AL · LOAN-AGMT · Updated July 2026 · Free
Alabama Loan Agreement
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Alabama at a glance: Default Interest Cap: 8% per year · Maximum Written Cap: 15% per year (Ala. Code § 8-8-1) · Governing Law: Ala. Code Title 8
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Overview
Loan Agreements in Alabama
Alabama caps interest rates at 8% per year unless a higher rate is written in the contract, up to a maximum usury limit of 15% (Ala. Code § 8-8-1).
Key Facts
Alabama Loan Agreement — Quick Reference
| Requirement | Alabama Rule |
|---|---|
| Default Interest Cap | 8% per year |
| Maximum Written Cap | 15% per year (Ala. Code § 8-8-1) |
| Governing Law | Ala. Code Title 8 |
Legal Requirements
Alabama Legal Requirements
- Interest rates exceeding 8% must be in a signed written contract.
Governing Laws
Alabama Governing Laws
Read the full text of these laws at Cornell Law School's Alabama legal resources or your state legislature's official website.
Questions & Answers
Alabama Loan Agreement — Frequently Asked Questions
What is the penalty for usury in Alabama?
The lender forfeits all interest and can only recover the principal amount.