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?

“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.
Since most lenders are exempt, you’ll want to shop around like you would with car insurance via the Jerry app. Many websites and apps allow you to compare numerous car loan rates, allowing you to find the best one from a variety of different lenders.”
Emily Maracle
Answered on Jul 30, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.

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