What Do Usury Laws Do

Usury laws prohibit lenders from charging borrowers excessively high rates of interest on loans.

Do usury laws work?

Usury laws have no effect on most banks and credit card companies, especially if they are headquartered in states with no defined maximum interest rate limits.

What are usury laws by state?

STATELEGALCONTRACTCalifornia7%10% for personal, family or household purposes or any other purposesColorado8%As set out in instrument except as limited by U.C.C.Connecticut8%12%Delaware5.5%5.5% plus surcharge; any rate over $100,000 not secured by mortgage or residence