N.C. Gen. Stat. » Chapter 24
NC General Statutes

N.C. Gen. Stat. § 24-1 (2026)

Legal rate is eight percent

✓ current as of July 2026
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Except as otherwise provided in G.S. 136-113, the legal rate of interest shall be eight percent (8%) per annum for such time as interest may accrue, and no more. (1876-7, c. 91; Code, s. 3835; 1895, c. 69; Rev., s. 1950; C.S., s. 2305; 1979, 2nd Sess., c. 1157, s. 1; 2016-90, s. 18(a).)

 

Notes of Decisions
Cited in 122 cases (25 in the last 5 years), 1950–2026 · leading case: Shepard v. Ocwen Fed. Bank, FSB.
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Shepard v. Ocwen Fed. Bank, FSB (N.C. Ct. App. 2005). · cites it 30× “The *63 complaint asserted violations of N.C. Gen. Stat. § 24-1 et seq., N.C. Gen.”
Belk ex rel. Belk v. Belk (N.C. Ct. App. 2012). · cites it 8× “” N.C. Gen. Stat. § 24-1 (2011). Here, however, despite its reference to N.”
Driskell v. Summit Contracting Grp., Inc. (W.D.N.C. 2018). · cites it 4× “See also N.C. Gen. Stat. § 24-1 . Defendant disagrees and argues the Court has the discretion to award prejudgment interest, and if it does award prejudgment interest, it should be awarded at the federal rate of interest.”
Garcia v. Frog Island Seafood, Inc. (E.D.N.C. 2009). · cites it 3× “When an employer fails to do so, the employer is liable to the employee in the amount of the unpaid amount plus interest at the legal rate set forth in N.C.G.S. § 24-1 from the date each amount first came due.”
Harris v. Blue Ridge Health Servs., Inc. (M.D.N.C. 2019). · cites it 2× “…1072 , 1074 (4th Cir. 1982). Here, the court finds the North Carolina legal rate of 8% per annum appropriate. See N.C. Gen. Stat. § 24-1 .”
Palmer v. Jackson (N.C. Ct. App. 2003). · cites it 9× “00 per hour for the hours she has worked plus interest at the legal rate set out in N.C. Gen. Stat. §24-1 until paid. This amount is subject to the attorney fee awarded in paragraph 6.”
Tillman v. Com. Credit Loans, Inc. (N.C. Ct. App. 2006). · cites it 4× “With the passage of the North Carolina Predatory Lending Law, N.C. Gen. Stat. § 24-1 .IE, it has been unlawful to finance the premium costs of single-premium credit insurance since July 1, 2000.”
Knight Publ'g Co. v. Chase Manhattan Bank, N.A. (N.C. Ct. App. 1997). · cites it 5× “84 for the face amounts of the checks in question, in addition to interest on the judgment due at the rate of 8% as provided by N.C.G.S. § 24-1 (1991). Prejudgment interest was established as accruing from 19 June 1992, the date Knight provided notice of improper payment to…”
Barrett Kays & Assocs., P.A. v. Colonial Bldg. Co. (N.C. Ct. App. 1998). · cites it 3× “C.G.S. § 24-5 (1991). Thus, as a general proposition in an action for breach of contract, the principal amount awarded is to bear interest “from the date of the breach .”
J.M. Parker & Sons, Inc. v. William Barber, Inc. (N.C. Ct. App. 2010). · cites it 5× “V Defendant argues that the trial court erred in awarding interest at an impermissible rate.”
Members Interior Constr., Inc. v. Leader Constr. Co. (N.C. Ct. App. 1996). · cites it 4× “§ 24-5 authorizes the award of pre-judgment interest on damages from the date of the breach at the contract rate, or the legal rate if the parties have not agreed upon an interest rate.”
Faircloth v. Nat'l Home Loan Corp. (M.D.N.C. 2003). · cites it 3× “First, Plaintiff alleges that Defendants violated North Carolina’s Interest Statutes, N.C. Gen.Stat. § 24-1 et seq., by charging Plaintiff usurious costs and fees.”
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