3.2% monthly interest rate means 0.32% monthly interest rate. If the monthly interest rate is converted into the annual interest rate of 0.32%* 12=3.84%, the annual interest rate is 3.84%. Anything with an annual interest rate below 36% (inclusive) is legal, so it is legal to convert the monthly interest rate of 3.2% into an annual interest rate. And this interest rate is a low loan interest rate. If users can borrow money at this interest rate, they only need to pay a little interest.

For most loan products, due to the increase in operating costs, the loan interest rate is generally above 10%.