1. Loan interest rate regulations Our country has long had relevant regulations on loan fees. This is explained in the "Regulations of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases": 20 Article 6 If the interest rate agreed between the borrower and the lender does not exceed the annual interest rate of 24%, and the lender requests the borrower to pay interest according to the agreed interest rate, the people's court shall support it. If the interest rate agreed between the borrower and the lender exceeds the annual interest rate by 36%, the excess interest agreement is invalid. If the annual interest rate agreed between the borrower and the lender exceeds 24% but does not exceed 36%, it is not protected by law and is a natural debt. To put it simply, if the annual interest rate exceeds 36%, it is considered usury, and you can refuse to repay the excess interest. If the annual interest rate is more than 24% or less than 36%, you can pay if you are willing to pay, but you cannot recover it.
2. Is the annual interest rate above 24% legal? If it is illegal, you can refuse to pay, but in reality, there will inevitably be economic transactions between individuals, and between individuals and institutions. Some people are willing to pay high interest rates in exchange for emergency loans, so just follow your personal wishes, and once the interest is paid If you go out and want to file a lawsuit to come back, the law supports it, so everyone needs to think clearly. In short, the borrowing rates on formal platforms are now controlled below 24%, so everyone must choose formal and reliable products.