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It depends on the type of loan and the interest rate specified in the loan. If the rate is specified in the loan agreement then there is no restriction on the rate. Wells Fargo does this in some of their student loans. It says that there is a bottom rate but that there is no ceiling rate except for the ceiling rate required by South Dakota law; When we check to see what South Dakota ceiling rate is... we see that there is no ceiling rate if the rate is specified in the loan agreement. (http://legis.state.sd.us/statutes/DisplayStatute.aspx?Type=Statute&Statute=54-3-1.1).

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Q: What is the maximum variable interest rate for South Dakota?
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