Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

How many states have interest rate caps and what are the limits?

April 26, 2017caps Interest rate limits

0

Posted

How many states have interest rate caps and what are the limits?

1 Answer

0

Posted

Most states have usury caps and Oregon is one of only 16 states that do not. (Our state used to have a 36 percent cap but it was lifted in 1981.) Since then predatory lenders have flourished and states that eliminated caps are reinstating them. The rate caps varythe lowest is 17 percent in Arkansas and 60 percent in Georgia. A 36 percent cap is the rate that most states have determined is fair because it guarantees access to credit and protects against abusive usury.