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A usury interest rate is an interest rate deemed to be illegally high. To discourage predatory lending and promote economic activity, states may enact laws that set a ceiling on the interest rate that can be charged for certain types of debt. Interest rates above this ceiling are considered usury and are illegal.
Statutory Interest Rate Limits in New Hampshire at a Glance New Hampshire imposes a 10 percent interest rate limit on loans that lack a written contract, with various exceptions.
A. The Basic Rate: The California Constitution allows parties to contract for interest on a loan primarily for personal, family or household purposes at a rate not exceeding 10% per year.
There is no federal regulation on the maximum interest rate that your issuer can charge you, though each state has its own approach to limiting interest rates. State usury laws often dictate the highest interest rate that can be charged on loans, but these often don't apply to credit card loans.
Statutory Interest Rate Limits in New Hampshire at a Glance New Hampshire imposes a 10 percent interest rate limit on loans that lack a written contract, with various exceptions.