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Florida Usury Law

Mark Cappel
UpdatedMay 14, 2010

What is the maximum legal interest rate for consumers in Florida?

I'm paying 19% interest on a used truck loan, is this legal in Florida?

In Florida, the legal rate of interest is 12%. The general usury limit is 18%. On loans above $500,000 the maximum rate is 25%. See Florida CHAPTER 687: INTEREST AND USURY; LENDING PRACTICES to cite the law chapter and verse.

I hope this information helps you Find. Learn & Save.




MMichael, Feb, 2021

I purchased a 2009 car in Florida in 2016 through Santander consumer usa, my interest rate is 25%, they told me at that time because my credit score was bad, is this legal? I still have this loan as of today but I feel I am getting robbed OS this legal???

JJosh, Aug, 2021

Hello Michael.
Thank you for reaching out to us. Please, do not take my answer to be legal advice as I am not an attorney. Only attorneys can offer legal advice. 

I would recommend reviewing The Flordia Deceptive and Unfair Trade Practices Act to see if a violation has occurred. 

Also, depending on your payment history and credit, you may be able to refinance and save a few dollars. 

Regards, Josh 

NNataly, Nov, 2020

Is a loan that charges 188.87% interest rate legal in Florida ? My father in law signed the paper and he didn’t realize how outrageous the interest rate is and he has a credit score of 750+. Please let me know if i should talk to a lawyer about this.

DDaniel Cohen, Nov, 2020

Nataly, speaking wtih a lawyer is a good idea.

You may first want to speak with the Florida Office of the Attorney General, Consumer Protection Division. It is possible that rates that high are legal. Even if they are, however, that doesn't make it appropriate for every person to take out such a loan. While more than good credit is needed to qualify for a personal loan, the rate on this loan is so high that you should see if there is a violation of The Florida Deceptive and Unfair Trade Practices Act (FDUTPA).

Please report back what you find out.

CConfused, Jan, 2014
I purchased a 2004 Saturn in 2012 for 7k at the time I had no credit an took what I was given. Today when I went to look at trading in my car for a new car because of my interest rate and since I have been paying 240$ each month since 01/2012 and have only made a $600 dent on the 7k.The dealer asked me what my current rate is when I told him 24% he seemed taken back and told me that it is over that allowed interest rate for our state. Am I able to do anything about this? They have been charging me for two years now I'm stuck owing 6400$ on a 1500$ vehicle. Any advice the loan is through a finance company in Jacksonville
BBill, Jan, 2014
Contact your state attorney general's office and ask if the interest rate you are being charged is legal for Florida residents. If it is not, ask the office what actions you should take.
CConfused, Jan, 2014
Thank you for your reply. I have contacted the lending company today and they did admit that they were charging a higher rate than allowed (verbally), but that they would not change it. I have a call into an attorney that handles the USURY law limit in Florida since the state senate website and other sites are stating >500k 25% <500k 18%. Comparing my loan to this F.S. this guideline applies to me. I will call the Attorney General tomorrow and get more information. Thank you for your help!
RRichard, Jan, 2014
My son's school is charging a "late fee" of $40 on a $100 charge. This equates to 40% which I interpret as usurious. The school is stating that the law does not pertain to "late fees". Who is correct?
BBill, Jan, 2014
I can't give legal advice, but it is my opinion that the school is correct.