If the application period is 12 months, that is, the annual interest rate is 23.33%, which is completely within the range of private lending income stipulated by the state.
However, if the loan term is one week, that is to say, the weekly interest rate is as high as 23.33%, and the converted annual interest rate is 12 16.67%, far exceeding the national annual interest rate of 36%.
With such a high interest rate, the borrower may not have to pay back the part that exceeds the annual interest rate of 36%, but the interest and principal within the annual interest rate of 24% will still be returned.