Yes, even with the suspension of the Usury Law and the removal of interest ceilings, parties typically have the freedom to set the interest rates on financial obligations. Generally, the interest rate agreed upon by the lender and borrower is enforceable. However, there are exceptions.
Presently, the Supreme Court has once more addressed the validity of agreed interest rates, asserting that if such rates are unconscionably high, they are illegal. The Court holds the power to moderate these rates when needed. In exercising this power, the Court must consider each case’s specific circumstances. What could be considered excessive and unconscionable in one case might be deemed fair in another.
In your instance, an annual interest rate of 100% is considered excessive and therefore illegal.