Alabama |
§ 8-8-1
| 8% for contracts in writing, 6% for verbal agreements |
Alaska |
§ 45.45.010
|
5% above the 12th Federal Reserve District Interest rate on day loan was created, or 10%, whichever is larger
(loans less than $25,000). No maximum interest rate exists for amounts over $25,000
|
Arizona |
§ 44-1201
|
No limit exists for loans in writing 10% per annum for any loans not in writing |
Arkansas |
§ 4-57-104
|
Cannot exceed the 17% maximum established in the Arkansas Constitution (Amendment 89) |
California |
§ Article XV
|
10% for personal, family, and household loans. The highest of 10% or 5% over the amount charged by the Federal
Reserve Bank of San Francisco
|
Colorado |
§ 5-12-103 & § 5-2-201
|
45% maximum interest rate for supervised loans 12% maximum interest rate for unsupervised loans |
Connecticut |
§ 37-4
|
The limit is 12% |
Delaware |
§ tit. 6,2301
|
5% limit over the Federal Reserve Discount rate at the time loan was created |
Florida |
§ 687.03
|
18% on loans below $500,000 25% on loans over $500,000 |
Georgia |
§ 7-4-2
|
5% per month on amounts over $3,000 7% without a written contract 16% on loans under $3,000 |
Hawaii |
§ 478-2, § 478-3, &
§ 478-4
|
10% limit without a written contract 12% is the general maximum interest rate 10% is the maximum on judgments
|
Idaho |
§ 28-22-104
|
The general maximum rate is 12% The maximum rate on court judgments is 5% |
Illinois |
§ 815 ILCS 205/4
|
9% general usury limit |
Indiana |
§ 24-4.6-1-102 &
§ 24-4.5-3-201
|
8% is the maximum without an agreement 25% for consumer loans that are not supervised |
Iowa |
§ 535.2(3)(a)
|
The general maximum interest rate is 5% If the interest |
Kansas |
§ 16-201 &
§16-207
|
10% legal interest rate 15% general maximum interest |
Kentucky |
§ 360.010
|
8% legal rate of interest The maximum interest rate is 4% larger than the Federal Reserve rate (or 19% whichever is
less) There is no limit when stated in a written contract with a loan larger than $15,000
|
Louisiana |
§ 9:3500
|
12% general maximum interest rate |
Maine |
§ tit. 9-B, § 432
|
6% legal interest rate (no maximum in any statute) |
Maryland |
§ 12-102
103
|
6% legal interest rate 8% maximum interest rate with a written contract |
Massachusetts |
§ 3 &
Ch. 271, § 49
|
6% legal interest rate without a written contract Normally does not go over 20% (if part of the contract) |
Michigan |
§ 438.31
|
5% legal rate 7% with a written contract |
Minnesota |
§ 334.01
|
6% legal rate of interest 8% maximum interest rate for written contracts No limit if the amount is over $100,000
|
Mississippi |
§ 75-17-1
|
8% legal rate of interest The rate may be increased up to 5% or 10% above the Federal Reserve discount with a
contract
|
Montana |
§ 31-1-107
|
The highest of 15% or 6% over the Federal Reserve System rate |
Nebraska |
§ 45-101.03
|
16% maximum usury rate |
Nevada |
§ 99.050
|
The least of 36% or the maximum rate allowed under the Military Lending Act |
New Hampshire |
§ 336:1,
§ 358-A:2
|
No legal limit exists for interest rates |
New Jersey |
§ 31:1-1
|
6% without a written contract 16% with a written contract |
New Mexico |
§ 56-8-3
|
15% maximum without a written contract |
New York |
§ 5-501 &
§ 14-A
|
6% legal interest rate 16% general usury limit |
North Carolina |
§ 24-1
|
8% legal rate Consumers and creditors are allowed a higher contractual rate |
North Dakota |
§ 47-14-09
|
5.5% maximum interest rate above the current maturity rate of Treasury bills for six months prior to the
issuance of the loan for written contracts less than $35,000, or 7%, whichever amount is greater
|
Ohio |
§ 1343.01
|
8% interest rate in any written contract |
Oklahoma |
§266
|
6% legal rate of interest without any contract |
Oregon |
§ 82.010
|
9% legal interest rate 15% or 5% greater than the 90-day discount rate of commercial paper for business and
agricultural loans
|
Pennsylvania |
§ 201
|
6% interest rate |
Rhode Island |
§ 6-26-2
|
21% or domestic prime rate plus 9% maximum interest rate |
South Carolina |
§ 37-3-201
|
10% maximum interest rate unless stated otherwise in a contract |
South Dakota |
§ 54-3-4
&
§ 54-3-16(3)
|
No limit exists for written agreements 12% maximum interest rate without a written agreement |
Tennessee |
§ 47-14-103
|
10% maximum interest rate unless stated otherwise in a contract |
Texas |
§ 302.001(b)
|
10% interest rate Can be higher if the loan is provided by contract law |
Utah |
§ 15-1-1
|
10% maximum interest rate unless stated otherwise in a contract |
Vermont |
§ 41a
|
12% rate of interest unless it falls under a particular circumstance provided in § 41a |
Virginia |
§ 6.2-301 &
§ 6.2-303
|
6% legal rate 12% with a contract |
Washington |
§ 19.52.020
|
12% maximum interest rate, or 4% over the average bill rate for 26- week treasury bills in the month the loan
took effect
|
Washington D.C. |
§ Title 29, Chapter 33
|
24% maximum interest rate for written contracts 6% maximum interest rate for verbal contracts |
West Virginia |
§ 47-6-5
|
6% legal interest rate 8% maximum interest rate for written agreements |
Wisconsin |
§ 138.04
|
5% legal interest rate Interest rates in written agreements can be agreed upon |
Wyoming |
§ 40-14-106
|
7% interest rate Interest rates in written agreements can be agreed upon |