Florida Loan Agreement PDF
Florida at a glance: Usury Cap (Under $500k): 18% per year (Fla. Stat. § 687.02) · Criminal Usury Limit: Over 25% per year (Fla. Stat. § 687.071) · Governing Law: Florida Statutes Chapter 687
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Loan Agreements in Florida
Florida loan agreements must comply with Florida Statutes Chapter 687. The general usury limit on loans under $500,000 is 18% per annum (Fla. Stat. § 687.02).
Charging an interest rate above 25% is considered criminal usury (loansharking) and is a misdemeanor or felony.
Florida Loan Agreement — Quick Reference
| Requirement | Florida Rule |
|---|---|
| Usury Cap (Under $500k) | 18% per year (Fla. Stat. § 687.02) |
| Criminal Usury Limit | Over 25% per year (Fla. Stat. § 687.071) |
| Governing Law | Florida Statutes Chapter 687 |
Florida Legal Requirements
- Interest rate must not exceed 18% per annum.
- Lenders must clearly state all payment schedules and late fees.
Florida Governing Laws
Read the full text of these laws at Cornell Law School's Florida legal resources or your state legislature's official website.