• Payments Overview

    From your Invoice Maker account dashboard, you are able to manage your payments received outside the Invoice Maker system, and through our 3rd Party Payment Processors, e.g. Stripe.

     

    Manual Payments

    Definition: A manual payment is a cash, check or "other" payment that a business owner has received outside of the Invoice Maker system. The purpose is to track payments and balances when a payment has been received outside our system, either by cash, check, or "other", which could be anything such as a payment made by Paypal, cashApp, Venmo, etc.

    Manual Payment Requirements:

    Business Owner Input

    1. User has to manually input payment type and amount
    2. Payment Amount: required field
    3. Payment Date: required field. The payment date defaults to the current date it is updated
    4. Payment Method: Cash, Check, Other (required field)
    5. Internal Payment Note: plain text field for whatever the user wants (e.g. check number, specify "other" method (not required field). "Internal Payment Note" lets the user know only they will see the note

    Invoice

    1. Invoice Total: Total before any payments. This is always displayed as "Invoice Total"
    2. Paid to Date: The amount currently paid to date, displayed as "Paid to Date"
    3. Balance Due: Invoice total - Paid to date, displayed as "Balance Due"

    Status

    1. An invoice remains Unpaid until the balance is paid-in-full, and there is a $0.00 balance due
    2. Refund is used for invoices that have the entire balance refunded
    3. Partially Refunded is used when a partial payment is refunded

    Partial Payments

    Definition: any payment amount entered against a balance due that is less than the total amount due

    Requirements:

    1. Recipient will always be presented with a payment screen that is auto-filled with the total amount due to the entire invoice
    2. Recipient will always be able to enter a lower amount
    • cash - amount
    • check - amount - check #
    • other - note field (Venmo, cashApp, Paypal, etc.)
    • collect deposit
    • collect partial payment
    • refund deposits and partial payments

    Deposits: default amount on the first payment is only the deposit amount

    Refund: If a refund is not for the total amount, the status = partially refunded. If a refund is for the full amount, status = refunded

     

  • Verify Your Account to Accept Credit Card Payments

    When growing your business, there is nothing more important than being able to reach and accommodate your clients across all channels. That is especially true for accepting payments, as well. 78% of all customers pay their invoices using a credit card and spend 12-18% more when paying by credit card.

    Invoice Maker offers you the opportunity to collect credit card payments directly through our platform. 

    Though you can still have an account and send invoices without collecting payments through Invoice Maker, linking your account to a Third-Party Processing Service Provider is a beneficial tool that takes all the legwork out of getting paid. Just send your invoice, sit back, and collect your payment without lifting a finger.

    Steps to accept credit card payments:

    1. Create your Invoice Maker account
    2. Verify your account
    3. Connect it to our 3rd Party Payment Processing Service Provider, Stripe

    To verify your account to accept payments, follow the prompts below:

    1. Click on the banner at the top of your dashboard where it says Verify Your AccountVerify_Your_Account_Banner.png
    2. Select Merchant, Stripe, and click Next
    3. Gather information needed to connect your account Gather_Information_Stripe.png
    4. Click Connect with Stripe  Connect_with_Stripe_GIF.gif
    5. Follow the prompts to continue setting up with Stripe Get_started_with_Stripe.png
    6. Secure account. Make sure to copy and store your emergency backup code, once Stripe issues you one Secure_Emergency_Code_-_Stripe.png
    7. Add all pertinent Business and Personal Details
    8. Add your Preferred Bank Account (where you'd like your payments to be sent once paid via credit card)
    9. Add your Driver's License information or other Government-Issued Identification for verification
    10. Submit and you're all done! Start collecting payments as soon as you send your invoices through Invoice Maker!!

     

    All personal information entered into the Third-Party Processor, Stripe's, platform is 100% secure. Invoice Maker does not have access to any financial or personal information entered through Stripe. All payments facilitated through Invoice Maker's platform are processed externally by the Third-Party Processor directly, and any disputes regarding Third-Party platform payments or fees must be directed to the Third-Party platform itself and will not be responded to through Invoice Maker. To read more about how your data is secure and how your information is used through Stripe, you can review their Privacy Policy HERE.

  • How to Accept Payment via Venmo

    When growing your business, there is nothing more important than being able to reach and accommodate your clients across all channels. That is especially true for accepting payments. 

