Online lending is not illegal, but legal online lending must abide by the relevant provisions of the law, and the annual interest rate shall not exceed 4 times (excluding fluctuations) of the loan interest rate of financial institutions of the same level in the same period announced by the People's Bank of China, otherwise it is usury.
Legal objectivity:
Article 193rd of the Criminal Law of People's Republic of China (PRC) has one of the following circumstances, which constitutes the crime of loan fraud. If the amount is relatively large, he shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan. If the amount is huge or there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan; If the amount is especially huge or there are other particularly serious circumstances, he shall be sentenced to fixed-term imprisonment of not less than 10 years or life imprisonment, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan, or his property shall be confiscated: (1) fabricating false reasons such as introducing funds and projects; (two) the use of false economic contracts; (3) using false documents; (four) the use of false proof of property rights as a guarantee or repeated guarantee beyond the value of collateral; (5) obtaining loans by other means.