What is the usury rate in NJ?

Answer 1

30% to individuals, 50% to businesses.

[Additionally, the current law leads to the following irrational regulatory result. The rate of interest lenders may charge on consumer loans $15,000 or less may be set as high as 30%. The rate of interest lenders may charge on consumer loans ranging between $15,000 and $50,000 may be set only to a maximum rate of 16%. The rate of interest lenders may charge on consumer loans exceeding $50,000 may be set as high as 30%. This division of categories defies logic. In terms of consumer protection, there is no reason to lift usury protection for consumers borrowing $15,000 or less, while providing special protections for consumers borrowing in the range between $15,000 to $50,000.]

[For the purposes of this section and notwithstanding any law of this State which permits as a maximum interest rate a rate or rates agreed to by the parties of the transaction, any loan or forbearance with an interest rate which exceeds 30% per annum shall not be a rate authorized or permitted by law, except if the loan or forbearance is made to a corporation any rate not in excess of 50% per annum shall be a rate authorized or permitted by law.] Criminal usury is a crime of the second degree if the rate of interest on any loan made to any person exceeds 50% per annum or the equivalent rate for a longer or shorter period. It is a crime of the third degree if the interest rate on any loan made to any person except a corporation does not exceed 50% per annum but the amount of the loan or forbearance exceeds $1,000.00. Otherwise, making a loan to any person in violation of subsection a.(1) and a.(2) of this section is a disorderly persons offense.]
- http://www.lawrev.state.nj.us/rpts/usury.htm