    Invoice Maker offers you the opportunity to collect payments directly through Venmo. 

    Though you can still have an account and send invoices without collecting payments through Invoice Maker, linking your account to a Third-Party Processing Service Provider is a beneficial tool that takes all the legwork out of getting paid. Just send your invoice, sit back, and collect your payment without lifting a finger.

    Steps to accept Venmo payments:

    1. From your Invoice Maker dashboard, click on the Menu Bar and then click Settings
    2. Click on Payment Methods
    3. Follow the instructions to export your code image from Venmo on your desktop or mobile device
    4. Once you have your saved code image, click on Connect and Upload your code image
      • Invoice Maker will automatically verify that your code image is valid
    5. That's it. You're done! You can start sending invoices via Invoice Maker and receiving payments directly to your Venmo account.  

     

    Venmo_Set_Up_Process_Step_1_2_GIF.gif

    **Please note that as Venmo payments will be made externally, you will have to manually update the payment status of your invoice once you are paid. To read more on how to manually add your payment to update the invoice status, click HERE.**

     

    All personal information entered into the Third-Party Processor, Venmo, is 100% secure. Invoice Maker does not have access to any financial or personal information entered through Venmo. All payments facilitated through Invoice Maker's platform are processed externally by the Third-Party Processor directly, and any disputes regarding Third-Party platform payments or fees must be directed to the Third-Party platform itself and will not be responded to through Invoice Maker. To read more about how your data is secure and how your information is used through Venmo, you can review their Privacy Policy HERE.

  • How To Accept Payment via Cash App

    When growing your business, there is nothing more important than being able to reach and accommodate your clients across all channels. That is especially true for accepting payments. 

    Invoice Maker offers you the opportunity to collect payments directly through Cash App. 

    Though you can still have an account and send invoices without collecting payments through Invoice Maker, linking your account to a Third-Party Processing Service Provider is a beneficial tool that takes all the legwork out of getting paid. Just send your invoice, sit back, and collect your payment without lifting a finger.

    Steps to accept Cash App payments:

    1. From your Invoice Maker dashboard, click on the Menu Bar and then click Settings
    2. Click on Payment Methods
    3. Follow the instructions to export your code image from Cash App on your desktop or mobile device
    4. Once you have your saved code image, click on Connect and Upload your code image
      • Invoice Maker will automatically verify that your code image is valid
    5. That's it. You're done! You can start sending invoices via Invoice Maker and receiving payments directly to your Venmo account.  

    How_to_Add_Cash_App_1.gif

     

    **Please note that as Cash App payments will be made externally, you will have to manually update the payment status of your invoice once you are paid. To read more on how to manually add your payment to update the invoice status, click HERE.**

     

    All personal information entered into the Third-Party Processor, Cash App, is 100% secure. Invoice Maker does not have access to any financial or personal information entered through Cash App. All payments facilitated through Invoice Maker's platform are processed externally by the Third-Party Processor directly, and any disputes regarding Third-Party platform payments or fees must be directed to the Third-Party platform itself and will not be responded to through Invoice Maker. To read more about how your data is secure and how your information is used through Cash App, you can review their Privacy Policy HERE.

  • Manually Adding a Payment

    You can manually add a payment to an invoice that your customer has paid you outside of the Invoice Maker app.

    You would manually add a payment if accepting payment via:

    • Cash
    • Check
    • Venmo
    • Cash App
    • Square (Coming Soon)
    • Paypal (Coming Soon)
    • Other 

    To Add a Payment, simply follow these steps:

    1. Log in to your account
    2. Click on the designated unpaid invoice that you received a payment for
    3. Click on Add Payment next to the invoice
    4. Click the appropriate payment method from the drop-down menu
    5. Enter any Internal Payment Notes
    6. Click Add Payment

    Manually_Adding_Payment_latest.gif

     

    Always remember that Invoice Maker makes it easier than ever to accept credit card payments directly through our app. If accepting credit card payments through Invoice Maker, the invoice status will automatically update, and you will not need to manually add your payment. To read more on how to verify your account to accept payments, click HERE.

  • Manually Adding a Cash App Payment

    As Cash App payments will be made externally, you will have to manually update the payment status of your invoice once you are paid.

