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Question
What is a maximum legally permitted interest rate on loan, in USA?
I have a promissory note that says "...the effective rate of interest on the indebtedness evidenced by this Note shall not exceed the lawful maximum rate of interest permitted to be paid..." I concluded there is maximum for legally permited rate of Interest... What is it? Where does this restriction come from..? Please do mention your sources. Thank You.
2 months ago - 3 answers
Best Answer
Chosen by Asker
I may be wrong, but I think each state sets it's maximum.
by casey s
2 months ago
Asker's Rating: 
Other Answers
You're looking for usury laws. Typically, these laws become most important in smaller loans, under $300 or $1000 for example. Once you move into larger amounts borrowed, these laws do not apply.
by Dont_taze_me_bro- 2 months ago
It depends on the State.
by doinou- 2 months ago