What is the highest legal interest rate in Florida?

18 percent
In Florida, the maximum allowable rate is 18 percent simple interest for loans of $500,000 or less.

What is the legal highest interest rate?

The interest rate for any legal indebtedness is 6% per year, unless a different rate is specified by written agreement, but the maximum rate is 8%. Exceptions include, amount others, contracts for more than $100,000; those involving ERISA, business, and agricultural loans; and loans secured by savings accounts.

What is the usury rate in Texas?

Usury Rates The usury rate in Texas is ten (10) percent a year except as otherwise provided by law.

What is the maximum interest rate in Florida?

The Florida maximum allowed interest rate is 18% annually for loans under $500,000. For loans over $500,000 the maximum rate is 25%. Florida Statute 687.03 includes exceptions.

Is it illegal to charge high interest rates in Florida?

Florida also makes it a criminal offense to charge extremely high interest rates. In all cases, interest is forfeited by the lender, and repaid double. Charging interest rates of 25-45% is a misdemeanor punishable by up to 60 days in prison, and a $500 fine. Charging an interest rate greater than 45% is a class 3 felony.

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 An Hoa in Florida can charges?

What is the maximum interest an HOA in Florida can charges… what is the maximum interest… what is the maximum interest an HOAin Florida can charges for late payment of assessment and special assessments. and when can they apply this interest. for example quartly assessment is $ 1000.00 due on January 1st. Assesment is paid on March 15.