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Who is exempt from usury laws in Missouri?

I am going to be getting a car loan and want to be sure I'm getting a fair rate. Are there any companies that are exempt from usury law in Missouri?

Emily Maracle · Updated on Aug 30, 2023

Reviewed by Shannon Martin, Licensed Insurance Agent.

“Also known as loan-sharking, usury only applies to a few businesses under Missouri law. Most lenders are exempt. However, the Missouri Division of Finance has set the maximum interest rate at 9%, unless a consumer willingly agrees to a higher rate.

Be extremely cautious of lending from independent dealers or

buy here pay here

establishments, as these businesses have been known to charge rates of 20% or more. If you feel a company is not acting fairly in regards to their lending practices, you can also submit a consumer complaint with the Missouri Division of Finance.

Since most lenders are exempt, you’ll want to shop around like you would with car insurance via the

app. Many websites and apps allow you to compare numerous car loan rates, allowing you to find the best one from a variety of different lenders.”

MORE:

How to Get Out of an Upside Down Car Loan

View full answer

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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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