Under Florida statutes, usury is defined as the charging (whether paid or not) of interest that exceeds 18 percent on loans, lines of credit, advances of money or any obligation of amounts up to $500,000, and that exceeds 25 percent for transactions involving amounts totaling more than $500,000.
Is there a usury law in Florida?
Florida’s usury laws, set forth in F.S. Ch. 687, prescribe a maximum rate of interest of 18 percent on loans of less than $500,000. Significantly, it is a criminal offense — misdemeanor or felony — to provide loans which have effective interest rates of 25 percent or more, but less than 45 percent.
Are there limits on the interest rate in Florida?
Many states, including Florida, have passed laws that place limits on interest rates. Like many other states, Florida has a set interest rate, rather than an interest calculation. For loans of $500,000 or less, the interest rate is capped at 18% annually. For loans that are greater than $500,000, the interest rate is capped at 25%
What’s the maximum interest rate for a usury loan in Florida?
No limit on the interest rate if the loan is greater than $100,000 and the loan is not secured by a mortgage against the principal residence of the borrower. For loans less than $500,000 the limit is 18% and for loans greater than $500,000 is 25%. Florida Usury Law – UsuryLaw.com
What are the interest rate laws in each state?
State Interest Rate Laws Legal interest rates can depend on the lender, borrower, loan amount, and the subject of the transaction. Choose a link from the list below for state-specific interest rate laws, including maximum rates, exceptions to interest rate limits, and more. Alabama Alaska Arizona Arkansas California
What is the maximum interest rate a lender can charge?
Maximum interest rate laws essentially limit how much a lender can charge on debt. An interest rate that exceeds the legal limit set by law is called a usury rate. Usury laws are in place in most states.
