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Usury Laws in Minnesota

In Minnesota, the legal rate is 6% unless a different rate is agreed in writing, and the general usury limit is 8% a year, with no limit on written loans of $100,000 or more.

Last checked . General information, not legal advice.

Minnesota at a glance

Maximum agreed rate
8%
No rate limit applies to written credit contracts of $100,000 or more signed by the debtor, with limited exceptions (Minn. Stat. 334.01, subd. 2).
Legal rate (no rate agreed)
6%

Sources

Last checked

The rules in Minnesota

What is the maximum interest rate on a private loan in Minnesota?

Maximum agreed rate in Minnesota: 8%. No rate limit applies to written credit contracts of $100,000 or more signed by the debtor, with limited exceptions (Minn. Stat. 334.01, subd. 2).

What interest rate applies in Minnesota when no rate was agreed?

Legal rate (no rate agreed) in Minnesota: 6%.

Where do the Minnesota usury laws come from?

The rules above come from Minn. Stat. 334.01. Each source is linked on this page. We last checked them in October 2026.

What this means in practice

Put the interest rate in writing. Many usury statutes set one limit for written agreements and a different, often lower, rate when nothing was agreed in writing. A signed promissory note or loan agreement that states the rate, the payment schedule and what happens on late payment avoids most disputes.

Count every charge, not only the stated rate. Courts may treat fees, points, required extras or a discount taken from the amount lent as interest when deciding whether a loan is usurious. A loan with a modest rate and large fees can still cross the limit.

Check who the lender is and what the loan is for. Usury limits often do not apply, or apply differently, to banks, licensed consumer lenders, credit card issuers, larger loans and loans to businesses or corporations. A rule written for loans between individuals may not cover your situation, so read the statute and its exceptions.

General information, not legal advice. Laws change, and cities can add their own rules, so check the current statute before you rely on it.