    After a customer pays you via Cash App, you will receive a separate email directly from Cash App letting you know the payment has been made. 

    To Add your Cash App Payment, simply follow these steps:

    1. Log in to your account
    2. Click on the designated unpaid invoice that you received a payment for
    3. Click on Add Payment next to the invoice
    4. Click the appropriate payment method from the drop-down menu
    5. Enter any Internal Payment Notes
    6. Click Add Payment
    7. Select Cash App
    8. Add any Internal Payment Notes
    9. Click Add Payment

    Manually_updating_Payment_via_Cash_App.gif

    Once you manually update your payment, the balance due will reflect $0.00, and the invoice status will update to PAID. Your payment history will be located below the invoice when viewing in your dashboard.

     

    Cash_App_Status_Update.png

    If you ever wish to disconnect Cash App as a payment option in the future, you are able to do so under your Payment Options from the Settings menu.

     

    Always remember that Invoice Maker makes it easier than ever to accept credit card payments directly through our app. If accepting credit card payments through Invoice Maker, the invoice status will automatically update, and you will not need to manually add your payment. To read more on how to verify your account to accept payments, click HERE.

     

  • Manually Adding a Venmo Payment

    As Venmo payments will be made externally, you will have to manually update the payment status of your invoice once you are paid.

    After a customer pays you via Venmo, you will receive a separate email directly from Venmo letting you know the payment has been made. 

    To Add your Venmo Payment, simply follow these steps:

    1. Log in to your account
    2. Click on the designated unpaid invoice that you received a payment for
    3. Click on Add Payment next to the invoice
    4. Click the appropriate payment method from the drop-down menu
    5. Enter any Internal Payment Notes
    6. Click Add Payment
    7. Select Venmo
    8. Add any Internal Payment Notes
    9. Click Add Payment

    Manually_Updating_Venmo_Payment.gif

    Once you manually update your payment, the balance due will reflect $0.00, and the invoice status will update to PAID. Your payment history will be located below the invoice when viewing in your dashboard, as seen below.

    PAID_update_via_Venmo.png

    If you ever wish to disconnect Venmo as a payment option in the future, you are able to do so under your Payment Options from the Settings menu.

     

    Always remember that Invoice Maker makes it easier than ever to accept credit card payments directly through our app. If accepting credit card payments through Invoice Maker, the invoice status will automatically update, and you will not need to manually add your payment. To read more on how to verify your account to accept payments, click HERE.

     

     

  • Taxes (Sales, VAT - USA only)

    Sales Tax (USA only)

    sales tax is calculated as a percentage of goods sold and is determined by the location where the sale took place. Sales taxes are administered by each State, County, and District(s) in the USA.

    • Use TaxJar to find a sales tax by zip code.
    STATE SALES TAX SOURCE
    Alabama 4% § 40-23-2(1)§ 40-23-61(a)
    Alaska No sales tax N/A
    Arizona 5.6% Arizona Dept. of Revenue
    Arkansas 6.5% Arkansas Dept. of Finance and Administration
    California 7.25% California Dept. of Tax and Fee Admin.
    Colorado 4% Colorado Dept. of Revenue Taxation Division
    Connecticut 6.35% Connecticut Dept. of Revenue Services
    Delaware No sales tax N/A
    Florida 6% Florida Dept. of Revenue
    Georgia 4% Georgia Dept. of Revenue
    Hawaii 4% (General Excise Tax) Hawaii Dept. of Taxation
    Idaho 6% Idaho State Tax Commission
    Illinois 6.25% Illinois Revenue
    Indiana 7% Indiana Dept. of Revenue
    Iowa 6% Iowa Dept. of Revenue: Sales and Tax Guide
    Kansas 6.5% Kansas Dept. of Revenue
    Kentucky 6% § 139.200
    Louisiana 4.45% Louisiana Dept. of Revenue
    Maine 5.5% Maine Revenue Services
    Maryland 6% Comptroller of Maryland
    Massachusetts 6.25% Masschusetts Sales and Use Tax
    Michigan 6% § 205.52
    Minnesota 6.875% Minnesota Dept. of Revenue
    Mississippi 7% Mississippi Dept. of Revenue
    Missouri 4.225% Missouri Dept. of Revenue
    Montana No sales tax N/A
    Nebraska 5.5% Nebraska Sales and Use Tax
    Nevada 6.85% Nevada Dept. of Taxation
    New Hampshire No sales tax N/A
    New Jersey 6.625% New Jersey Division of Taxation
    New Mexico 5.125% (Gross Receipts Tax) Taxation & Revenue New Mexico
    New York 8.875% NYC Dept. of Finance
    North Carolina 4.75% North Carolina Dept. of Revenue
    North Dakota 5% North Dakota Tax
    Ohio 5.75% Ohio Dept. of Taxation
    Oklahoma 4.5% Oklahoma Tax Commission
    Oregon 0% Oregon Dept. of Revenue
    Pennsylvania 6% Pennsylvania Dept. of Revenue
    Rhode Island 7% Rhode Island Dept. of Revenue Division of Taxation
    South Carolina 6% South Carolina Dept. of Revenue
    South Dakota 4.5% South Dakota Dept. of Revenue
    Tennessee 7% Tennessee Dept. of Revenue
    Texas 6.25% Comptroller of Texas
    Utah 4.85% Utah State Tax Commission
    Vermont 6% Vermont Dept. of Taxes
    Virginia 5.3% Virginia Tax
    Washington 6.5% Washington Dept. of Revenue
    West Virginia 6% West Virginia State Tax Dept.
    Wisconsin 5% Wisconsin Dept. of Revenue
    Wyoming 4% Wyoming Dept. of Revenue

