Georgia interest rate laws are stated in Official Code of Georgia, Title 7(Banking and Finance), Chapter 4(Interest and Usury). 

Under Section 7-4-2 the state legal maximum interest rate is seven percent per annum in the absence of a written contract.  Through a written contract the parties are permitted to charge simple interest higher than seven percent.  If the amount loaned through writing is $3000 or less the interest rate should not be more than 16 percent.  The parties are permitted to charge any rate of interest, if the amount loaned is higher than $3000 and less than $250,000.  Under Section 7-4-12, interest rates on judgments are determined by Federal Reserve System, and three percent interest is added to the interest rate so determined.

Charging higher interest rates than the state legal maximum interest is usury.  Under Section 7-4-10 if a rate of interest is charged in violation to Section 7-4-2, the person will have to forfeit the interest thus charged.  Under Section 7-4-18 criminal penalties are also attached to usury.  It is a misdemeanor to charge an interest rate of five percent per month or more in a transaction.

Section 7-3-14 has exempted small industrial loans from the state prescribed interest rate.  Ten percent per annum is the prescribed interest rate for small industrial loans.

O.C.G.A. § 7-4-2 reads in part:

“§ 7-4-2.  Legal rate of interest; maximum rate of interest generally
      (a)(1)(A) The legal rate of interest shall be 7 percent per annum simple interest where the rate percent is not established by written contract. Notwithstanding the provisions of other laws to the contrary, except Code Section 7-4-18, the parties may establish by written contract any rate of interest, expressed in simple interest terms as of the date of the evidence of the indebtedness, and charges and any manner of repayment, prepayment, or, subject to the provisions of paragraph (1) of subsection (b) of this Code section, acceleration, where the principal amount involved is more than $3,000.00 but less than $250,000.00 or where the lender or creditor has committed to lend, advance, or forbear with respect to any loan, advance, or forbearance to enforce the collection of more than $3,000.00 but less than $250,000.00.
      (B) Where the principal amount is $250,000.00 or more, or the lender or creditor has committed to lend, advance, or forbear with respect to any loan, advance, or forbearance to enforce the collection of $250,000.00 or more, the parties may establish by written contract any rate of interest, expressed in simple interest terms or otherwise, and charges to be paid by the borrower or debtor.
      (C) Nothing contained in this subsection shall be construed to prohibit the computation and collection of interest at a variable rate or on a negative amortization basis or on an equity participation basis or on an appreciation basis.”

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O.C.G.A. § 7-4-10 reads in part:

“§ 7-4-10.  Usury forfeits entire interest; right of setoff; how forfeiture discharged; when time bars action or defense
   (a) Any person, company, or corporation violating the provisions of Code Section 7-4-2 shall forfeit the entire interest so charged or taken or contracted to be reserved, charged, or taken. No further penalty or forfeiture shall be occasioned, suffered, or allowed.”

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O.C.G.A. § 7-3-14 reads in part:“§ 7-3-14.  Maximum loan amount, period, and charges
   Every licensee under this chapter may loan any sum of money not exceeding $3,000.00 for a period of 36 months and 15 days or less and may charge, contract for, collect, and receive interest and fees and may require the fulfillment of conditions on such loans as provided in this Code section:
   (1)  Interest. A licensee may charge, contract for, receive, and collect interest at a rate not to exceed 10 percent per annum of the face amount of the contract, whether repayable in one single payment or repayable in monthly or other periodic installments. On loan contracts repayable in 18 months or less, the interest may be discounted in advance; and, on contracts repayable over a greater period, the interest shall be added to the principal amount of the loan. On all contracts, interest or discount shall be computed proportionately on equal calendar months;”

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