It is illegal for online loan interest to exceed the annual interest rate of 24%. The part of the loan interest rate exceeding 24% of the annual interest rate is not supported, and the part exceeding 36% must be returned. The part between 24% and 36% does not need to be returned if it has been paid.

According to Article 2 1 1 of the Contract Law, if there is no agreement or unclear agreement on interest payment in the loan contract between natural persons, it is deemed that interest is not paid. If the loan contract between natural persons stipulates to pay interest, the loan interest rate shall not violate the relevant provisions of the state on limiting the loan interest rate.

legal ground

Article 25 of the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases.

If the lender requests the borrower to pay interest at the interest rate agreed in the contract, the people's court shall support it, except that the interest rate agreed by both parties exceeds 4 times the market quotation of one-year loan at the time of the establishment of the contract.

The "one-year loan market quotation" mentioned in the preceding paragraph refers to the one-year loan market quotation issued monthly by the National Interbank Funding Center authorized by the People's Bank of China from August 20th, 20th, 20th19th.