(last updated 12/13/2017)
District of Columbia Personal Loan for Bad Credit Laws and Regulations in (DC)
Legal Maximum Rate of Interest
In absence of agreement: 6%/yr. (§28-3302); by contract in writing: Up to 24% (§28-3301)
Penalty for Usury (Unlawful Interest Rate)
Forfeiture of interest; usurious interest paid may be recovered (§28-3303; 3304)
Interest Rates on Judgements
4% allowed on judgments against the District of Columbia, its officers, employees acting within scope of employment; where judgment is not against District of Columbia, its officers, or its employees acting within scope of employment or where interest is not fixed by contract the rate of interest shall be 70% of the rate set by the Secretary of Treasury (§28-3302, 26 USC §6621)
Federally insured bank or savings and loan and on direct motor vehicle installment loans (§§28-3308; 28-3601 to 3602)
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in DC, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the D.C. Department of Insurance and Banking.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the District of Columbia. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.