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Tennessee Interest Rates Laws
More Information on Interest Rate Laws
| Legal Maximum Rate of Interest | 10% (§47-14-103) |
| Penalty for Usury (Unlawful Interest Rate) | Contract unenforceable; if found unconscionable, lender must refund charges, fees, and commission fees and successful plaintiff may recover reasonable attorney's fees (§47-14-117); willful collection is a Class A misdemeanor (§47-14-112) |
| Interest Rates on Judgments | 10% or at contract rate (§47-14-121) |
| Exceptions | Installment loans (§45-2-1106); loans under $1000; (§47-14-104); savings and loans (§45-3-705); single payment loans §(47-14-104) |
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