State Usury Laws – maximum legal interest rates
Every state has a Usury Limit (the maximum legal interest rate). When creating a loan agreement, make sure to check the usury limit for the state in which your loan is being made. Your loan’s interest rate should not exceed the state’s usury limit.
We try to keep our usury information up to date but, it is always a good idea to double-check with a local attorney or accountant
These rates were updated 5/11/12
*FRDR= Federal Reserve Discount Rate – more info here
| State(alphabetical) | Maximum Legal Interest Rate | Notes/Exceptions |
| Alabama | 8% | principal loan balance over $2,000 |
| Alaska | 10.5% | express contract agreement can be 5% above legal rate |
| Arizona | 10% | different rate contracted for in writing has no limit |
| Arkansas | 5% above current FRDR | none found |
| California | consumer loans 10% /non-consumer loans 5% above the FRBSF Discount Rate | none found |
| Colorado | consumer loans 12% /non-consumer loans 12% | none found |
| Connecticut | 12% | mortgage of real property greater than $50,000, 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. |
| Delaware | 5% above current FRDR | 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 |
| Florida | loans < $500,000 18% /loans > $500,000 25% | none found |
| Georgia | loans <$3,000 16%loans $3,000-$250,000 5%/month (must use simple interest) | none found |
| Hawaii | personal loans 10% | none found |
| Idaho | personal loans 12% | none found |
| Illinois | personal loans 9% | none found |
| Indiana | loans <$50,000 21% | none found |
| Iowa | Iowa Superintendent of Banking determines Iowa monthly max rate | no limit for purchasing real property or refinancing the purchase of real property, loans > $25,000 for constructing improvements on real property, loans > $25,000 for personal, family or household purposes, and loans for business or agricultural purposes |
| Kansas | 15% | loans secured by real estate is 1.5% above the yield of thirty-year fixed rate conventional home mortgages |
| Kentucky | loans < 15,000 is the lesser between 19% or 4% above current FRDR | no limit for loans > $15,000 |
| Louisiana | 12% | adjustable rate mortgages is 17% |
| Maine | No limit | none found |
| Maryland | 8% | numerous exceptions |
| Massachusetts | 20% | none found |
| Michigan | 7% | numerous exceptions |
| Minnesota | 8% | loan < $100,000 for business or agricultural purposes 4.5% above the discount rate on 90-day commercial paper at the Minnesota Federal Reserve. |
| Mississippi | greater of 10% and 5% of current FRDR | loans greater than $2,500 for a business purpose is the greater of 15% and 5% above the FRDR at the time the loan is mademortgage is the greater of 10% and 5% above the 20 Year Constant Maturity Index of Long-Term United States Government Bond Yield |
| Missouri | greater of 10% and 3% above the long term United States government bond yield | none found |
| Montana | greater of 15% and 6% above the Wall Street Journal Prime Rate | none found |
| Nebraska | 16% | see Nebraska Revised Statute 45-101.04. |
| Nevada | no limit | none found |
| New Hampshire | no limit | none found |
| New Jersey | 16% | none found |
| New Mexico | No limit for written loan agreement | none found |
| New York | 16% | none found |
| North Carolina | loans <$25,000 is greater of 16% and 6% above 6 Month US Treasury Bills | no limit if loan > $25,000; no limit for mortgage loan > $10,000 |
| North Dakota | consumer loans/personal loans 5.5% above the 6 Month US Treasury Bills | no limit if loan amount is greater than $35,000 or the loan is made to a partnership, limited partnership, or association that files a state or federal partnership income tax return |
| Ohio | loans < $100,000 is 8% | no limit if the loan amount is greater than $100,000 or the loan is demand note and unsecured |
| Oklahoma | 10% | none found |
