I can't believe the OCGA can now only be accessed via login!
I've e-mailed Lexis Nexis to see if this is a glitch. The maximum you may charge for most loans is found in 7-4-18 and it states: "....any rate of interest greater than 5% per month either directly or indirectly, by way of commission for advances,discount, exchanges, or the purchase of salary or wages,by notarial or other fees; or by any contract, contrivance, or device whatsoever shall be guilty of a misdemeanor" We've always kept the APR less than 60% and been fine.
the 16% cap on loans $3000 and under can be either APR or flat rate. You may charge a flat interest rate of 16% on a note if you can justify your loan fees to exclude them from interest for purposes of the usury calculation.