The annual interest rate refers to the interest rate of deposits or loans for one year. The so-called interest rate is the abbreviation of "interest rate", which refers to the ratio of interest amount to deposit principal or loan principal in a certain period of time. Usually divided into annual interest rate, monthly interest rate and daily interest rate. The annual interest rate is expressed as a percentage of the principal, the monthly interest rate as a percentage, and the daily interest rate as a percentage.

The annual interest rate is 24%. If the principal is 10000 yuan and the daily interest is 2400/365=6.58 yuan, then the daily interest of 10000 yuan is 6.58 yuan, and the corresponding daily interest rate is 6.58 ‰, that is, 0.0658%.

The income from private lending with an annual interest rate of less than 24% is legal and protected. To put it simply, if the comprehensive interest rate of interest, handling fee and liquidated damages does not exceed 24%, it is not usury. Therefore, money with an annual interest rate below 24% is protected by law. Even if the borrower fails to repay the loan within the time limit and is sued to the court, he will be sentenced to repay the loan. So now the interest rate of many private loans is set at 24%.