The issuance of any loan valued at $3,000 or less is prohibited under Georgia law if the loan is barred by Georgia's usury law. In Georgia, cash advance companies cannot lend borrowers less than $3,000 for an APR exceeding 16%. A payday loan business can charge a 16% APR if it lends the funds directly to its clients and only if it has an interest greater than 50% in the loan's revenues. Georgia law allows borrowers to have only one outstanding loan at one time.
Georgia law does not specify the maximum amount that a consumer can borrow.
There are no restrictions on loan terms in Georgia.
Georgia law does not specify whether borrowers can rollover or extend their loans.
The maximum fee that a cash advance store can charge is 15% of the check's face amount. Finance charges cannot be for an amount exceeding $45.
The APR on a 14-day payday loan in the amount of $100 is 360%.