{"id":372162,"date":"2016-03-31T21:34:44","date_gmt":"2016-04-01T02:34:44","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/state\/consumer-laws\/details-on-state-interest-rate-laws.html"},"modified":"2016-06-20T19:51:16","modified_gmt":"2016-06-21T00:51:16","slug":"details-on-state-interest-rate-laws","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/state\/consumer-laws\/details-on-state-interest-rate-laws.html","title":{"rendered":"Details on State Interest Rate Laws"},"content":{"rendered":"\n
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Details on State Interest Rate Laws<\/h1>\n
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Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

State Interest Rate Limits at a Glance<\/h2>\n

Every state has very specific limits on the amount of interest that may be charged on consumer debts, ranging anywhere from 5 to 15 percent. But because of broad exceptions and loopholes, most consumer contracts include interest rates that are above the statutory limit. And if the consumer expressly agrees to an interest rate higher than the state limit, a very common occurrence with credit card applications, they effectively waive these limits.<\/p>\n

See FindLaw’s Financial Consumer Protection<\/a> section for more articles and resources, including Usury Laws and Limits on Credit Card Interest Rates<\/a> .<\/p>\n

Despite their limited impact on actual rates paid by borrowers, state interest rate limits vary quite a bit:<\/p>\n