Usuary?

I am not real sure about Georgia law, but why would the state be charging anything on a loan, the financial institution should be charging fees, not the state. I am waundering what the state has to do with a loan?

what is usuary?

[quote=shawmaryann]Hi,
Is it legal in the state of Georgia to charge $300 interest a month on a $3,000 unsecured personal loan, or is this usuary?[/quote]

Is this a payday loan? Who is the lender, and what terms? Did you get this loan in a storefront, or online?

[quote=jos82003]what is usuary?[/quote]

Usury is the practice of lending money at extremely high interest rates, often well in excess of the legal interest rate limit [which varies by state]. Payday loans, 'cash advance' loans, pawn/title loans. and loan sharks spring to mind here.

Read this.

How do I calculate Usuary interest at 6% applied to a judgment award of $4,586.69