Description:
1. According to China's relevant laws and regulations and the guidance of regulatory agencies such as the People's Bank of China, it is considered illegal to interest on online loans.
2. Rolling interest calculation means that during the loan period, the outstanding principal and interest are included in the next loan principal and continue to generate interest. This behavior violates the principle of balance of rights and interests between borrowers and lenders in China's contract law and interest law.
3. The online lending platform shall charge interest according to the contract, and shall not increase or accumulate interest without authorization. This not only violates relevant laws and regulations, but also easily brings greater debt pressure to borrowers and aggravates financial risks.
4. The government of China has been strengthening the supervision of the online loan industry and rectifying illegal lending. Relevant regulatory authorities have punished illegal online lending platforms such as usury, and called on the public to raise awareness of prevention and avoid participating in high-risk lending activities.
Summary:
It is illegal to roll interest on online loans, which violates China's laws and regulations and does not conform to the principle of balancing the rights and interests of both borrowers and lenders. The public should raise their awareness of risks and avoid participating in illegal lending activities.
Extended data:
According to the Opinions on Punishing the Crime of Illegal Fund-raising jointly issued by China the Supreme People's Court, the Supreme People's Procuratorate and the Ministry of Public Security, usury is listed as a form of illegal fund-raising, and if the circumstances are serious, it can constitute a crime. In addition, China Internet Finance Association explicitly prohibits online lending platforms from engaging in illegal business such as usury, and punishes violations. These measures are aimed at protecting the legitimate rights and interests of the public and maintaining the stability and healthy development of the financial market.