State-by-State APR Limits for $1,500 Loans

When you borrow around $1,500, it’s important to understand the annual percentage rate (APR) caps that apply in your state. Each state enforces different “usury” or interest-rate laws that may limit how much a lender can charge. EasyFinance.com makes it easier to compare loan offers and see whether a lender’s rate fits within your state’s allowable range.

Why APR Limits Matter

APR limits protect borrowers from extremely high interest rates. If a lender charges a rate beyond state law, you may face legally unenforceable terms or greater risk of debt-cycle issues. For small- to mid-size installment loans—such as one for $1,500—many states set specific caps. For example, a fact sheet from National Consumer Law Center shows that for a $2,000 two-year loan many states impose rate caps.

General Nationwide Trends

• Some states cap APRs for small-loan amounts (e.g., $500 for six months, $2,000 for two years).
• A few states do **not** impose a meaningful cap for certain types of loans, so rates may vary widely.
• Even when a state sets a cap, many online lenders may operate under a different state’s rules (if they are based elsewhere), complicating enforcement.

Examples of State-Specific Limits

Here are a few sample states and what their laws show. Note: Because very few states list an exact cap for “$1,500 installment loan”, many indicate caps for nearby amounts (e.g., $2,000). Use this as guidance, not a guarantee.

• Maryland: For consumer loans greater than $1,000 and less than $6,000, the maximum rate is about 2% per month (≈ 24% APR).
• General trend states: Many states that cap small-loan APRs show median limits of about 31% for $2,000 two-year loans.
• States with no cap or limited cap: A handful of states allow higher rates or rely on “unconscionability” standards rather than fixed caps.

What this Means for a $1,500 Loan

If you’re borrowing $1,500, you should check your state’s laws and also review the lender’s disclosed APR. Key points to remember:

• If your state has a cap near 24-36% APR for this loan size, rates significantly higher may signal risky terms.
• Lenders who are based in a different state may still apply another state’s law, so compare the lender’s home state and your own.
• Installment loans (with monthly payments) often fall under different rules than payday or cash-advance loans—so ensure you’re looking at the correct law for the loan-type you’re taking.
• Even within your state, exceptions may apply depending on lender type (banks, credit unions, online lenders) and loan purpose.

How EasyFinance.com Helps You Navigate APR Limits

Using EasyFinance.com helps you compare real-offer rates from lenders, evaluate whether the rate falls within expected limits for your state, and pick a loan you can manage. With one application you can see multiple lenders, compare their APRs, terms, and their payout wording.

Key Takeaways

• APR caps vary significantly by state and by loan size. A “$1,500 loan” may fall into a bracket where a cap exists or not, depending on state law.
• Rates in many states for this type of small to mid-size loan may fall in the 24-36% APR range when a cap applies.
• Just because a loan is offered doesn’t guarantee the rate is within your state’s cap—read disclosures carefully.
• EasyFinance.com offers a transparent comparison platform so you can evaluate offers and avoid surprises.

FAQ

Is there a federal maximum APR for a $1,500 loan?

No. There is no universal federal APR cap for consumer loans of this size. State usury laws apply instead.

How can I find the exact cap in my state?

Check your state’s consumer finance or lending laws (often under “usury” or “consumer credit” statutes). Compare with the lender’s disclosed APR.

What if a lender offers a rate higher than my state allows?

That could be unlawful in your state. You should ask the lender why the rate is higher and consult your state regulator if needed.

Why do some lenders charge very high rates if caps exist?

Some online lenders operate under loopholes or different state laws, or classify the loan differently (e.g., as payday, title, or other). That’s why comparing and reading terms matters.

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