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New Mexico
15%
South Dakota
15%
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%
Missouri
9%
New York
9%
Oregon
9%
South Carolina
8.8%
Colorado
8%
Connecticut
8%
Kentucky
8%
North Carolina
8%
Virginia
8%
Georgia
7%
Louisiana
7%
Alabama
6%
Arkansas
6%
DC
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%
Usury Laws by State 2023
Note: Many rates are ranges or variable values. Details of these variable rates are listed in the Additional Notes column.
State | Legal Interest Rate (%) | General Usury Limit | Judgment Rate | Additional Notes |
|---|---|---|---|---|
| Alabama | 6% | 8.0% | 12% | |
| Alaska | 10.5% | 5% (see notes) | Alaska's general usury limit is more than 5% above the Federal Reserve interest rate on the day the loan was made. | |
| Arizona | 10% | |||
| Arkansas | 6% | variable (see notes) | variable (see notes) | The usury limit for non-consumers is 5% above the Federal Reserve's interest rate. The usury limit for consumers is 17%. The judgment rate is the greater of 10% per annum or the lawfully agreed-upon rate. |
| California | 10% | 5% (see notes) | California's general usury limit for non-consumers is more than 5% greater than the Federal Reserve Bank of San Francisco's rate. | |
| Colorado | 8% | 45.0% | Maximum Rate to Consumers: 12% per annum. | |
| Connecticut | 8% | 12.0% | In civil suits where interest is allowed, it is allowed at 10%. | |
| Delaware | 5% | |||
| District of Columbia | 6% | 24.01% (anything > 24%) | The general usury limit in the District of Columbia is anything greater than 24%. | |
| Florida | 12% | 18.0% | On loans above $500,000, the maximum rate is 25%. | |
| 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. | ||
| Hawaii | 10% | The usury limit for consumer transactions is 12%. | ||
| Idaho | 12% | Judgments bear interest at the rate of 5% above the U.S. Treasury securities rate. | ||
| Illinois | 5% | 9.0% | 9% | |
| Indiana | 10% | 10% | ||
| Iowa | 10% | Consumer transactions are governed at a maximum rate of 12%. | ||
| Kansas | 10% | 15.0% | 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%. | |
| Kentucky | 8% | variable (see notes) | Kentucky's general usury limit is either more than 4% greater than the Federal Reserve rate or 19%, whichever is less. Loans above $15,000 have no limit. Judgments bear interest at the rate of 12% compounded yearly, or at such rate as is set by the court. | |
| Louisiana | 7% | 12.0% | Louisiana's rate of interest is actually a sliding scale. The rate at any given time is one point higher than the average prime rate, with a minimum value of 7% and a maximum of 14%. | |
| 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% | 24.0% | 10% | |
| Massachusetts | 6% | 20.0% | variable (see notes) | The interest rate for usury judgements in Massachusetts can be either 12% or 18%, depending upon wether or not the court decides the defense was frivolous. |
| Michigan | 5% | 7.0% | variable (see notes) | Michigan's usury judgements interest rate is variable, and set 1% above the five-year T-note rate. |
| Minnesota | 6% | 8.0% | The judgment rate is the "secondary market yield" for one-year T-Bills. | |
| Missouri | 9% | 9% | Corporations do not have a usury defense. | |
| Montana | 10% | variable (see notes) | 10% | Montana's general usury limit is above 6% greater than prime rate of New York City banks. |
| Nebraska | 6% | 16.0% | 1% | Accounts bear interest at the rate of 12%. |
| Nevada | 12% | No usury limit. | ||
| New Hampshire | 10% | |||
| New Jersey | 6% | variable (see notes) | New Jersey's general usury limit is 30% for individuals and 50% for corporations | |
| New Mexico | 15% | Judgment rate is fixed by the court. | ||
| New York | 9% | 16.0% | ||
| North Carolina | 8% | 8.0% | There is a provision for a variable rate, which is 16% or the T-Bill rate for non-competitive T-Bills. Above $25,000, there is no express limit. However, the law providing for 8% is still on the books. | |
| North Dakota | 6% | 5.5% | 12% | A late payment charge of 1.75% per month may be charged to commercial accounts that are overdue, provided that the charge is revealed prior to the account being opened and that the terms were less than 30 days—that is, that the account terms were net 30 or less. |
| 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%. | ||
| Oregon | 9% | variable (see notes) | Oregon's general usury limit for loans below $50,000 is either 12% or 5% over the discount rate for commercial paper. | |
| Pennsylvania | 6% | 6.0% | It is criminal usury to charge more than 25%. | |
| Rhode Island | 12% | variable (see notes) | 12% | Rhode Island's general usury limit may be either 21% or the interest rate charged for T-Bills plus 9% |
| South Carolina | 8.8% | 14% | Subject to federal criminal laws against loan sharking, there is no general usury limit for non-consumer transactions. The South Carolina Consumer Protection Code provides regulations for maximum rates of interest for consumer transactions. Please consult with counsel for the latest rates. | |
| South Dakota | 15% | 12% | ||
| Tennessee | 10% | variable (see notes) | 10% | Tennessee's general usury limit is the lesser of 24% or four points above the average prime loan rate. |
| Texas | 6% | 18% | Interest does not begin until 30 days after an account was due. | |
| Utah | 10% | 12% | ||
| Vermont | 12% | 12.0% | 12% | On retail installment contracts, the maximum rate is 18% on the first $500 and 15% for the portion above $500. |
| Virginia | 8% | 8% | Corporations and business loans do not have a usury limit, and loans over $5,000 for "business" or "investment" purposes are also exempt from usury laws. Consumer loans are regulated and have multiple rates. | |
| Washington | 12% | variable (see notes) | variable (see notes) | Washington's general usury limit is either 12% or four points above the average T-Bill rate for the past 26 weeks, whichever is greater. Washinton's interest rate for usury judgements is either 12% or the lawful contract rate, whichever is higher. |
| West Virginia | 6% | The maximum "contractual" rate is 8%. Commissioner of Banking issues rates for real estate loans and may establish maximum general usury limit based on market rates. | ||
| Wisconsin | 5% | variable (see notes) | Wisconsin applies a myriad of rates for different types of loans. There is no general usury limit for corporations. Note that a loan to an individual, even if a corporation is formed, is illegal. Wisconsin's judgment rate of interest is 12% in all cases except foreclosures, for which the rate is the lawful contract rate. | |
| Wyoming | 10% | 10% | If a contract provides for a lesser rate, the judgment rate is the lesser of 10% and the contract rate. |
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