Is the annualized interest rate of Chongqing Longxie Microfinance Co., Ltd. 34% legal?

No, the annual interest rate of 34% belongs to usury, which is much higher than the private lending rate stipulated by the state and shall not exceed 4 times the market quotation in the same period. Therefore, it is illegal for Chongqing Longxie Microfinance Co., Ltd. to have an annualized rate of 34%. Chongqing Longxie Microfinance Co., Ltd. (formerly known as Chongqing Jiulongpo Longxie Microfinance Co., Ltd.), established in 2009, is a company mainly engaged in monetary and financial services.