Is there a limit on how much interest rate a private creditor/ small business can charge on unpaid balance/ debt in Georgia?
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Just my thought, I would hope that any lender had some sort of signed installment agreements which listed the interest rate, default, fees, schedule of payments, maturity, security and other things. I don't know of any creditors, except maybe insider creditors, that don't have a written agreement.
A quick search shows that in Georgia, a creditor can charge up to 7% if not specified in the contract (agreement). But there are other limits and you must really look to the law. The law, OCGA 7-4-2, reads that anything else must be in a written agreement.
O.C.G.A. § 7-4-2 (Lexis Advance through the 2022 Regular Session of the General Assembly)
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