| Oregon | loans < $50,000 is the greater of 12% and 5% above the FRDR at the time the loan is made | none found |
| Pennsylvania | unsecured loans < $50,000 is 12% / loans > $50,000 is 36% | none found |
| Rhode Island | 21% or 9% above the Wall Street Journal Prime Rate | none found |
| South Carolina | No Limit | none found |
| South Dakota | 18% | none found |
| Tennessee | lesser of 24% and 4% above the Bank Prime Rate | none found |
| Texas | 10% | none found |
| Utah | no limit | none found |
| Vermont | 12% | loans 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%. |
| Virginia | 12% | for a second mortgage, the maximum legal interest rate is 18%. |
| Washington | greater of 12% and 4% above the 26 Week Treasury Bill | none found |
| West Virginia | 8% | limit for mortgage 9% |
| Wisconsin | 8% | limit for mortgage 9% |
| Wyoming | 8% | limit for mortgage 9% |
Alabama
Interest Rate Limits
8% is the limit
Exception
principal loan balance over $2,000
More Information
- Alabama Interest & Usury - Justia US Laws
- Alabama Usury Law – UsuryLaw.com
- Alabama Interest Rate Laws – FindLaw.com
Alaska
Interest Rate Limits
10.5% is the limit
Exception
express contract agreement can be 5% above legal rate
More Information
- Alaska Usury Law – UsuryLaw.com
- Alaska Interest Rate Laws – FindLaw.com
Arizona
Interest Rate Limits
10% is the limit
Exception
different rate contracted for in writing has no limit
More Information
- Arizona Usury Law – UsuryLaw.com
- Arizona Interest Rate Laws – FindLaw.com
Arkansas
Interest Rate Limits
5% above current FRDR
Exception
no exceptions
More Information
- Arkansas Usury Law – UsuryLaw.com
- Arkansas Interest Rate Laws – FindLaw.com
- Article 19. Miscellaneous Provisions – Arkansas State Law
California
Interest Rate Limits
consumer loans 10%non-consumer loans 5% above the FRBSF Discount Rate
Exception
no exceptions
More Information
- Article 15 Usury – California Constitution
- California Usury Law – UsuryLaw.com
- California Interest Rate Laws – FindLaw.com
Colorado
Interest Rate Limits
consumer loans 12% ; non-consumer loans 12%
Exception
no exceptions
More Information
- Colorado Usury Law – UsuryLaw.com
- Colorado Interest Rate Laws – FindLaw.com
Connecticut
Interest Rate Limits
12% is the limit
Exception
mortgage of real property greater than $50,000, 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
- Connecticut Interest Rate Laws – FindLaw.com
Delaware
Interest Rate Limits
5% above current FRDR
Exception
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
- Delaware Usury Law – UsuryLaw.com
- Delaware Interest Rate Laws – FindLaw.com
Florida
Interest Rate Limits
loans < $500,000 18%loans > $500,000 25%
Exception
no exceptions
More Information
- Florida Usury Law – UsuryLaw.com
- Florida Interest Rate Laws – FindLaw.com
- Criminal usury – Florida Law
Georgia
Interest Rate Limits
loans <$3,000 16%loans $3,000-$250,000 5%/month (must use simple interest)
Exception
no exceptions
More Information
- Georgia Usury Law Summary – UsuryLaw.com
- Georgia Interest Rate Laws – FindLaw.com
Hawaii
Interest Rate Limits
personal loans 10%
Exception
no exceptions
More Information
- Legal rate– Hawaii Law
- Hawaii Usury Law Summary – UsuryLaw.com
- Hawaii Interest Rate Laws – FindLaw.com
Idaho
Interest Rate Limits
personal loans 12%
Exception
no exceptions
More Information
- Legal Rate of Interest – Idaho Law
- Idaho Usury Law – UsuryLaw.com
- Idaho Interest Rate Laws – FindLaw.com
Illinois
Interest Rate Limits
personal loans 9%
Exception
no exceptions
More Information
- Interest Act – Illinois Law
- Illinois Usury Law – UsuryLaw.com
- Illinois Interest Rate Laws – FindLaw.com
Indiana
Interest Rate Limits
loans <$50,000 21%
Exception
no exceptions
More Information
- Loans – Indiana Law
- Indiana Usury Law – UsuryLaw.com
- Indiana Interest Rate Laws – FindLaw.com
Iowa
Interest Rate Limits
Iowa Superintendent of Banking determinesIowa monthly max rate
Exception
