State

Usury Rate and the Statute

Alabama

If the rate is agreed to in a written contract then it is 8% per annum, otherwise the maximum rate is 6% per year.
 (See Ala. Code § 8-8-1)

Alaska

If there is no written agreement then maximum rate of interest is 10.5%, if there is a written agreement then the rate is 5% over the legal rate. Any loan that is greater than $25,000 is exempt from these limits.
(See Alaska Stat. § 45.45. 010 –
http://www.akleg.gov/basis/statutes.asp#45.45.010 )

Arizona

On any loan the maximum rate of interest is 10%, unless the parties agree to another rate in writing.
(See, Ariz. Rev. Stat. § 44-1201 www.azleg.gov/ars/44/01201.htm )

Arkansas

The maximum rate of interest may not exceed 17% per year on consumer laws.
(See Ark. Const. Art. 19 § 13)

California

The general maximum interest rate is 7% per year. For any loan that is used primarily for personal, family or household purposes the maximum is 10% per year. Other goods have a rate of either 10% or 5% over the established rate by the Federal Reserve bank of San Francisco.
( See, Cal. Const. Art. XV § 1 leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CONS§ionNum=SECTION%201.&article=XV)

Colorado

Any loan without a written agreement the maximum rate interest is 8% per year. For business loans the maximum interest rate that is allowed is 45% per annum.
(See CO Rev Stat § 5-12-103 (2018))

Connecticut

The maximum interest rate on any loan that is not in writing is 8% per year, Loans at an interest rate above 12% are prohibited, even if the agreement is in writing.
(See Conn. Gen. Stat. § 37-1 et seq. at www.cga.ct.gov/current/pub/chap_673.htm#sec_37-4)

Delaware

Lenders may charge a maximum interest rate of 5% over the Federal Reserve discount rate at the time of the loan.
(See 6 Del. C § 2301 https://delcode.delaware.gov/title6/c023/)

District of Columbia

The maximum interest rate on a written loan is 24%, if there is no written agreement the maximum rate is 6%.

Florida

Generally, the maximum interest rate is 18% and for loans over $500,000 the maximum rate is 25%
(See Fla. Stat. § 687.01 and 687.03 leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0687/Sections/0687.03.html)

Georgia

The maximum interest rate for a loan not in writing is 7% per year, for written agreements the maximum rate is 16% for loans below $3,000. On amounts over $100,000 the parties may establish their own rates in writing.
(See O.C.G.A § 7-4-1 et seq. https://dbf.georgia.gov/interest-rates)

Hawaii

Absent a written agreement establishing a different rate, the legal rate is 10% per year. On consumer credit transactions, the maximum rate is 12% per year.
(See HRS § 478-1 et seq. https://www.capitol.hawaii.gov/hrscurrent/Vol11_Ch0476-0490/HRS0478/HRS_0478-0002.htm)

Idaho

Absent a written agreement establishing a different rate, the maximum legal interest rate is 12% per year.
(See Idaho Code § 28-22-104 et seq. https://legislature.idaho.gov/statutesrules/idstat/Title28/T28CH22/SECT28-22-104/)

Illinois

The maximum legal interest rate is determined by the law applicable at the time. Parties to an agreement may agree in writing to a rate of no more than 9% per year.
(See 815 Ill. Comp. Stat. § 204/4 https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=081502050K4)

Indiana

The maximum legal interest rate is 8% per year, absent an agreement in writing stating otherwise.
(See Ind. Code §24-4.6-1-102 et seq. http://iga.in.gov/legislative/laws/2019/ic/titles/024#24-4.6-1-102)

Iowa

The maximum legal rate is 5%, unless the parties have a written agreement then the maximum rate is one established by the Iowa Superintendent of Banking.
(See Iowa Cod § 532.2(3)(a) https://www.legis.iowa.gov/docs/code//535.2.pdf)

Kansas

The legal interest rate is 10%, unless there is an agreement in writing then then parties may agree to any rate not to exceed 15%.
(See Kan. Stat. Ann. § 16-201 et seq. http://www.kslegislature.org/li_2016/b2015_16/statute/016_000_0000_chapter/016_002_0000_article/016_002_0007_section/016_002_0007_k/)

Kentucky

The legal interest rate is 8% per year, however the parties may agree to in writing the lesser of 19% or 4% above the discount rate on a 90-day paper. If the loan amount is greater than $15,000 then the parties may agree to any rate in writing.
(See Ky. Rev. Stat. Ann. §360.010 https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47989)

Louisiana

The maximum legal rate of interest is 12%.
(See La. R.S. Ann. § 9:3500 https://legislature.maine.gov/statutes/9-B/title9-Bsec432.html)

