PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How do states calculate usury?
Does every state use the same method? Are usury rates the same in every state?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Usury is determined at a state level, so calculations can vary. Since the federal government is not involved, every state has the ability to set their own usury amount. A majority of states have usury rates around 10%, although exemptions, fine print, and other issues may effectively negate this rate.
The methods used to calculate usury will vary as well. Some states have a legal limit that is set, while others use a yearly or quarterly calculation. As usury is meant to reduce predatory lending practices, a set rate is to provide a guideline for lenders.
In most cases, lenders themselves will have their own method for calculating interest and the interests they charge. A large majority of lenders still use the 365/360 method for interest, which differentiates between the interest rate and the APR for a mortgage or a
car loan
.If you’re in the market for a vehicle or you’re researching rates, you may as well check out
Jerry
for your car insurance needs. Just like you’d compare loan rates, Jerry lets you view car insurance rates from dozens of lenders.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
.webp&w=384&q=75)
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
