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Who is exempt from usury laws in Missouri?
I am going to be getting a car loan and want to be sure I'm getting a fair rate. Are there any companies that are exempt from usury law in Missouri?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Also known as loan-sharking, usury only applies to a few businesses under
Missouri
law. Most lenders are exempt. However, the Missouri Division of Finance has set the maximum interest rate at 9%, unless a consumer willingly agrees to a higher rate.Be extremely cautious of lending from independent dealers or
buy here pay here
establishments, as these businesses have been known to charge rates of 20% or more. If you feel a company is not acting fairly in regards to their lending practices, you can also submit a consumer complaint with the Missouri Division of Finance.View full answer
- Gregory R.
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