     

    Value-Added Tax (VAT)

    value-added tax (VAT) is a tax that is calculated based on the cost of the goods or service charged. This tax is administered by most countries and usually is targeted at imported items.

    COUNTRY VAT SOURCE
    USA 0% (although, there is sales tax in most states) N/A
    Argentina 21% PWC
    Australia 10% TransferWise
    Bangladesh 15% nbr.gov.bd
    Belgium 21% www.belgium.be
    Brazil Depends on the State. Average is 17% KPMG
    Bulgaria 20% www.tmf-group.com
    Canada 5% to 15% www.worldwide-tax.com
    Chile 19% home.kpmg
    China 13% www.tradingeconomics.com
    Colombia 19% Avalara
    Dominican Republic 18% KPMG
    Finland 24% Finland Ministry of Finance
    France 20% www.tmf-group.com
    Germany 19% www.tradingeconomics.com
    Greece 24% www.tradingeconomics.com
    Hong Kong 0% www.worldwide-tax.com
    Hungary 27% Avalara
    India 12.5% to 15% www.worldwide-tax.com
    Ireland 23% Irish Tax and Customs
    Israel 17% Israel Tax Authority
    Italy 22% Ministry of Economy and Finance
    Jamaica 16.5% www.taxsummaries.pwc.com
    Kenya 0% or 16% www.bdo.ea.com
    Malaysia 6% lawofficemalaysia.com
    Mexico 16% Avalara
    Morocco 7%, 10%, 14%, or 20% (Standard is 20%) KPMG
    Netherlands 0%, 9%, or 21% (Standard is 21%) Government of Netherlands
    New Zealand 13% www.world.tax-rates.org
    Nigeria 7.5% Avalara
    Norway 25% The Norwegian Tax Administration
    Pakistan 17% taxsummaries.pwc.com
    Panama 7% (10% and 15% for alcohol and tobacco, respectively) KPMG
    Peru 18% Avalara
    Philippines 0% to 12% Philippines Bureau of Internal Revenue
    Poland 23% Polish Investment and Trade Agency
    Portugal 23% Avalara
    Puerto Rico (USA) 0% N/A
    Russia 10% or 20% (Updated from 18% in 2019) Federal Tax Service of Russia
    Saudi Arabia 5% General Authority of Zakat & Tax
    Singapore 7% Inland Revenue Authority of Singapore
    South Africa 15% South African Revenue Service
    Spain 21% Spanish Tax Agency
    Sri Lanka 15% Sri Lanka Inland Revenue
    Sweden 6%, 12%, and 25% (Standard is 25%) Swedish Tax Agency
    Switzerland 7.7% Swiss Federal Tax Administration
    Thailand 7% Thailand Revenue Department
    Ukraine 20% Avalara
    United Kingdom 20% GOV.UK
    Vietnam 5% or 10% Ministry of Justice
    Zimbabwe 14% Zimbabwe Revenue Authority

     

    Are Services Taxed?

