MI · LOAN-AGMT · Updated July 2026 · Free
Michigan Loan Agreement
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Michigan at a glance: Usury Cap (Personal): 7% per year (MCL § 438.31) · Default Interest: 5% (if not written) · Governing Law: Michigan Compiled Laws Chapter 438
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Overview
Loan Agreements in Michigan
Michigan caps interest rates on personal loans between individuals at 7% per year (MCL § 438.31).
Key Facts
Michigan Loan Agreement — Quick Reference
| Requirement | Michigan Rule |
|---|---|
| Usury Cap (Personal) | 7% per year (MCL § 438.31) |
| Default Interest | 5% (if not written) |
| Governing Law | Michigan Compiled Laws Chapter 438 |
Legal Requirements
Michigan Legal Requirements
- Interest rates must not exceed 7% per annum.
Governing Laws
Michigan Governing Laws
Read the full text of these laws at Cornell Law School's Michigan legal resources or your state legislature's official website.
Questions & Answers
Michigan Loan Agreement — Frequently Asked Questions
Are business loans exempt from Michigan's 7% cap?
Yes, business entities can agree in writing to higher interest rates.