Usury Rate

The usury rate is the maximum legal interest rate that can be charged on a loan. The usury rate is set by law in each state, and it can vary depending on the type of loan. For example, the usury rate for a personal loan is typically higher than the usury rate for a mortgage loan.

The usury rate is designed to protect consumers from being charged excessive interest rates. If a lender charges an interest rate that exceeds the usury rate, the borrower can sue the lender and have the excess interest refunded.

The usury rate is an important concept to understand for anyone who is considering taking out a loan. By knowing the usury rate, you can be sure that you are not being charged an excessive interest rate.

Here are some additional details about the usury rate:

• The usury rate is typically expressed as an annual percentage rate (APR).
• The usury rate can be different for different types of loans. For example, the usury rate for a personal loan is typically higher than the usury rate for a mortgage loan.
• The usury rate can also vary depending on the state in which the loan is made.
• The usury rate is designed to protect consumers from being charged excessive interest rates. If a lender charges an interest rate that exceeds the usury rate, the borrower can sue the lender and have the excess interest refunded.

If you are considering taking out a loan, it is important to be aware of the usury rate. By knowing the usury rate, you can be sure that you are not being charged an excessive interest rate.