    Services are taxed based on the service provider’s country. In most countries, services are taxed at the Value-Added Tax (VAT).

    In the USA, only four (4) States charge taxes on general services:

  • Shipping

    Is Shipping Taxed?

    Most likely no but depends on the final destination of the product. For example, in the USA shipping is taxed in about half the States as long as the shipping charge is separate from the sale (see table below).

     

    State Shipping Taxed? Source
    Alabama Not subject to sales tax if the shipping charges are listed separately on the invoice. Admin Code 810-6-1-.178
    Alaska No sales tax. N/A
    Arizona Not subject to sales tax. Handling charges are taxed. If shipping and handling, the entirety is taxed. Admin Code § R15-5-133
    Arkansas

    Subject to sales tax.

    GR-18
    California Not subject to sales tax if the shipping charges are listed separately on the invoice.

    Publication 100 (Shipping and Delivery Charges)Article 12 Regulation 1628

    Colorado Not subject to sales tax if the shipping charges are listed separately on the invoice. Colorado Sales Tax Guide (Page 10)
    Connecticut Subject to sales tax. Page 13 of IP-2018(5)
    Delaware No sales tax. N/A
    Florida Not subject to sales tax if the shipping charges are listed separately on the invoice. Sales Tax Rules 12A-1.045FAQ from FL Dept. of Revenue
    Georgia Subject to sales tax. § 48-8-2(34)(A)(iv)
    Hawaii Subject to sales tax. § 237-3
    Idaho Not subject to sales tax if the shipping charges are listed separately on the invoice. tax.idaho.gov (Retailers)§ 63-3613(b)(7)
    Illinois Subject to sales tax. Nancy Kean vs Wal Mart Stores Inc.§ 130.415(b)(1)(D)(ii)
    Indiana Subject to sales tax. § 6-2.5-1-5(a)(4) , Commissioner’s Directive #23 (top of Page 2
    Iowa Not subject to sales tax if the shipping charges are listed separately on the invoice. tax.iowa.gov (Sales and Use Tax Guide)
    Kansas Subject to sales tax. Sales Tax and Compensating Use Tax (Page 15)§ 79-3602(ll) Admin Reg. 92019-46
    Kentucky Not subject to sales tax if the shipping charges are listed separately on the invoice. Kentucky Sales Tax Facts (Page 2)KRS 139.010(15)(a)(4)KRS 139.210
    Louisiana Not subject to sales tax if the shipping charges are listed separately on the invoice. RS 47:301(3)(a)Revenue Ruling No. 01- 007
    Maine Not subject to sales tax if the shipping charges are listed separately on the invoice.

    Title 36, § 1752(14)Business Guide to Sales, Use, and Service Provider Tax

    Maryland Not subject to sales tax if the shipping charges are listed separately on the invoice.

    COMAR 03.06.01.08Maryland Sales Tax Guide for Businesses

    Massachusetts Not subject to sales tax if the shipping charges are listed separately on the invoice.

    Directive 04-5Directive 98-5

    Michigan Subject to sales tax. § 205.51(1)(d)Dept. of Treasury (Sales and Use Tax FAQs)
    Minnesota Subject to sales tax. § 297A.61(7)(a)Sales Tax Fact Sheet 155
    Mississippi Subject to sales tax. Dept. of Revenue FAQsMississippi State Tax Commission Part IV Sales and Use Tax (Pages 16-17)
    Missouri Not subject to sales tax if the shipping charges are listed separately on the invoice. Senate Bill No. 16
    Montana No sales tax.

