The interest rate is four times higher than that of bank loans in the same period, which belongs to usury. Now the bank loan interest:

Interest rate item annual interest rate (%)

Loans within six months (including six months) 4.86

Loans from six months to one year (including 1 year) 5.3 1

Loans for one to three years (including three years) 5.40

Loans for three to five years (including five years) 5.76

Loans for more than five years

So obviously, this agreement violates this regulation.

According to your interest, your annual interest rate is 60%, so it is usury.

Usury is illegal and not protected by law. Otherwise, it should be punished accordingly.