The people's court shall support the online loan platform provider who expressly provides a guarantee for the loan through websites, advertisements and other media or has other evidence to prove that the lender requests the online loan platform provider to assume the guarantee responsibility. In other words, peer-to-peer lending is protected by law, but the online lending platform provider cannot be required to bear the guarantee responsibility, and it depends on whether it is stated in the service agreement.
1. Is online lending protected by law?
It depends. If it is a formal online lending platform, the interest is within the interest range stipulated by the state, and online lending is protected by law. Otherwise, the interest of the online lending platform is higher than the interest range stipulated by the state, which belongs to usury and is not protected by law.
If the interest rate agreed between the borrower and the borrower does not exceed the annual interest rate of 24%, and the lender requests the borrower to pay interest at the agreed interest rate, the people's court shall support it. The interest rate agreed between the borrower and the borrower exceeds the annual interest rate of 36%, and the interest agreement in excess is invalid. The people's court shall support the borrower's request to the lender to return the part of the interest paid that exceeds 36% per annum.
Second, what are the consequences of online lending?
1, resulting in overdue charges:
After overdue, the system will charge a penalty interest, and the interest rate of the penalty interest will generally be higher than the agreed interest rate of the loan. If the customer has been in arrears, the longer the overdue time, the more repayment, and the greater the repayment pressure of the customer.
2. Affect personal credit:
The platform will report the overdue situation to big data, resulting in personal credit damage; If the lending institution of online loan cooperation accesses the central bank's credit information system, the platform is likely to report the overdue situation to the central bank for credit information, leaving a bad record in the customer's personal credit information report, which will affect the customer's personal credit information.
3. Subsequent credit is frozen:
Because most of the information between online loans is interoperable, if customers later go to other platforms to handle online loans, once the platform finds bad records in the customer's big data, it is likely to refuse to approve loans; In addition, if the credit report is overdue, the customer's subsequent credit business in banks or other licensed consumer finance companies will also be hindered by the credit problem.
3. What are the illegal acts of online lending institutions?
Peer-to-peer lending information intermediaries shall not engage in or accept the entrustment to engage in the following activities:
(1) Financing for oneself or financing in disguised form;
(2) directly or indirectly accepting and collecting the lender's funds;
(3) Providing guarantee or guaranteeing principal and interest to the lender directly or in disguised form;
(4) Making or entrusting or entrusting a third party to publicize and promote financing projects in physical places other than the Internet, fixed telephones, mobile phones and other electronic channels;
(5) Loans, except as otherwise provided by laws and regulations;
(6) Time limit for splitting financing projects;
(7) Raising funds by issuing financial products such as wealth management, and selling financial products such as bank wealth management products, brokerage asset management products, funds, insurance and trust products as agents;
(8) Asset securitization or transfer of creditor's rights in the form of packaged assets, securitized assets, trust assets and fund shares;
(9) Mixing, bundling or acting as an agent with other institutions in any form such as investment, agency, brokerage, etc., except as permitted by laws, regulations and relevant provisions on interbank lending;
(10) The authenticity and profit prospect of the financing project, concealing the defects and risks of the financing project, making false and one-sided publicity or propaganda by vague language or other deceptive means, fabricating and disseminating false or incomplete information, and harming the interests of the financing project. The commercial reputation of others, misleading lenders or borrowers.
(eleven) to provide information intermediary services for the financing of high-risk derivatives such as stock investment, OTC fund allocation, futures contracts and structured products;
(12) Engaged in equity crowdfunding and other businesses;
(thirteen) laws, regulations and relevant provisions prohibit other activities of peer-to-peer lending.
legal ground
Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases
Article 21 Lenders and borrowers form a loan relationship through the online loan platform. The online lending platform provider only provides media services, and the people's court will not support it if the parties request it to assume the guarantee responsibility.
The people's court shall support the online loan platform provider who expressly provides a guarantee for the loan through websites, advertisements and other media or has other evidence to prove that the lender requests the online loan platform provider to assume the guarantee responsibility.
People's Republic of China (PRC) Civil Code
Article 680 usury is prohibited and the loan interest rate shall not violate the relevant provisions of the state.
If there is no agreement on the payment of interest in the loan contract, it shall be deemed that there is no interest.
If the loan contract does not specify the payment method of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or the parties' trading methods, trading habits, market interest rates and other factors; Loans between natural persons are regarded as interest-free.