The Federal Credit Union Act generally places a cap of 15% interest on consumer loans. The Act provides some flexibility allowing establishment of a higher rate under certain circumstances. The rate ceiling was previously set to 18% for an initial period of 18 months; that rate has been extended a number of times. The most recent extension of the rate ceiling was set to expire on September 10, 2021. The National Credit Union Administration Board issued 21 FCU-04 on August 10 again extending the 18% interest rate ceiling until March 10, 2023.
For more information, click this link: Permissible Loan Interest Rate