The loan amount is 2300 yuan, and the actual amount is 2020 yuan after deducting 280 yuan's membership fee.
If 23 12 yuan is repaid after 4 days, the interest will be 23 12-2020 = 292 yuan.
Annual interest rate = interest/principal/time ×100% = 292/2020/14x365x100% = 376.87%.
Extended data:
Private individual lending activities must strictly abide by the relevant provisions of national laws and administrative regulations, and follow the principles of voluntary mutual assistance, honesty and credit. In private individual lending, the lender's funds must be its own monetary funds belonging to its legitimate income, and it is forbidden to absorb other people's funds and transfer them to others.
Folk usury refers to the lending behavior without banking financial institutions and with an annual interest rate higher than 24%.
According to Article 26 of the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases:
If the interest rate agreed between the borrower and the borrower does not exceed the annual interest rate of 24%, and the lender requests the borrower to pay interest at the agreed interest rate, 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 part of the interest paid that exceeds 36% per annum.
Baidu encyclopedia-annual interest rate
People's Court of Shenqiu City, Henan Province-Provisions on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases