Original provisions: According to Article 26 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 interest rate agreed by the borrower and the lender does not exceed 24% per annum, the people's court shall support it. The interest rate agreed between the borrower and the borrower exceeds the annual interest rate of 36%, and the interest agreement in excess is invalid. The people's court shall support the borrower's request to the lender to return the interest paid in excess of 36% per annum. New Provisions: the Supreme People's Court issued the Provisions on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases on August 20, 2020, in which the core clause is to modify the original 24% legal protection clause, and determine the upper limit of judicial protection of private lending interest rate based on the standard of four times the LPR issued by China Financial Trading Center authorized by the People's Bank of China. According to four times the latest LPR interest rate of 3.85%, the upper limit of judicial protection of private lending interest rate is only 15.4%. The announcement clearly pointed out that private lending is a civil subject other than financial institutions whose business is loans, so all licensed financial institutions such as banks are not applicable. Other non-financial institutions that focus on loans or other types of private lending are applicable. If you can apply for a loan, it should be a financial institution that gives you a loan. Before the loan, I clearly tell you the interest and amount, the term and method of the loan. You can choose not to borrow money. Then the loan can't be established. If you know that the loan interest is high, you still insist on applying for a loan. Then say that the loan interest is high. I want to ask, what is your mentality? Of course, if you are not clearly informed of the loan interest, term, amount and repayment method before the next payment, then you can sue. Or all the clauses before the next paragraph are different from those after the next paragraph, then you can sue him for fraud.

Loan means that banks, credit cooperatives and other institutions lend funds to units or individuals who use money, and generally agree on interest and repayment date.