interest Rate Limit
Maximum legal interest rate on loans less than $25,000 is the greater of:- 16%
- 6% above the 6 Month US Treasury Bills
- Exceptions
There is no interest rate limit if:- The loan amount is greater than $25,000
- The loan is a mortgage and the amount is greater than $10,000
- More Information
- Chapter 24. Interest - North Carolina Law
- North Carolina Usury Law Summary - UsuryLaw.com
- North Carolina Interest Rate Laws - FindLaw.com
North Dakota
- Interest Rate Limit
Maximum legal interest rate on loans less than $35,000 is 5.5% above the 6 Month US Treasury Bills- 16%
- 6% above the
- Exceptions
There is no maximum legal interest rate on loans if:- The loan amount is greater than $35,000
- The loan is made to a partnership, limited partnership, or association that files a state or federal partnership income tax return
- More Information
- Loans of Money (PDF) - North Dakota Law
- North Dakota Usury Law Summary - UsuryLaw.com
- North Dakota Interest Rate Laws - FindLaw.com
Ohio
- Interest Rate Limit
Maximum legal interest rate on loans less than $100,000 is 8% - Exceptions
There is no interest rate limit if:- The loan amount is greater than $100,000
- The loan is demand note and unsecured
The maximum legal interest rate for a mortgage is 8% above FR Discount Rate at the time of the loan. - More Information
- 1343.01 Maximum rate of interest - Ohio Statutes
- Ohio Usury Law Summary - UsuryLaw.com
- Ohio Interest Rate Laws - FindLaw.com
Oklahoma
- Interest Rate Limit
Maximum legal interest rate on loans is 10% - More Information
- Section XIV2 (RTF) - Oklahoma Law
- Oklahoma Usury Law Summary - UsuryLaw.com
- Oklahoma Interest Rate Laws - FindLaw.com
Oregon
- Interest Rate Limit
Maximum legal interest rate on loans less than $50,000 is the greater of:- 12%
- 5% above the FR Discount Rate at the time the loan is made
- Exceptions
There is no interest rate limit if:- The loan is secured by real property
- The loan is from a tax qualified retirement plan to a person then a participant under the plan
- More Information
- Interest; Repayment Restrictions - Oregon Law
- Oregon Usury Law Summary - UsuryLaw.com
- Oregon Interest Rate Laws - FindLaw.com
Pennsylvania
- Interest Rate Limit
Maximum legal interest rate on unsecured loans less than $50,000 is 12%
Maximum legal interest rate on loans over than $50,000 is 36% - More Information
- Pennsylvania Usury Law Summary - UsuryLaw.com
- Pennsylvania Interest Rate Laws - FindLaw.com
Rhode Island
- Interest Rate Limit
Maximum legal interest rate on loans is:- 21% or…
- 9% above the Wall Street Journal Prime Rate
- More Information
- Interest and Usury - Rhode Island Law
- Rhode Island Usury Law Summary - UsuryLaw.com
- Rhode Island Interest Rate Laws - FindLaw.com
South Carolina
- Interest Rate Limit
No limit - More Information
- Consumer Protection Code - South Carolina Law
- South Carolina Usury Law Summary - UsuryLaw.com
- South Carolina Interest Rate Laws - FindLaw.com
South Dakota
- Interest Rate Limit
Maximum legal interest rate on loans is 18% - More Information
- Consumer Protection Code - South Dakota Law
- South Dakota Usury Law Summary - UsuryLaw.com
- South Dakota Interest Rate Laws - FindLaw.com
Tennessee
- Interest Rate Limit
Maximum legal interest rate on loans is the lesser of:- 24%
- 4% above the Bank Prime Rate
- Exceptions
The maximum legal interest rate for a single payment loan with a term of one year or less and principal amount of $1,000 or less is 10% - More Information
- Part 1 General Provisions - Tennessee Statutes
- Tennessee Usury Law Summary - UsuryLaw.com
- Tennessee Interest Rate Laws - FindLaw.com
Texas
- Interest Rate Limit
Maximum legal interest rate on loans is 10% - More Information
- Chapter 302 Interest Laws (PDF) - Texas Law
- Texas Usury Law Summary - UsuryLaw.com
- Texas Interest Rate Laws - FindLaw.com
Utah
- Interest Rate Limit
No limit - More Information
- 76-6-520. Criminal Usury - Utah Statutes
- Utah Usury Law Summary - UsuryLaw.com
- Utah Interest Rate Laws - FindLaw.com
Vermont
- Interest Rate Limit
Maximum legal interest rate on loans is 12% - Exceptions
For a loan secured by motor vehicles, mobile homes, travel trailers, aircraft, watercraft and farm equipment, of the current and previous model year, the maximum legal interest rate is 18%. For a loan secured by such collateral older than the current or previous model year, the maximum legal interest rate is 20%.
For a second mortgage, the maximum legal interest rate is 18%. - More Information
- 41a. Legal rates - Vermont Law
- Vermont Usury Law Summary - UsuryLaw.com
- Vermont Interest Rate Laws - FindLaw.com
Virginia
- Interest Rate Limit
Maximum legal interest rate on loans is 12% - Exceptions
For a second mortgage, the maximum legal interest rate is 18%. - More Information
- Contracts for more than legal rate of interest - Virginia Law
- Virginia Usury Law Summary - UsuryLaw.com
- Virginia Interest Rate Laws - FindLaw.com
Washington
- Interest Rate Limit
Maximum legal interest rate on loans is the greater of:- 12%
- 4% above the 26 Week Treasury Bill
- More Information
- Interest – Usury - Washington Statutes
- Washington Usury Law Summary - UsuryLaw.com
- Washington Interest Rate Laws - FindLaw.com
West Virginia
- Interest Rate Limit
Maximum legal interest rate on loans is 8%
Maximum legal interest rate on a mortgage is 9% - More Information
- West Virginia Usury Law Summary - UsuryLaw.com
- West Virginia Interest Rate Laws - FindLaw.com
Wisconsin
- Interest Rate Limit
Maximum legal interest rate on loans is 8%
Maximum legal interest rate on a mortgage is 9% - More Information
- Money and Rates of Interest - Wisconsin Law
- Wisconsin Usury Law Summary - UsuryLaw.com
- Wisconsin Interest Rate Laws - FindLaw.com
Wyoming
- Interest Rate Limit
Maximum legal interest rate on loans is 8%
Maximum legal interest rate on a mortgage is 9% - More Information
- Loans - Wyoming Law
- Wyoming Usury Law Summary - UsuryLaw.com
- Wyoming Interest Rate Laws - FindLaw.com
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