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Understanding Usury Laws and How They Apply to Interest Rates

Understanding usury laws makes you an informed and protected borrower or lender.


[Updated: Feb 04, 2021 ] Feb 27, 2020 by Liz Brumer
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What Usury Laws Typically Apply To What Usury Laws Typically Don't Apply To

• Loans without a written agreement from nonbanking institutions.Loans with a written agreement (such as mortgages, personal loans, or business loans) from a nonbanking institution.

•Contracts from nonbanking institutions (such as an agreement for deed or contract for deed).

• Certain payday loans.Private student loans.

• Agricultural, investment, commercial, and business loans.

• Credit cards

• Loans from banking institutions.

• Lines of credit such as a home equity loan or subordinate mortgage.

• Delinquent property taxes.