Florida Lending Usury Rates
FL usury rates: 12% legal (Section 687.01: no stated rate), 18% general max (Section 687.02: $500K or less), written auth (18-25%; Section 687.02(1)), 25% criminal (Section 687.071: 2nd felony), and 45% enhanced (1st felony). Over $500K: parties agree (criminal still applies). Calculation: effective annual rate (interest + fees / principal / years). Expert testimony often needed. Remedies: double interest + forfeiture (Section 687.04), criminal prosecution, and reformation.
Rate Schedule
- 12% legal, 18% max
- 25% criminal, 45% enhanced
- Over $500K: flexible
Calculation
- Effective annual rate
- All fees included
- Expert testimony common
Remedies
- Double interest + forfeiture
- Criminal prosecution
- Reformation to legal rate
Related Terms
- Usury — Overview
Barnes Walker Business Law
Barnes Walker’s attorneys handle FL usury rates. Request a legal inquiry for assistance.
Florida Law Reference
Fla. Stat. Ch. 687
Limits the maximum interest rate that may be charged on loans in Florida. The general usury limit is 18% for loans under $500,000 and 25% for loans of $500,000 or more.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC