Contract/ Non-Contract
Applicable Rates of Interest for Credit
Each state has their own statutory rates of interest creditors may charge depending upon the circumstances.
| Alabama | 8% in writing; 6% otherwise |
| Alaska | 10.5% in writing |
| Arizona | 10% per year; any amount if agreed & contracted |
| Arkansas | 5% |
| California | 7% non contract, not to exceed 12% with contract |
| Colorado | 8% without contract, not to exceed 45% with contract |
| Connecticut | 12% |
| Delaware | 5% over Federal reserve discount; same for contracted |
| Florida | Determined by Comptroller |
| Georgia | 7% per year; higher must be in writing |
| Hawaii | 10% |
| Idaho | 12% unless expressed in contract |
| Illinois | Determined by laws applicable at time of contract |
| Indiana | 21% |
| Iowa | 5% unless agreed upon in writing |
| Kansas | 10%; 15% with contract |
| Kentucky | 8% without agreement; with agreement not to exceed 19% |
| Louisiana | 12% |
| Maine | 6% unless otherwise agreed |
| Maryland | 6% or 8% in writing |
| Massachusetts | 6% unless contract |
| Michigan | 5% max unless agreement; 7% |
| Minnesota | 6% without contract, 8% with contract |
| Mississippi | 8% without contract, contract not to exceed 10% |
| Missouri | absent of agreement 9%; contract not to exceed 10% |
| Montana | 10%, 15% with written agreement |
| Nebraska | 16% contract; otherwise 6% |
| Nevada | No limit with contract |
| New Hampshire | 10% unless differently stipulated in writing |
| New Jersey | 6% or up to 16% for contract |
| New Mexico | 15% in absense of contract |
| New York | 16% |
| North Carolina | 8% may contract higher |
| North Dakota | 6% if contract up to 7% |
| Ohio | 8% |
| Oklahoma | 6% or by contract |
| Oregon | unless otherwise agreed to 9% |
| Pennsylvania | 6% |
| Rhode Island | 12% absent of agreement; otherwise 21% |
| South Carolina | 8% |
| South Dakota | 12% |
| Tennessee | 10% |
| Texas | When not specified 6% |
| Utah | 10% absent of contract |
| Vermont | 12% |
| Virginia | 8% unless contract specifies |
| Washington | 12% absent of written contract |
| West Virginia | 6% absent of written agreement, 8% max with contract |
| Wisconsin | 5% unless agreed upon in writing |
| Wyoming | 7% absent of agreement |
Disclaimer:This information is general and should be used for reference only. It is not legal intended. Legal advice should take consideration of all of the relevant information relating to your particular set of facts or circumstances.
