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Georgia Interest Rates Laws

State laws limiting the amount of interest a creditor may charge usually have little impact on actual interest rates because consumers regularly waive these limits by agreeing to higher interest rates. Georgia interest rate laws state that any rate higher than 7 percent must be specified in writing, but place no limits on rates for loans between $3000 and $250,000.

Review the following table for the main provisions of Georgia interest rate laws. See Usury Laws and Limits on Credit Card Interest Rates for additional details.

Legal Maximum Rate of Interest 7% per year when rate not specified; higher than 7% must be in writing; maximum 16% where principal is $3000 or less; no limit on rate if loan is between $3000 and $250,000 and must be in simple interest in written contract (§7-4-2)
Penalty for Usury (Unlawful Interest Rate) Forfeiture of entire interest (§7-4-10); criminal penalty (§7-4-18)
Interest Rates on Judgments Prime rate determined by Federal Reserve System plus 3% (§7-4-12)
Exceptions Small industrial loans (§7-3-14)

Note: State laws are constantly changing -- contact a Georgia consumer protection attorney or conduct your own legal research to verify the state law(s) you are researching.

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