Private lending is a civil act, which is bound and protected by the Civil Code. According to the relevant provisions of "Opinions of the Supreme People's Court on People's Courts Handling Lending Cases": "The interest rate of private lending may be appropriately higher than that of banks, but the maximum interest rate shall not exceed four times that of similar loans of banks". Therefore, the principal of private lending is protected, and the interest that does not exceed 4 times the interest rate of similar loans of banks is also protected by law, and the excess is not protected by law. The benchmark interest rate for the same period refers to the benchmark interest rate announced by the central bank, such as 1 year. The benchmark interest rate is about 5%, which is four times that of 20%, that is, more than 20% is legally recognized as usury.
If the monthly interest rate is 1.5, it is not usury, but it is legal. At present, the interest rate protected by law is four times the quoted interest rate in the one-year loan market. If one cent is 5, one year is 18%, which is not higher than the interest on bank loans. If it exceeds 4 times the quoted interest rate of one-year loan market when the contract is established, the law will not protect it.
The judicial red line of legal interest rate includes "two limits and three belts":
According to the "Regulations", we can take the annual interest rate of 24% as the reference standard, that is to say, the annual interest rate below 24% is not usury, the annual interest rate above 24% is controversial, and the annual interest rate above 36% is usury.
Then calculate the monthly interest rate 1.5% as the annual interest rate 18%. Obviously, even the controversial interest rate has not yet arrived, and it is definitely not usury. In order to prove this statement more clearly, let's look at a product that everyone is familiar with: ant borrowing.
Ant Lending is a loan business provided by Ant Financial Services. For Alipay users, Ant Financial will give different quotas and interest rates according to their credit information. The daily interest rate ranges from 1.5 to six ten thousandths, and most people's daily interest rate ranges from four ten thousandths to five ten thousandths. Let's take five ten thousandths as an example and borrow 1 0,000 yuan. One day needs 5 yuan money interest, and one month is calculated as 30 days.
If a loan with a monthly interest rate of 1.5% is usury, then all of them are usury, such as ant loan, online business loan and micro-loan of WeChat. However, these products are formal credit products, not usury, and need to be returned in time after borrowing, otherwise they will be connected to the central bank's credit information system and affect your credit information.
Private lending is a civil act, which is bound and protected by the Civil Code. According to the Supreme People's Court's Opinions on People's Courts Handling Lending Cases, "the interest rate of private lending can be appropriately higher than that of banks, but the maximum shall not exceed 4 times that of similar loans of banks". Therefore, the principal of private lending is protected, and the interest that does not exceed 4 times the interest rate of similar loans of banks is also protected by law, and the excess is not protected by law. The benchmark interest rate for the same period refers to the benchmark interest rate announced by the central bank, such as 1 year. The benchmark interest rate is about 5%, which is four times that of 20%, that is, more than 20% is legally recognized as usury.
If the monthly interest rate is 1.5, it is not usury, but it is legal. At present, the interest rate protected by law is four times the quoted interest rate in the one-year loan market. If one cent is 5, one year is 18%, which is not higher than the interest on bank loans. If it exceeds 4 times the quoted interest rate of one-year loan market when the contract is established, the law will not protect it.
legal ground
Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases
Article 25 If the lender requests the borrower to pay interest at the interest rate agreed in the contract, the people's court shall support it, except that the interest rate agreed by both parties exceeds four times the market quotation of one-year loan at the time of the establishment of the contract. The "one-year loan market quotation" mentioned in the preceding paragraph refers to the one-year loan market quotation issued monthly by the National Interbank Funding Center authorized by the People's Bank of China from August 20th, 20th, 20th19th.