FL · LOAN-AGMT · Updated July 2026 · Free
Florida Loan Agreement
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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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Overview
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.
Key Facts
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 |
Legal Requirements
Florida Legal Requirements
- Interest rate must not exceed 18% per annum.
- Lenders must clearly state all payment schedules and late fees.
Governing Laws
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.
Questions & Answers
Florida Loan Agreement — Frequently Asked Questions
What are the civil penalties for usury in Florida?
A usurious lender forfeits the right to collect any interest on the loan, and must refund any interest already paid.