Legal analysis: the lightning loan platform is legal. Lightning loan is a cash loan platform based on mobile terminal launched by Zhang Fu [1-3], a member of China Internet Finance Association, in March, 1965. Is a member-invited lending platform, mainly providing users with small short-term cash loans. Users have obtained a credit line through credit authentication, and can borrow at any time within the credit line, and the loan amount is between 1000 yuan-10000 yuan. With lightning speed of 56 seconds, it has become a handheld ATM for young people. Interest itself is generally not high, completely legal, the key is installment, the company has to charge a lot of information fees, and the actual interest is very high, which is considered usury.
Legal Basis: Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases Article 26 If the lender requests the borrower to pay interest at the interest rate agreed in the contract, the people's court shall support it, except that the interest rate agreed by both parties exceeds four times the market price of one-year loan when the contract is established.
The "one-year loan market quotation" mentioned in the preceding paragraph refers to the one-year loan market quotation issued monthly by the National Interbank Funding Center authorized by the People's Bank of China from August 20th, 20th, 20th19th.