Maine

In the absence of a written agreement otherwise indicating the rage, the maximum legal interest rate is 6%
There is no other usury rate mentioned in statutes.
(See Maine Rev. Stat. Title 9-B § 432 https://legislature.maine.gov/statutes/9-B/title9-Bsec432.html)

Maryland

If the parties have a written agreement the maximum legal rate is 8%, if there is no written agreement the legal interest rate is 6%.
(See Md. Code Ann. Comm. Law § 12-102-103 http://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gcl§ion=12-102&enactments=False&archived=False )

Massachusetts

If there is no written agreement, the maximum legal interest rate is 6% per year. However, if there is a written contract there is no limit on the legal interest rate, but any rate over 20% is considered criminal usury.
(See ALM GL ch. § 183 § 60 and ALM GL ch. 107 § 3 https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXV/Chapter107/Section3
and https://malegislature.gov/Laws/GeneralLaws/PartII/TitleI/Chapter183/Section60)

Michigan

If there is a written agreement the maximum legal rate is 7%, if there is no written agreement the legal rate is 5%.

(See MCLS §438.31 http://www.legislature.mi.gov/(S(tgnluwe0lko1vsesrijmd45m))/mileg.aspx?page=getObject&objectName=mcl-438-31)

Minnesota

The legal rate is 6%, unless there is a written agreement then the maximum legal rate is 8%. Exceptions do apply to contracts for more than $100,000 then there is no limit on the interest rate.
(See Minn. Stat. §334.01 https://www.revisor.mn.gov/statutes/cite/334.01)

Mississippi

The maximum legal interest is 8% per year. If there is a written contract the rate is the greater of either 10% or 5% above the discount rate.
(See MS Code § 75-17-1 https://law.justia.com/codes/mississippi/2013/title-75/chapter-17/general-provisions/section-75-17-1)

Missouri

The maximum legal interest rate is 9% per year if the parties have not agreed to a rate in writing. If there is an agreed to written agreement the maximum rate is 10%.
(See R.S. Mo. §§ 408.030 https://www.revisor.mo.gov/main/OneSection.aspx?section=408.030&bid=23334&hl=)

Montana

If there is a written agreement then the parties may agree to any rate, not to exceed the greater of either 15% or 6% points per year above the prime rate published by the federal reserve. For an agreement not in writing the maximum legal rate is 10% per year.
(See Mont. Code Ann. § 31-1-106 https://leg.mt.gov/bills/mca/title_0310/chapter_0010/part_0010/section_0070/0310-0010-0010-0070.html)

Nebraska

The maximum interest rate is 16%.
(See Neb. Rev. Stat. § 45-101.03 https://nebraskalegislature.gov/laws/statutes.php?statute=45-101.03)

Nevada

The Parties to a written agreement can agree to any interest rate. When there is no written agreement then interest is allowed at a rate equal the prime rate of the largest bank in Nevada A creditor shall not charge an annual percentage rate that is greater than the lesser of 36 percent or the maximum annual percentage rate authorized under any federal law or regulation with respect to the consumer credit extended to military personnel.
(See Nev. Rev. Stat. Ann. § 99.010 et seq. https://www.leg.state.nv.us/nrs/NRS-099.html)

New Hampshire

There is no legal limit on interest rates. However, for business transactions, unless otherwise agreed to in writing, the legal limit on interest is 10%
(See RSA § 336:1 https://www.doj.nh.gov/consumer/sourcebook/loans.htm and http://www.gencourt.state.nh.us/rsa/html/xxxi/336/336-1.htm)

New Jersey

Any loan that is not in writing, the maximum legal interest rate is 6%, if the loan is in writing then the maximum legal interest rate is 16% per year. Any loan to a corporation, LLC and LLP are exempt from the state’s usury limits.
(See N.J.S.A. § 31:1-1 https://lis.njleg.state.nj.us/nxt/gateway.dll?f=templates&fn=default.htm&vid=Publish:10.1048/Enu)

New Mexico

If there is no written agreement that maximum interest rate is 15%, if there is a written agreement then the parties may agree to any rate.
See N.M. Stat. Ann. § 56-8-3 https://www.nmlegis.gov/Sessions/12%20regular/bills/senate/SB0233.html)

New York

The maximum legal interest rate is 6%, unless otherwise states in Section 14 of the Banking Laws of NY.
(See NY CLS Gen. Oblig. §5-501 https://www.nysenate.gov/legislation/laws/GOB/5-501)

