Legal analysis: If the annual interest rate agreed between the borrower and the borrower is within 24%, the interest is legal. However, if the agreed annual interest rate exceeds 36%, the excess interest is illegal.

Legal basis: "Regulations of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases" Article 25 If the lender requests the borrower to pay interest according to the interest rate agreed in the contract, the People's Court shall support it. However, this is excepted if the interest rate agreed upon by both parties exceeds four times the one-year loan market quote rate at the time the contract is established.

The "one-year loan market quoted interest rate" referred to in the preceding paragraph refers to the one-year loan market rate published monthly by the National Interbank Funding Center authorized by the People's Bank of China since August 20, 2019. Quoted interest rate.