Do the Cayman Islands have a usury law?

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Attorney in George Town, Cayman Islands

Gary Smith

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Attorney in George Town , Cayman Islands

  • Attorney in George Town , Cayman Islands

  • Free initial consultation, Fixed hourly rates, Fixed fees available

Partner at firm Loeb Smith

Attorney in George Town , Cayman Islands

Free initial consultation, Fixed hourly rates, Fixed fees available

Usury laws specifically
target the practice of charging excessively high rates on loans by setting caps
on the maximum amount of interest that can be levied.

There are no specific usury rules or legislation under Cayman law. However if the levels of interest and other payments arising under a loan/finance agreement are considered by a Cayman court to be penal in nature, they will be deemed unenforceable under Cayman law. According the terms of the agreement and the levels of interest and other payments in particular, should be reviewed carefully.

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