    N/A

    Nebraska Subject to sales tax. § 77-2701.35Nebraska Sales and Use Tax Guide on Delivery ChargesNebraska Sales and Use Tax FAQs
    Nevada Not subject to sales tax if the shipping charges are listed separately on the invoice. NAC 372.101NRS 360B.480NRS 360B.290(2)Tax Bulletin SUT 15-0002
    New Hampshire No sales tax. N/A
    New Jersey Subject to sales tax. Publication ANJ-10Notice: Sales and Use Tax Rate ChangeBulletin S&U-4§ 54:32B-2(oo)(1)Admin. Code § 18:24-27.2
    New Mexico Subject to sales tax if the Seller is making the payment to the carrier. In other words, shipping is almost always taxable. § 3.2.1.15 (Page 53)
    New York Subject to sales tax except for grocery food § 1101(a)(b)(3)§ 1115(n)(3)
    North Carolina Subject to sales tax. § 105-164.3(203)Sales and Use Tax Bulletins (Page 83)North Carolina Dept. of Revenue FAQs
    North Dakota Subject to sales tax. § 57-39.2-01(7)§ 81-04.1-01-10 (Page 6)
    Ohio Subject to sales tax. § 5739.01(H)(1)(a)(iv)§ 5703-9-52
    Oklahoma Subject to sales tax. § 710:65-19-7068, § 1352(12.a)
    Oregon No sales tax. N/A
    Pennsylvania Subject to sales tax.

    61 Pa. Code § 54.1 Pennsylvania Dept. of Revenue FAQ

    Rhode Island Subject to sales tax.

    § 44-18-12(a)(iv)Regulation SU 07-33

    South Carolina Subject to sales tax. § 117-310Dept. of Revenue (FAQs)
    South Dakota Subject to sales tax. Rule 64:06:02:34South Dakota Dept. of Revenue (Publication)
    Tennessee Subject to sales tax. § 67-6-102 1997 Letter Ruling #97-22Dept. of Revenue FAQs,
    Texas Subject to sales tax. Sec. 151.007Texas Comptroller FAQs
    Utah Not subject to sales tax if the shipping charges are listed separately on the invoice. § 59-12-102(103)(c)(ii)Tax Commission FAQs
    Vermont Subject to sales tax. § 9701(4)(A)Dept. of Taxes FAQs
    Virginia Not subject to sales tax if the shipping charges are listed separately on the invoice.

    23VAC10-210-6000(A)

    Washington Subject to sales tax. § 82.08.807WAC 458-20-110(3)
    West Virginia Subject to sales tax. § 11-15B-2(49)(A)(iv)§ 110-15-89 (Page 142)
    Wisconsin Subject to sales tax. § 77.51(15b)(b)4Dept. of Revenue FAQs
    Wyoming Not subject to sales tax if the shipping charges are listed separately on the invoice. § 39-15-105(a)(ii)(A)Dept. of Revenue (Freight and Transportation Charges)
  • Can I Charge Late Fees?

    Maximum Late Fee | Penalties

    Below are the maximum penalties that can be charged if an invoice is not paid. Any late fees must be written in the invoice at the time of sending it to a client. The late fee is calculated by the total amount owed multiplied by the interest rate (%) on a per annum basis.

     

    By Country (Top 50)

