1. Law prohibits usury: According to Chinese laws, loans with an annual interest rate exceeding 24% are usury, which is illegal. Therefore, the borrower has the right to refuse to pay more than 24% interest.
2. Negotiation ability: The borrower can negotiate the repayment method of interest with the platform and propose to pay it off at 24% interest. Because usury is illegal, the platform may be willing to accept consultations to avoid causing more problems.
3. Legal protection: If the platform insists on demanding high interest and adopts legal channels to recover debts, the borrower has a legal basis to defend. The court will invalidate the debt and protect the legitimate rights and interests of the borrower.
Summary:
In China, more than 24% interest on online loans is illegal usury, and borrowers have the right to refuse to pay more than 24% interest. If the platform sues, the borrower has legal protection, and the court will rule that the debt is invalid. It is suggested that the borrower try to negotiate with the platform first, and if the negotiation fails, he can seek legal support. It is a wise choice to understand the relevant legal provisions and consult legal professionals.
Extended data:
Article 226 of China's Contract Law stipulates that if the loan interest exceeds 24% of the annual interest rate, unless otherwise stipulated by law, the excess interest is invalid.
China Central Bank, China Banking Regulatory Commission and other departments have also issued notice documents on cracking down on usury, emphasizing the protection of borrowers' rights and interests.