no limit for purchasing real property or refinancing the purchase of real property, loans > $25,000 for constructing improvements on real property, loans > $25,000 for personal, family or household purposes, and loans for business or agricultural purposes
More Information
- Money and Interest – Iowa Law
- Iowa Usury Law – UsuryLaw.com
- Iowa Interest Rate Laws – FindLaw.com
Kansas
Interest Rate Limits
15% is the limit
Exception
loans secured by real estate is 1.5% above the yield of thirty-year fixed rate conventional home mortgages
More Information
- Contracts and Promises – Kansas Law
- Kansas Usury Law– UsuryLaw.com
- Kansas Interest Rate Laws – FindLaw.com
Kentucky
Interest Rate Limits
loans < 15,000 is the lesser between 19% or 4% above current FRDR
Exception
no limit for loans > $15,000
More Information
- Contracts and Promises – Kentucky Law
- Kentucky Usury Law – UsuryLaw.com
- Kentucky Interest Rate Laws – FindLaw.com
Louisiana
Interest Rate Limits
12% is the limit
Exception
adjustable rate mortgages is 17%
More Information
- Louisiana Usury Law – UsuryLaw.com
- Louisiana Interest Rate Laws – FindLaw.com
Maine
Interest Rate Limits
no limit
Exception
no exceptions
More Information
- Maine Usury Law – UsuryLaw.com
- Maine Interest Rate Laws – FindLaw.com
Maryland
Interest Rate Limits
8% is the limit
Exception
More Information
- Maryland Usury Law– UsuryLaw.com
- Maryland Interest Rate Laws – FindLaw.com
Massachusetts
Interest Rate Limits
20% is the limit
Exception
no exceptions
More Information
- Criminal usury – Massachusetts Law
- Massachusetts Usury Law – UsuryLaw.com
- Massachusetts Interest Rate Laws – FindLaw.com
Michigan
Interest Rate Limits
7% is the limit
Exception
More Information
- Michigan Usury Law – UsuryLaw.com
- Michigan Interest Rate Laws – FindLaw.com
Minnesota
Interest Rate Limits
8% is the limit
Exception
loan < $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
- Minnesota Usury Law – UsuryLaw.com
- Minnesota Interest Rate Laws – FindLaw.com
Mississippi
Interest Rate Limits
greater of 10% and 5% of current FRDR
Exception
loans greater than $2,500 for a business purpose is the greater of 15% and 5% above the FRDR at the time the loan is mademortgage is the greater of 10% and 5% above the 20 Year Constant Maturity Index of Long-Term United States Government Bond Yield
More Information
- Mississippi Usury Law - UsuryLaw.com
- Mississippi Interest Rate Laws – FindLaw.com
Missouri
Interest Rate Limits
greater of 10% and 3% above the long term United States government bond yield
Exception
no exceptions
More Information
- Mississippi Interest Rate Laws – FindLaw.com
- Missouri Usury Law – UsuryLaw.com
Montana
Interest Rate Limits
greater of 15% and 6% above the Wall Street Journal Prime Rate
Exception
no exceptions
More Information
- Montana Usury Law – UsuryLaw.com
- Montana Interest Rate Laws – FindLaw.com
Nebraska
Interest Rate Limits
16% is the limit
Exception
see Nebraska Revised Statute 45-101.04.
More Information
- Nebraska Usury Law – UsuryLaw.com
- Nebraska Interest Rate Laws – FindLaw.com
Nevada
Interest Rate Limits
no limit
Exception
no exceptions
More Information
- Nevada Usury Law – UsuryLaw.com
- Nevada Interest Rate Laws – FindLaw.com
New Hampshire
Interest Rate Limits
no limit
Exception
no exceptions
More Information
- New Hampshire Usury Law – UsuryLaw.comresource 1
- New Hampshire Interest Rate Laws – FindLaw.com
New Jersey
Interest Rate Limits
16% is the limit
Exception
no exceptions
More Information
- New Jersey Usury Law – UsuryLaw.com
- New Jersey Interest Rate Laws – FindLaw.com
New Mexico
Interest Rate Limits
No limit for written loan agreement
Exception
no exceptions
More Information
- New Mexico Usury Law– UsuryLaw.com
- New Mexico Interest Rate Laws – FindLaw.com
New York
Interest Rate Limits
16% is the limit
Exception
no exceptions
More Information
- New York Usury Law – UsuryLaw.com
- New York Interest Rate Laws – FindLaw.com
North Carolina
Interest Rate Limits
