The daily interest rate of 5/10,000 is the daily interest rate of 0.05. If converted into a monthly interest rate, it is 0.05*30=1.5. For example, if you borrow 10,000 yuan and the loan period is 1 month, the monthly interest is 10,000*1.5=150 yuan. And if it is repayment in advance, then the daily interest calculation method is adopted, and the early repayment interest is calculated as 10000*0.05*the actual number of borrowing days.

The monthly interest rate of 1.5 is converted into the annual interest rate, which is equivalent to the annual loan interest rate of 18. This loan interest rate is still within the legal range.

Article 667: Definition of Loan Contract A loan contract is a contract in which the borrower borrows money from the lender and returns the loan and pays interest when due.

Article 668: Form and Content of Loan Contract A loan contract shall be in written form, unless otherwise agreed upon for a loan between natural persons.

The content of a loan contract generally includes terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.

Article 669: The borrower shall provide true information when entering into a loan contract, and the borrower shall provide true information on business activities and financial status related to the loan as required by the lender.

Article 670: Borrowing interest shall not be deducted in advance. Borrowing interest shall not be deducted in advance from the principal. If interest is deducted from the principal in advance, the loan shall be returned and interest calculated based on the actual borrowed amount.

Article 671: Consequences if the lender fails to provide the loan as agreed and the borrower fails to collect the loan as agreed. If the lender fails to provide the loan on the agreed date and amount, causing losses to the borrower, the lender shall Compensation for losses.

If the borrower fails to collect the loan on the agreed date and amount, the borrower shall pay interest on the agreed date and amount.

Article 672: Lender’s right of supervision and inspection: The lender may inspect and supervise the use of the loan in accordance with the agreement. The borrower shall provide relevant financial accounting statements or other information to the lender on a regular basis as agreed.

Article 673: The borrower’s liability for failure to use the loan according to the agreed purpose. If the borrower fails to use the loan according to the agreed purpose, the lender may stop issuing the loan, withdraw the loan in advance or terminate the contract.

Article 674: The time limit for the borrower to pay interest. The borrower shall pay interest according to the agreed time limit. There is no agreement or the agreement is not clear about the period for payment of interest, and it cannot be determined according to the provisions of Article 510 of this Law. If the loan period is less than one year, it shall be paid when the loan is returned; if the loan period is more than one year, It shall be paid at the end of each year. If the remaining period is less than one year, it shall be paid when the loan is returned.