The interest rate of 6.37% generally refers to the annual interest rate, which translates into a monthly interest rate of 0.53%, which is 5.3%. This interest rate level is still relatively low, far below the annual interest rate of usury of 36%.

Suppose you borrow 1 10,000 yuan with an interest rate of 5.3% and an annual interest rate of 6.37%. The interest generated in one month is: 10000 times 0.53%=53 yuan, and the interest in one year is: 10000 times 6.37%=637 yuan.