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New Mexico
15%
South Dakota
15%
Louisiana
14%
Florida
12%
Idaho
12%
Nevada
12%
Rhode Island
12%
Vermont
12%
Washington
12%
Alaska
10.5%
Arizona
10%
California
10%
Hawaii
10%
Indiana
10%
Iowa
10%
Kansas
10%
Montana
10%
New Hampshire
10%
Tennessee
10%
Utah
10%
Wyoming
10%
Mississippi
9%
Missouri
9%
New York
9%
Oregon
9%
South Carolina
8.75%
Colorado
8%
Connecticut
8%
Kentucky
8%
North Carolina
8%
Ohio
8%
Virginia
8%
Georgia
7%
Alabama
6%
Arkansas
6%
Maine
6%
Maryland
6%
Massachusetts
6%
Minnesota
6%
Nebraska
6%
New Jersey
6%
North Dakota
6%
Oklahoma
6%
Pennsylvania
6%
Texas
6%
West Virginia
6%
Delaware
5%
Illinois
5%
Michigan
5%
Wisconsin
5%

Maximum Interest Rate by State 2024

Maximum Interest Rate by State 2024

Maximum Interest Rate by State 2024

Notes:
- Rates are subject to change. Prospective borrowers should always confirm loan rates and terms with lenders.

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State
Maximum Interest Rate
Other Rates and Exceptions
Usury Limit
New Mexico15%Judgment rate is fixed by the court.
South Dakota15%Judgments bear interest at the rate of 12%.
Louisiana14%12
Florida12%On loans above $500,000, the maximum rate is 25%.18
Idaho12%Judgments bear interest at the rate of 5% above the U.S. Treasury securities rate.
Nevada12%
Rhode Island12%Usury rate is 21% or the interest rate charged for T- Bills plus 9%. Judgment rate is 12%.Variable
Vermont12%On retail installment contracts, the maximum rate is 18% on the first $500, 15% above $500.12
Washington12%Usury rate is 12%, or four points above the average T-Bill rate. Judgments bear interest at the rate of 12% or the lawful contract rate, whichever is higher.Variable
Alaska10.5%Usury rate is 5% above the Federal Reserve interest rate on the day loan is made.Variable
Arizona10%
California10%Usury rate is 5% greater than the Federal Reserve Bank of San Francisco's rate.Variable
Hawaii10%12
Indiana10%The judgment rate is also 10%.
Iowa10%Consumer transactions are governed at a maximum rate of 12%.
Kansas10%Judgments bear interest at 4% above the federal discount rate. On consumer transactions, the maximum rate of interest for the first $1,000 is 18%, above $1,000 is 14.45%.15
Montana10%Usury rate is 6% greater than New York City banks' prime rate. Judgments bear interest at the rate of 10% per annum.Variable
New Hampshire10%
Tennessee10%Usury rate is 24%, or four points above the average prime loan rate, whichever is less.Variable
Utah10%Judgments bear interest at the rate of 12% or a lawfully agreed upon rate.
Wyoming10%The judgment rate is 10%.
Mississippi9%Usury rate is 10% or more than 5% above the federal reserve rate. There is no usury limit on commercial loans above $5,000. The judgment rate is 9% or a rate legally agreed upon in the underlying obligation.Variable
Missouri9%The judgment rate of interest is 9%.
New York9%16
Oregon9%The judgment rate is 9% or the contract rate, if lawful, whichever is higher. The general usury rate for loans below $50,000 is 12% or 5% above the discount rate for commercial paper.12
South Carolina8.75%Judgments bear interest at the rate of 14%.
Colorado8%The maximum rate to consumers is 12% per annum.45
Connecticut8%In civil suits where interest is allowed, it is allowed at 10%.12
Kentucky8%Usury rate is 4% greater than the Federal Reserve rate or 19%, whichever is less. On loans above $15,000, there is no limit. Judgments bear interest at the rate of 12% compounded yearly, or at such rate as is set by the Court.Variable
North Carolina8%There is a provision for a variable rate, which is 16% or the T-Bill rate for non-competitive T-Bills.8
Ohio8%
Virginia8%Judgments bear interest at the rate of 8% or the lawful contract rate.
Georgia7%On loans below $ 3,000, the usury limit is 16%. On loans above $ 3,000, the limit appears to be 5% per month. As to loans below $250,000, the interest rate must be specified in simple interest and in writing.16
Alabama6%The judgment rate is 12%.8
Arkansas6%Usury rate is 5 to 17%. Judgments bear interest at the rate of 10% per annum, or the lawful agreed-upon rate, whichever is greater.Variable
Maine6%Judgments below $30,000 bear 15%; otherwise, they bear interest at the 52-week average discount rate for T-Bills, plus 4%.
Maryland6%Judgments bear interest at the rate of 10%.24
Massachusetts6%Judgments bear interest at either 12% or 18%, depending on whether the court finds that a defense was frivolous.20
Minnesota6%The judgment rate is the "secondary market yield" for one-year T-Bills.8
Nebraska6%Accounts bear interest at the rate of 12%. Judgments bear interest at the rate of 1% above a bond yield equivalent to T-bill auction price.16
New Jersey6%Usury rate is 30% for individuals and 50% for corporations.Variable
North Dakota6%The judgment rate is the contract rate or 12%, whichever is less.5.5
Oklahoma6%Consumer loans may not exceed 10% unless the person is licensed to make consumer loans. Maximum rate on non-consumer loans is 45%. The judgment rate is the T-Bill rate plus 4%.
Pennsylvania6%25
Texas6%The judgment rate of interest is 18% or the rate in the contract, whichever is less.
West Virginia6%
Delaware5%Usury rate is 5% over the Federal Reserve rate.Variable
Illinois5%The judgment rate is 9%.9
Michigan5%Judgments bear interest at the rate of 1% above the five-year T-note rate.7
Wisconsin5%The judgment rate of interest is 12%, except for mortgage foreclosures, where the rate will be the lawful contract rate.
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Maximum Interest Rate by State 2024

Sources