The practice of lending money at an interest rate that is deemed excessively high or higher than the rate allowed by law is known as usury.
Usury is the practice of charging exorbitant interest rates that are unfair to borrowers. Interest is a percentage fee that you pay your lender for a loan. Although interest is a fair and regulated practice, engaging in usury is illegal.
In the case of Marquette National Bank of Minneapolis v. First of Omaha Service Corporation from 1978, the U.S. Supreme Court held unanimously that the National Banking Act of 1863 permitted nationally chartered banks to charge the maximum rate of interest permitted in their state, regardless of the borrower's state of residence.
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