    COUNTRY MAXIMUM PENALTY SOURCE
    USA 0%; however, most states implement a sales tax N/A
    Argentina No maximum rate N/A
    Australia 48% from interested collected plus other fees Consumer Credit Act in NSW and ACT
    Bangladesh 6% Trading Economics
    Belgium No maximum rate N/A
    Brazil 6.5% Banco Central Do Brasil
    Bulgaria No maximum rate N/A
    Canada 60% § 347 of the Criminal Code
    Chile 36% Science Direct
    China 36% Bloomberg
    Colombia 33% Borradores de Economia
    Dominican Republic No maximum rate Latin Lawyer
    Finland 7 percentage points higher than the interest rate applied by the European Central Bank Finland Interest Act (633/1982)
    France An annual rate higher than 1/3 the average percentage rate applied by credit institutions is usury French Consumer Code Article L313-3
    Germany 5 percentage points above the basic rate of interest (currently 3.62%) Section 288(1) of German Civil Code
    Greece 2 percentage points above the maximum contractual interest rate. E-Justice
    Hong Kong 60% Hong Kong Legistlation Cap. 163, Section 24(1)
    Hungary No maximum rate N/A
    India At such rate as the Court deems reasonable India Code Usury Laws Repeal Act, 1855, Section 2
    Ireland 187% to 287% Consumer Credit Act
    Israel 13% per annum, 17% per annum on arrear interest Banking Regulation in Israel: Prudential Regulation versus Consumer Protection
    Italy 25% plus 400 basis points (or exceed average market rate by 800 basis points) Lexology
    Jamaica 6% Money Lending Act
    Kenya No maximum rate N/A
    Malaysia 12% for secured loan, 18% for an unsecured loan Moneylenders’ Act 1951, Section 17A
    Mexico No maximum rate N/A
    Morocco No maximum rate N/A
    Netherlands No maximum, except on consumer credit loans Practical Law
    New Zealand No maximum rate Commerce Commission New Zealand
    Nigeria 48% Practical Law
    Norway No maximum rate N/A
    Pakistan Interest not permitted under Pakistani laws for domestic lending Practical Law
    Panama No maximum rate N/A
    Peru No maximum rate N/A
    Philippines No maximum rate N/A
    Poland 4 times the pawn loan rate of the National Bank of Poland Polish Civil Code Article 359(2¹)
    Portugal 7% or 9% (depending on in rem guarantee) Law and Practice Portugal, Section 4.3 ( Full PDF)
    Puerto Rico (USA) 6% Financing USA
    Russia Cannot exceed more than twice usual applicable rate Civil Code Chapter 42, Section 1, Article 809(5)
    Saudi Arabia No maximum rate N/A
    Singapore 4% per month Singapore Ministry of Law
    South Africa 10% National Credit Act, Chapter 5, Part C (105)
    Spain No maximum rate N/A
    Sri Lanka 20%, 18%, or 15% Sri Lanka Money Lending Ordinance Section 4(2)
    Sweden No maximum rate N/A
    Switzerland 10% or 12% Swiss Credit Consumer Act, Section 3
    Thailand 15% Thai Civil and Commercial Code Book 3, Chapter II, Section 654 (Full PDF)
    Ukraine No maximum rate N/A
    United Kingdom No maximum for payday loans Credit Unions Act 1979
    Vietnam 20% Vietnamese Civil Code, Chapter XVI, Section 4, Article 478(1) (Full PDF)
    Zimbabwe Not specifically defined Moneylending and Rates of Interest Act, Chapter 14:14, Section 8 (Full PDF)
     
     

