Is it illegal to count three cents of interest as usury? Is it illegal to count 3 points of interest as usury? 3 points of interest is not illegal, and the national regulations are all legal below 36%. The unit of per cent is often used in private lending, which means several thousandths. For example, the interest of 3 per cent is 0.3 per cent. The interest is calculated by time. Before calculation, it should be distinguished whether it is calculated by day, month or year. The minute is ten times the centimeter. The annual interest is 3 points, or 30%. The law stipulates the interest rate of private lending: 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, where the interest rate agreed by the lender and the borrower does not exceed 24% of the annual interest rate, 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 by the borrower and the borrower exceeds the annual interest rate by 36%, and the interest agreement for the excess part is invalid. The people's court shall support the borrower's request for the lender to return the interest paid in excess of 36% of the annual interest rate. Do you understand this explanation?
