- deal! The annual interest rate is 36%, and the cash loan is facing the test of life and death! On December 1st, the Office of the Leading Group for the Special Remediation of Internet Financial Risks and P2P Network Loan Risks was officially issued the Notice on Regulating the Reorganization of Cash Loan Business (hereinafter referred to as the “Notice”), clearly coordinating supervision and conducting small network Loan cleaning and rectification work...
- The highest law delineates the annual interest rate red line for private lending. The interest rate is over 36% invalid. A judicial interpretation published by the Supreme Law on the 6th, with the two key figures of 24% and 36% per annum, redefine the interest rate and interest of private lending. On the morning of August 6, the Supreme Law held a press conference in Beijing to issue the "Supreme People's Court on the trial of private lending...
- Can the cash loan interest rate exceed 36%? Be careful to be harassed! Can the cash loan interest exceed 36%? Xiao Bian learned that according to the regulations of the Supreme People's Court, the interest rate red line was delineated for private lending, 24% and 36% are two important points: 1. The private lending rate is below 24%, and the court will support it. 2. The annual interest rate is between 24% and 36%...
- 36% or 100%? Marking the cash interest rate is a false proposition! High bad debts, high interest rates, no risk control.... The cash loan industry has been labeled with these labels, and it is just welcoming. On April 10, the China Banking Regulatory Commission (CBRC) first proposed a cash loan, which clearly required the cleanup and rectification of cash loan business activities. All parties in the industry revolve around cash loans, arguing...
- Is the annual interest rate of microfinances over 36% illegal? We often hear many friends say that the interest on microfinance is high, and that the interest on microfinance is a usury and is not legal. Isn’t it true that microfinance is not a usury? Before explaining this problem, let us first look at the national law for legality...
Interpretation of cash loan interest rate: annual interest rate of 36% and "two lines and three districts"
The relevant departments will rectify the cash loan as scheduled, and many non-compliant platforms have begun to rectify the downline. An important reason for non-compliance is that the actual interest rate of the product is too high, and how high the interest rate is legal and compliant. What?
As early as the financial market reform in November 2013, the Supreme People's Court demarcated the two red lines of 24% and 36%. The two red lines divided the interest rate into three “regions”:
Judicial protected area
If the interest rate agreed by the borrower and the lender does not exceed 24% per annum, and the lender requests the borrower to pay interest at the agreed interest rate, the people's court will support it;
The interest rate agreed by both the borrower and the lender exceeds the annual interest rate by 36%, and the excess interest agreement is invalid. If the borrower requests the lender to return the interest paid more than 36% of the annual interest rate, the people's court shall provide support;
Natural debt zone
The part between 24% and 36%, if the lender is suing the people's court for the protection of interest in this section according to the contract, the people's court will not protect the law; if the borrower repays this part of the interest and then repents, it goes to the court. The lawsuit is recovered and the court will reject such a claim;
Summary of the vernacular
Interests within 24% are protected by law and must be returned; more than 36% of interest can be repaid, and can also be recovered through legal channels; interest between 24% and 36%, if not returned, The court will not accept the lender’s request for recovery, and if it has already been returned, the court will not accept the borrower’s request for recovery;
The origin of the 24% standard
For private lending, the government's regulation is long-term. After the founding of the People's Republic of China, the earliest reply to the private lending by the Supreme Law was in Liaoning in the early 1950s, which determined the practice of quadruple interest rates. Since then, the quadruple interest rate has been used in trial practice. In 1991, judicial interpretation was formulated. I continued to use this practice.
In the past 20 years, the benchmark interest rate of loans issued by the central bank has changed greatly. The lowest is 2%, the highest is 12%, and the middle is 5%-8%. So I chose the middle. 6%, and referring to the traditional four times the meaning, get 24% of such a number.
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