Sinuspinde ng Central Bank Circular No. 905 na nagkabisa noong Enero 1, 1983, ang pagpapatupad ng Usury Law, kaya ngayon, in general ay walang limit sa maaaring ipataw na interes sa mga utang.
Gayunman, noong March 3, 2022, nag-issue na ang BSP at SEC ng interest rate ceilings para sa maliliit na utang (unsecured general-purpose loans that do not exceed of P10,000.00 and a loan tenor of up to four (4) months, whether obtained online or through traditional/offline distribution channels):
- A Nominal Interest Rate (contractual rate) ceiling equivalent to 6 percent per month (~0.2 percent per day).
- An Effective Interest Rate (total nominal interest paid plus other fees and charges, excluding penalty and late payment fees) ceiling equivalent to 15 percent per month (~0.5 percent per day), which shall include the Nominal Interest Rate along with all other applicable fees and charges (i.e., processing fees, service fees, notarial fees, handling fees and verification fees, among others), but excluding fees and penalties for late payment and non-payment.
- A cap on penalties for late payment or non-payment at 5 percent per month on outstanding scheduled amount due.
- A total cost cap of 100 percent of total amount borrowed (applying to all interest, other fees and charges, and penalties) regardless of time the loan has been outstanding.
Kung lampas dito ang sinisingil, maaari rin itong i-reklamo sa SEC, na maaaring maghatol ng parusang fines, Suspension of financing and lending activities and/or Revocation of the Certificate of Authority. Depende sa gravity ng offense, maaari ring ihatol ang suspension o revocation ng primary registration ng kumpanya.
Kung magkaroon ng kaso, may kapangyarihan rin ang korte na i-equitably reduce o bawasan ang interest rate, kung matatagpuan na hindi ito makatrungan at hindi reasonable (iniquitous and unconscionable).
Mabuting alamin at busisiin ang interest rate at iba pang fees and charges na kalakop ng utang, bago sumang-ayon dito.