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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%

Notes:

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

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

State | Maximum Interest Rate | Other Rates and Exceptions | Usury Limit |
---|---|---|---|

New Mexico | 15% | Judgment rate is fixed by the court. | |

South Dakota | 15% | Judgments bear interest at the rate of 12%. | |

Louisiana | 14% | 12 | |

Florida | 12% | On loans above $500,000, the maximum rate is 25%. | 18 |

Idaho | 12% | Judgments bear interest at the rate of 5% above the U.S. Treasury securities rate. | |

Nevada | 12% | ||

Rhode Island | 12% | Usury rate is 21% or the interest rate charged for T- Bills plus 9%. Judgment rate is 12%. | Variable |

Vermont | 12% | On retail installment contracts, the maximum rate is 18% on the first $500, 15% above $500. | 12 |

Washington | 12% | 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 |

Alaska | 10.5% | Usury rate is 5% above the Federal Reserve interest rate on the day loan is made. | Variable |

Arizona | 10% | ||

California | 10% | Usury rate is 5% greater than the Federal Reserve Bank of San Francisco's rate. | Variable |

Hawaii | 10% | 12 | |

Indiana | 10% | The judgment rate is also 10%. | |

Iowa | 10% | Consumer transactions are governed at a maximum rate of 12%. | |

Kansas | 10% | 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 |

Montana | 10% | Usury rate is 6% greater than New York City banks' prime rate. Judgments bear interest at the rate of 10% per annum. | Variable |

New Hampshire | 10% | ||

Tennessee | 10% | Usury rate is 24%, or four points above the average prime loan rate, whichever is less. | Variable |

Utah | 10% | Judgments bear interest at the rate of 12% or a lawfully agreed upon rate. | |

Wyoming | 10% | The judgment rate is 10%. | |

Mississippi | 9% | 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 |

Missouri | 9% | The judgment rate of interest is 9%. | |

New York | 9% | 16 | |

Oregon | 9% | 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 Carolina | 8.75% | Judgments bear interest at the rate of 14%. | |

Colorado | 8% | The maximum rate to consumers is 12% per annum. | 45 |

Connecticut | 8% | In civil suits where interest is allowed, it is allowed at 10%. | 12 |

Kentucky | 8% | 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 Carolina | 8% | There is a provision for a variable rate, which is 16% or the T-Bill rate for non-competitive T-Bills. | 8 |

Ohio | 8% | ||

Virginia | 8% | Judgments bear interest at the rate of 8% or the lawful contract rate. | |

Georgia | 7% | 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 |

Alabama | 6% | The judgment rate is 12%. | 8 |

Arkansas | 6% | 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 |

Maine | 6% | Judgments below $30,000 bear 15%; otherwise, they bear interest at the 52-week average discount rate for T-Bills, plus 4%. | |

Maryland | 6% | Judgments bear interest at the rate of 10%. | 24 |

Massachusetts | 6% | Judgments bear interest at either 12% or 18%, depending on whether the court finds that a defense was frivolous. | 20 |

Minnesota | 6% | The judgment rate is the "secondary market yield" for one-year T-Bills. | 8 |

Nebraska | 6% | 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 Jersey | 6% | Usury rate is 30% for individuals and 50% for corporations. | Variable |

North Dakota | 6% | The judgment rate is the contract rate or 12%, whichever is less. | 5.5 |

Oklahoma | 6% | 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%. | |

Pennsylvania | 6% | 25 | |

Texas | 6% | The judgment rate of interest is 18% or the rate in the contract, whichever is less. | |

West Virginia | 6% | ||

Delaware | 5% | Usury rate is 5% over the Federal Reserve rate. | Variable |

Illinois | 5% | The judgment rate is 9%. | 9 |

Michigan | 5% | Judgments bear interest at the rate of 1% above the five-year T-note rate. | 7 |

Wisconsin | 5% | The judgment rate of interest is 12%, except for mortgage foreclosures, where the rate will be the lawful contract rate. |

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