Alabama Code 8-8-1. Maximum rates of interest – Generally
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Terms Used In Alabama Code 8-8-1
- Contract: A legal written agreement that becomes binding when signed.
- Forbearance: A means of handling a delinquent loan. A
- year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
Except as otherwise provided by law, the maximum rate of interest upon the loan or forbearance of money, goods, or things in action, except by written contract is $6 upon $100 for one year, and the rate of interest by written contract is not to exceed $8 upon $100 for one year and at that rate for a greater or less sum or for a longer or shorter time.