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LawTalk
LawTalk, Attorney
Category: Legal
Satisfied Customers: 37006
Experience:  I am a practicing attorney with more than 3 decades of experience in the legal field.
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I am looking into Indiana's usury laws and need the answer to what the legal rate of

Customer Question

I am looking into Indiana’s usury laws and need the answer to what the legal rate of interest there.
It seems like there is not one, but I need a credible source stating that – like a law review article or the like. I also saw somewhere that it said the prevailing interest rate is 10% but cannot find a credible source stating that. It also seems like it says in the statute that there is a 21% rate of unsupervised consumer loans and then various rates for supervised consumer loan, and then there is an 8% interest rate for judgments.
Basically I need the answer to the top question, including responses to the comments following my question, and all info needs a statute/law review article/other credible source.
It seems like there is no usury limitation as well, but I read somewhere that some legislation is pending.
Please help me out!
Thanks
Submitted: 1 year ago.
Category: Legal
Expert:  LawTalk replied 1 year ago.
Good afternoon,
I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.
The legal rate of interest is different than a Usury law. The legal rate of interest is the rate set by the state for judgments, and in the state of Indiana that interest rate is 10%.
Indiana sets the usury rate at 21% for an unsupervised loan---such as between friends.
Here is an article that may be of assistance to you: http://statelaws.findlaw.com/indiana-law/indiana-interest-rates-laws.html
You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.
Kindly, remember to rate my service to you. That is how I am credited for assisting you.
For supervised loans---such as those made by professional lenders such as banks---varies and the limitations can be seen here in the Indiana Code:
http://codes.lp.findlaw.com/incode/24/4.5/3/24-4.5-3-508
I wish you and yours the best in 2015,
Doug
Customer: replied 1 year ago.
You didn't really assist me. I need credible sources for that information. I am writing a paper and need to cite a law review article or something.Also, according to Ind. Code. Ann. 24-4.6-1-101, it looks like the interest rate for judgment is 8%, so you also gave me incorrect information.Can you actually correct information with sources or provide me with a refund?
Customer: replied 1 year ago.
Could you provide the usury limitation for Indiana as well w/ a cited source? Thanks.I have access to those general websites too, so that is not very helpful.
Customer: replied 1 year ago.
Actually, I guess what I am really asking is are there usury laws for Indiana? If there are, tell me which ones they are? I can't seem to find any.
Expert:  LawTalk replied 1 year ago.
Hi,
Indiana does not call the top rates allowed Usury rates. But the code I linked you to: http://codes.lp.findlaw.com/incode/24/4.5/3/24-4.5-3-508 is the Usury rate for the state.
Usury is a crime, and to exceed the rates that are set out in this code section can result in the person violating the law being charged with a Class A Misdemeanor.
For the unsupervised loans, here is the law for the rate allowed---21%: http://codes.lp.findlaw.com/incode/24/4.5/3/24-4.5-3-201
Please keep in mind that, even though you have already paid your deposit money over to JustAnswer, until you rate me highly for my service, I will not be paid for having assisted you with your questions.
I wish you well,
Doug