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Usury - The Maximum Interest An Individual Can Charge

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Credit and Loans
Usury Are You Charging An Illegal Interest Rate on a Loan?
 Usury is defined as the charging of excessive interest for a loan. This law explains the maximum interest rate an individual can charge when lending money, and the penalty that will be extracted if the loan instrument they prepare charges an illegal interest rate.
Usury - The Maximum Interest An Individual Can Charge
 This article sets forth each state's usury limits, the maximum amount of interest an individual can charge on a personal loan. When the usury law is violated (when the interest charged on a loan exceeds the maximum allowed by the state), most state courts will hold that the lender is not entitled to recover on his or her loan and the borrower is no longer required to make any payments.

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