North Carolina

The maximum interest rate is 8% per year. If the agreement is in writing and the loan amount is greater than $25,000 then the maximum loan amount is any rate agreed to by the parties.
(See N.C. Gen. Stat §24-1 https://mobile.ncleg.net/EnactedLegislation/Statutes/PDF/ByChapter/Chapter_24.pdf)

North Dakota

The maximum legal rate is the higher of either 5.5% higher than the current maturity rate of the Treasury Bills for the six months preceding the loan or 7%.
(See N.D. Cent. Code § 41-14-09 https://www.legis.nd.gov/cencode/t47c14.pdf#nameddest=47-14-09)

Ohio

If there is a written agreement the parties may agree to any rate not to exceed 8%, however the law does provide for exceptions to the maximum rate of 8%.
(See Ohio Rev. Code Ann. §1343.01 at http://codes.ohio.gov/orc/1343)

Oklahoma

The parties in writing can agree to any rate that does not violate any other laws. If not in writing the maximum legal interest rate is 6% per year.
(See 15 Okl. St. §266 et seq. http://www.oklegislature.gov/osStatuesTitle.aspx)

Oregon

If the parties have not agreed to an interest rate in writing, then the maximum rate is 9% per year.
(See ORS §82.005 https://www.oregonlegislature.gov/bills_laws/ors/ors082.html)

Pennsylvania

Without a written agreement the maximum legal rate is 6% per year for loans up to $50,000.
(See 41 P.S. § 201 https://casetext.com/statute/pennsylvania-statutes/statutes-unconsolidated/title-41-ps-interest/maximum-interest-rates/article-ii-maximum-lawful-interest-rate/section-201-maximum-lawful-interest-rate)

Rhode Island

The maximum legal rate is 21% or an alternative is 9 % points plus an index that the domestic prime rate as published by the WSJ on the last business day of each month.
(See R.I. Gen. Laws § 6-26-2 at http://webserver.rilin.state.ri.us/Statutes/TITLE6/6-26/6-26-2.HTM)

South Carolina

The legal maximum interest is 8.75% per year.
(See S.C. Code Ann §34-31-20 https://www.scstatehouse.gov/code/t34c031.php)

South Dakota

If there is no written agreement then the maximum interest rate is 12%, if there is a written agreement then there is no maximum, it is whatever the parties agree to.
(See S.D. Codified Laws §54-3-1 https://sdlegislature.gov/Statutes/Codified_Laws/2072179.)

Tennessee

The maximum interest rate is 10% per year, unless otherwise provided by law or contract.
(See Tenn. Code Ann §47-14-101 https://casetext.com/statute/tennessee-code/title-47-commercial-instruments-and-transactions/chapter-14-interest-rates-generally/part-1-general-provisions)

Texas

The maximum interest rate is 10% per year, except as provided by law. When no rate is specified then rate is 6% per year
(See Tex. Finance Code § 302.001 at https://statutes.capitol.texas.gov/Docs/FI/pdf/FI.302.pdf)

Utah

In the absence of a written agreement the maximum legal rate is 10%, in writing the parties may agree to any other rate.
(See Utah Code Ann §15-1-1 et seq. https://le.utah.gov/xcode/Title15/Chapter1/15-1-S1.html?v=C15-1-S1_1800010118000101)

Vermont

The maximum legal rate of interest is 12% per year, however there are exceptions to this law.
(See 9 V.S.A §41a https://legislature.vermont.gov/statutes/section/09/004/00041A)

Virginia

Without a written contract the maximum legal rate is 6%. The Parties in writing can agree to a maximum interest rate of 12%.
(See § 6.2-301 and 303. https://law.lis.virginia.gov/vacode/title6.2/chapter3/section6.2-303/)

Washington

The maximum legal rate is 12% per year or 4 points higher than the average bill rate for a 26-week treasury bill.
(See Rev. Code Wash § 19.2.005 https://app.leg.wa.gov/rcw/default.aspx?cite=19.52.020 )

West Virginia

When there is no written contract the legal maximum rate is 6% per year. If there is a written contract the parties may agree to a maximum rate not to exceed 8%.
(See W.Va. Code § 47-6-1 et seq. http://www.wvlegislature.gov/wvcode/code.cfm?chap=47&art=6)

Wisconsin

The maximum interest rate is 5% per year, unless the parties agree to in writing otherwise.
(See Wis. Stat. § 138.01 et. Seq. https://docs.legis.wisconsin.gov/statutes/statutes/138.pdf

Wyoming

If there is no written agreement, the maximum legal interest rate is 7%.
(See WY Stat. § 40-14-106 https://law.justia.com/codes/wyoming/2019/title-40/chapter-14/article-1/section-40-14-106/.)