As announced by Commissioner Greg Gonzales of the Department of Financial Institutions, Tennessee’s money borrowers can expect to pay up to 11.50 percent in interest rates going forward. This new rate, effective immediately, is a result of adding a 4 percent margin over the average prime loan rate, which currently sits at 7.50 percent, as reported by the Federal Reserve yesterday. In a recent statement, Commissioner Gonzales indicated that this rate would hold steady until the Federal Reserve makes any changes to the average prime loan rate.