loans <$25,000 is greater of 16% and 6% above 6 Month US Treasury Bills
Exception
no limit if loan > $25,000; no limit for mortgage loan > $10,000More Information
- North Carolina Usury Law – UsuryLaw.com
- North Carolina Interest Rate Laws – FindLaw.com
North Dakota
Interest Rate Limits
consumer loans/personal loans 5.5% above the 6 Month US Treasury Bills
Exception
no limit if loan amount is greater than $35,000 or the loan is made to a partnership, limited partnership, or association that files a state or federal partnership income tax return
More Information
- North Dakota Usury Law– UsuryLaw.com
- North Dakota Interest Rate Laws – FindLaw.com
Ohio
Interest Rate Limits
loans < $100,000 is 8%
Exception
no limit if the loan amount is greater than $100,000 or the loan is demand note and unsecured
More Information
- Ohio Usury Law – UsuryLaw.com
- Ohio Interest Rate Laws – FindLaw.com
Oklahoma
Interest Rate Limits
10% is the limit
Exception
no exceptions
More Information
- Oklahoma Usury Law – UsuryLaw.com
- Oklahoma Interest Rate Laws – FindLaw.com
Oregon
Interest Rate Limits
loans < $50,000 is the greater of 12% and 5% above the FRDR at the time the loan is made
Exception
no exceptions
More Information
- Oregon Usury Law – UsuryLaw.com
- Oregon Interest Rate Laws – FindLaw.com
Pennsylvania
Interest Rate Limits
unsecured loans < $50,000 is 12%; loans > $50,000 is 36%
Exception
no exceptions
More Information
- Pennsylvania Usury Law – UsuryLaw.com
- Pennsylvania Interest Rate Laws – FindLaw.com
Rhode Island
Interest Rate Limits
21% or 9% above the Wall Street Journal Prime Rate
Exception
no exceptions
More Information
- Rhode Island Usury Law – UsuryLaw.com
- Rhode Island Interest Rate Laws – FindLaw.com
South Carolina
Interest Rate Limits
no limit
Exception
no exceptions
More Information
- South Carolina Usury Law – UsuryLaw.com
- South Carolina Interest Rate Laws – FindLaw.com
South Dakota
Interest Rate Limits
18% is the limit
Exception
no exceptions
More Information
- South Dakota Usury Law Summary – UsuryLaw.com
- South Dakota Interest Rate Laws – FindLaw.com
- Consumer Protection Code – South Dakota Law
Tennessee
Interest Rate Limits
lesser of 24% and 4% above the Bank Prime Rate
Exception
no exceptions
More Information
- Tennessee Usury Law – UsuryLaw.com
- Tennessee Interest Rate Laws – FindLaw.com
- General Provisions – Tennessee Statutes
Texas
Interest Rate Limits
10% is the limit
Exception
no exceptions
More Information
- Texas Interest Rate Laws – FindLaw.com
- Texas Usury Law – UsuryLaw.com
Utah
Interest Rate Limits
no limit
Exception
no exceptions
More Information
- Utah Usury Law– UsuryLaw.com
- Utah Interest Rate Laws – FindLaw.com
Vermont
Interest Rate Limits
12% is the limit
loans 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%.
Exception
no exceptions
More Information
- Vermont Usury Law – UsuryLaw.com
- Vermont Interest Rate Laws – FindLaw.com
Virginia
Interest Rate Limits
12% is the limit
Exception
for a second mortgage, the maximum legal interest rate is 18%.
More Information
- Virginia Usury Law Summary – UsuryLaw.com
- Virginia Interest Rate Laws – FindLaw.com
Washington
Interest Rate Limits
greater of 12% and 4% above the 26 Week Treasury Bill
Exception
no exceptions
More Information
- Washington Usury Law– UsuryLaw.com
- Washington Interest Rate Laws – FindLaw.com
West Virginia
Interest Rate Limits
8% is the limit
Exception
limit for mortgage 9%
More Information
- West Virginia Interest Rate Laws – FindLaw.com
- West Virginia Usury Law - UsuryLaw.com
Wisconsin
Interest Rate Limits
8% is the limit
Exception
limit for mortgage 9%
More Information
- Wisconsin Usury Law– UsuryLaw.com
- Wisconsin Interest Rate Laws – FindLaw.com
- Money and Rates of Interest – Wisconsin Law
Wyoming
Interest Rate Limits
8% is the limit
Exception
limit for mortgage 9%
More Information
- Loans – Wyoming Law
- Wyoming Usury Law– UsuryLaw.com
- Wyoming Interest Rate Laws – FindLaw.com