    Usury Rates by State

    State

    USURY RATE SOURCE
    Alabama 6% maximum for verbal agreements, 8% for written agreements. § 8-8-1
    Alaska Cannot exceed 10% or 5 percentage points above Federal Reserve interest rate; 10.5% if loan is more than $25,000. § 45.45.010
    Arizona 10% unless agreed upon in a written contract. § 44-1201
    Arkansas May not exceed the applicable rate of interest (17%) set forth in Section 3 of the Arkansas Constitution, Amendment 89 . § 4-57-104
    California 7% for money, goods, or things in action; 10% for money, goods, or things in action for personal, family, or household purposes; or the greater of 10% or 5% + the prevailing rate established by the Federal Reserve Bank of San Francisco for any other use. Article XV
    Colorado Maximum is 45% per annum. If no written agreement exists, interest rate may not exceed 8%. § 5-12-103
    Connecticut Interest rate may not exceed 12%. § 37-4
    Delaware Maximum rate of interest is 5% over the Federal Reserve discount rate. No limitations on interest rates for loans exceeding $100,000. § 2301
    Florida 18% unless loan exceeds $500,000, in which case the rate of interest can be 25% (in accordance with § 687.071(2)) § 687.03
    Georgia Maximum interest rate is 7% if no written contract exists; 16% on loans of $3000 or less; and any rate of interest may be established by parties to a written contract for loans of $250,000 or more. § 7-4-2
    Hawaii 10% without a written contract; 12% for consumer credit transactions; and 10% on judgments recovered in any civil suit. § 478-2§ 478-3, and § 478-4
    Idaho Maximum of 12% if no contract exists. 5% plus base rate on money due on judgments. § 28-22-104
    Illinois 5% without a written contract, 9% maximum if agreed upon by parties to a written agreement. 815 ILCS 205/4 and 815 ILCS 205/1
    Indiana Interest rate may not exceed 8%. Consumer loans may be charged a maximum of 25%. § 24-4.6-1-102 and § 24-4.5-3-201
    Iowa 5% with no written contract; for written agreements, 2 percentage points above the monthly average 10-year constant maturity interest rate of US government notes and bonds. § 535.2(1) and (3)(a)
    Kansas 10% maximum if no other interest rate was agreed upon. Bonds, bills, promissory notes, or other written instruments may stipulate a maximum of 15%. § 16-201 and § 16-207
    Kentucky Legal rate of interest is 8%. If a written agreement exists, the rate may be increased to 4% in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank OR 19%, whichever is less, on loans of $15,000 or less. Any rate is permitted for loans in excess of $15,000. § 360.010
    Louisiana Maximum interest rate is 12% per annum. § 9:3500(C)(1)
    Maine Without a written contract, maximum interest rate is 6%. Maximum rates for consumer credit sales are 30% for first $1,000, 21% between $1,000 and $2,800, 15% for more than $2,800, and 18% on all unpaid balances. 9-B § 432 and 9-A § 2-201
    Maryland Maximum is 6% unless a written agreement is established, in which case interest rate can be up to 8%. § 12-102 and § 12-103
    Massachusetts 6% maximum interest rate with no written agreement. Charging more than 20% interest is considered criminal usury. Ch. 107 § 3 and Ch. 271 § 49
    Michigan 5% if no written agreement exists, 7% if an agreement is made between the parties in writing. § 438.31
    Minnesota Interest rate is 6%, unless a different rate is agreed upon in writing. Interset rate may not exceed 8%. § 334.01
    Mississippi Maximum interest rate is 8% per annum. “Contract rate” may not exceed the greater of 10% or 5% above the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank. § 75-17-1
    Missouri Rate of interest may not exceed 10% if a written instrument exists, unless the “market rate” is higher. § 408.030
    Montana Interest rate is 10% per annum. Parties may agree in writing to a maximum interest rate of 15% OR 6 percentage points above prime rate established by Federal Reserve System, whichever is greater. § 31-1-106 and § 31-1-107
    Nebraska Maximum interest rate is 16%. § 45-101.03
    Nevada Parties may agree in writing to any interest rate. Without a written agreement, the rate shall not exceed the prime rate at the largest bank in Nevada. § 99.040
    New Hampshire Maximum rate of interest is 10% § 336:1
    New Jersey Maximum rate of interest is 6% without a contract. Maximum rate of interest with a written contract is 16%. § 31:1-1
    New Mexico Rate of interest shall not exceed 15% without a written contract. § 56-8-3
    New York Interest rate is 6% per annum unless a different rate is prescribed in NY CLS Banking, in which case legal interest rate is 16%. Gen. Oblig. § 5-501 and Banking § 14-A
    North Carolina Legal rate of interest is 8%. § 24-1
    North Dakota Maximum interest rate is 6%. Maximum contract rate is 5.5% higher than current cost of money but no less than 7%. § 47-14-05 + 09
    Ohio Written contracts may not stipulate a rate of interest exceeding 8%. § 1343.01
    Oklahoma Parties may agree to any rate permitted by state law; otherwise, 6% is the maximum rate without a written contract. § 15-266
    Oregon Maximum interest rate is 9%. § 82.010(1) + (3)
    Pennsylvania Maximum interest rate is 6% for loans of $50,000 or less. 41 P.S. § 201
    Rhode Island Interest rate may not exceed the greater of 21% or the alternate rate of 9 percentage points plus the domestic prime rate. § 6-26-2
    South Carolina Legal rate of interest is 8.75%. § 34-31-20
    South Dakota 12% where no contract exists; no interest rate limit if parties agree in writing. § 54-3-4 and § 54-3-16(3)
    Tennessee Unless the parties agree in writing, the maximum interest rate is 10%. § 47-14-103
    Texas Unless the parties agree in writing, the maximum interest rate is 10%. § 302.001(b)
    Utah Unless the parties agree in writing, the maximum interest rate is 10%. § 15-1-1
    Vermont Maximum rate of interest is 12%. 9 V.S.A. § 41a
    Virginia Legal rate of interest is 6%. If parties agree in writing, the interest rate may be a maximum of 12%. § 6.2-301 and § 6.2-303
    Washington Rate of interest may not exceed 12% OR 4 percentage points above the equivalent coupon yield of the average bill rate for 26-week treasury bills. § 19.52.020
    West Virginia Parties may agree to a maximum interest rate of 8%; otherwise, the legal interest rate is 6%. § 47-6-5
    Wisconsin Legal interest rate is 5%. § 138.04
    Wyoming Maximum interest rate is 7% if no agreement exists. § 40-14-106