Loan Rates and Fees in Georgia

Payday lending is illegal in Georgia. For installment loan costs, see below. For non-loan options, visit Alternatives in Georgia.

Licensed installment lenders in Georgia operate under the Georgia Installment Loan Act on loans up to $3,000 with a maximum term of 36 months and 15 days. Lenders may charge interest up to 10% per annum on the face amount of the contract, plus a loan fee and a monthly maintenance charge.

On a $1,000 loan repaid over 12 monthly installments, the lender could charge up to $100 in interest (10% of $1,000), a loan fee of up to $64 (8% of $600 + 4% of $400), and $36 in maintenance ($3 × 12 months) - making total charges approximately $200 before the principal.

• Refinancing: the loan fee cannot be charged on any portion used to pay off a prior loan from the same lender made within the preceding six months (two months if the prior balance was $300 or less).
• Returned payment fee: no specific cap under the Georgia Installment Loan Act - confirm the exact amount with your lender before you sign.
• Late fee: the greater of $10 or 5¢ per $1 of the late installment, charged only once per missed payment, with a 5-day grace period after the due date.
• If you pay early, unearned interest and maintenance charges are refunded - see Installment loans in Georgia for how early payoff reduces your cost.

If an offer exceeds these limits, verify with the Georgia Department of Banking and Finance.

• Total of payments: add up every scheduled payment on your agreement and confirm it matches the "total of payments" line in the federal disclosure box.
• If the offer includes credit insurance or a "protection plan," confirm whether it's required - it's usually optional and adds to your total cost.