An interest of 2 cents is considered usury. If converted into an annual interest rate, the interest rate of 2 cents is 24. According to the "Regulations of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases" and the latest release of the one-year loan market The quoted interest rate, the annual interest rate is 24, is a usurious loan.

Legal basis

Article 26 of the "Regulations of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases"

The lender requests the borrower to comply with If the contract stipulates an interest rate for payment of interest, the people's court shall support it, except where the interest rate agreed upon by both parties exceeds four times the one-year loan market quoted interest rate at the time the contract is established.

The "one-year loan market quoted interest rate" referred to in the preceding paragraph refers to the one-year loan market rate published monthly by the National Interbank Funding Center authorized by the People's Bank of China since August 20, 2019. Quoted interest rate.