Tennessee -Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced Monday that the state’s maximum effective formula rate of interest has been set at 11.50 percent per annum.
This rate is calculated based on a statutory ceiling of 4 percent above the weekly average prime loan rate, which was reported at 7.50 percent by the Federal Reserve on April 28, 2025. As such, the effective maximum interest rate is determined to be 11.50 percent.
Commissioner Gonzales noted that this rate will remain in effect until the Federal Reserve announces a change to the prime loan rate…