The difference between monthly interest rate and annual interest rate of loans: the monthly interest rate is calculated on a monthly basis and the annual interest rate is calculated on an annual basis; The monthly interest rate is generally lower than the annual interest rate; The monthly interest rate must be converted into the annual interest rate to know whether it is legal or not. Because the monthly interest rate and annual interest rate of a loan are different during the calculation of interest, and they can be converted to each other, the monthly interest rate and annual interest rate can only be said to be different in definition.

Of course, when applying for a loan, users must pay attention to converting the monthly interest rate into the annual interest rate, because the upper limit of judicial protection of the loan interest rate is set according to the annual interest rate.