Consumers should be aware that maximum interest rates allowed under the law may be significantly higher than what is actually being charged in the market. The interest rate which a lender charges you may be influenced also by factors specific to your loan such as your credit history, the amount and type of collateral and terms of the loan, such as the length of time a purchase is financed and whether payments will be made on an installment basis or one lump sum due at the end of a certain time period (a "balloon"). Because of possible variation from lender to lender, it is important that consumers "shop around" and check the various rates charged by banks, credit unions, finance companies and other lenders in order to negotiate the best rate for the type of loan desired.
Applicable Georgia Laws:
Access to the Georgia Code is provided by LexisNexis from the Georgia General Assembly's website. To find one of the Code Sections noted below, go to the Official Code of Georgia (O.C.G.A.) and enter the Code Section you want to search for:
- 7-4-1 et seq. General Interest and Usury
- 7-5-1 et seq. Credit Card Charges and Fees
- 7-3-1 et seq. Industrial Loans
- 10-1-1 et seq. Retail Installment and Home Solicitation Sales and Motor Vehicle Sales Financing