What is the usury rate in Georgia?
Section 7-4-18 of the Georgia Code contains a criminal usury statute which provides that no loan shall charge any rate of interest greater than five percent per month either directly or indirectly, by way of commission for advances, discount, exchange or by any contract, contrivance or devise whatsoever.Click to see full answer. Besides, what is…
Section 7-4-18 of the Georgia Code contains a criminal usury statute which provides that no loan shall charge any rate of interest greater than five percent per month either directly or indirectly, by way of commission for advances, discount, exchange or by any contract, contrivance or devise whatsoever.Click to see full answer. Besides, what is the maximum interest rate allowed by law in Georgia? Georgia Interest Rate Limits For other loans, the maximum interest rate allowed is 7% if the loan contract is not in writing or if an interest rate is not specified. If the interest rate is higher than 7%, the contract and the interest amount must be in writing in order to protect the consumer.One may also ask, what is the usury rate? The term usury rate refers to a rate of interest that is considered to be excessive as compared to prevailing market interest rates. They are often associated with unsecured consumer loans, particularly those relating to subprime borrowers. In respect to this, what is the most interest you can charge? Usury Laws and the Credit Card Industry Today the highest credit card rate goes as high as 36 percent, much higher than the 24 percent cap set by states with tighter usury limits. While the 36 percent rate is considered usurious under many states’ usury laws, that figure is nonetheless legal.What is the maximum interest rate allowed by law in Arkansas?17%
