Does anyone have a link to the Alabama usury law? I tried searching Google and the State of Alabama Banking Department website but can't find a link to a good explanation.

I have found an article that state there is no interest rate limit on loans over $2000 and at least 18% limit otherwise and just want to confirm. Also, is the usury law for Alabama based on the interest rate or the APR?

Bump!

Anyone from Alabama care to confirm this or let me know if it's wrong? Thanks.

I don't know the limitations off the top of my head. You need to look at the Alabama Mini Code: 5-19-1, et seq. I think (without looking it up) the rate limitations are in 5-19-5. You also need to look at the scope provision of the mini-code, which is either 5-19-30 or 5-19-31. The mini-code will refer you to the limitations on open end credit, which I believe are in Title 8 of the Alabama code.

Thanks ToTo. I'll start there.