NY · LOAN-AGMT · Updated July 2026 · Free
New York Loan Agreement
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New York at a glance: Civil Usury Cap: 16% per year (N.Y. GOL § 5-501) · Criminal Usury Cap: 25% per year (N.Y. Penal Law § 190.40) · Penalty for Usury: Contract is strictly void and uncollectible
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Overview
Loan Agreements in New York
New York loan agreements are subject to strict civil and criminal usury laws under the General Obligations Law and Penal Law. The civil usury limit is 16% per year (N.Y. GOL § 5-501).
Interest rates exceeding 25% per year constitute criminal usury and are strictly void.
Key Facts
New York Loan Agreement — Quick Reference
| Requirement | New York Rule |
|---|---|
| Civil Usury Cap | 16% per year (N.Y. GOL § 5-501) |
| Criminal Usury Cap | 25% per year (N.Y. Penal Law § 190.40) |
| Penalty for Usury | Contract is strictly void and uncollectible |
| Governing Law | N.Y. General Obligations Law |
Legal Requirements
New York Legal Requirements
- Interest rates must not exceed 16% per annum for standard loans.
- Loans over $250,000 are exempt from the 16% limit, and loans over $2.5 million are exempt from the 25% limit.
Governing Laws
New York Governing Laws
Read the full text of these laws at Cornell Law School's New York legal resources or your state legislature's official website.
Questions & Answers
New York Loan Agreement — Frequently Asked Questions
What happens if a New York loan is found to be usurious?
Unlike states that just forfeit the interest, in New York, a usurious loan is completely void. The lender cannot collect the interest or the principal.