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Is there an high interest limit if I lend someone and charge…

Is there an high interest...
Is there an high interest limit if I lend someone and charge interest in Georgia?
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Answered in 10 minutes by:
3/7/2018
Lucy, Esq.
Lucy, Esq., Attorney
Category: Business Law
Satisfied Customers: 32,264
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Hi,

I'm Lucy, and I'd be happy to answer your questions today.

For contracts that aren't in writing, the legal limit is 7% interest per year. Contracts for $3,000 or less are capped at 16% interest. Contracts in writing for $3,000.01 to $250,000 do not have a set cap in that statute. (as long as it's in writing and the borrower agrees to pay). Code of Georgia, Section 7-4-2.

However, it is a misdemeanor to charge more than 5% per month. That works out to 60% per year. See Section 7-4-18. Interest is typically charged annually, but collected monthly. The contract should be clear what the annual rate is so there is no confusion.

Have I answered your question? If any part of my response is unclear, please reply WITHOUT rating so I can clarify. My goal is to provide excellent service, so if I've done that, please give me a 5-star rating before signing out. Thank you for using JustAnswer.

Lucy, Esq.
Lucy, Esq., Attorney
Category: Business Law
Satisfied Customers: 32,264
Experience: Attorney
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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