The loan interest rate of 1.5 cents is certainly high. Because if the monthly interest rate is 1.5 cents, it is equivalent to the annual interest rate = 1.5*12=18.

The current national benchmark interest rate for 1-year loans is only 4.35/year, and the benchmark interest rate for 1- to 5-year loans is only 4.75/year!

In comparison, of course it is much higher.

Please accept the answer if it makes sense, thank you!