China Says Loans With Interest Rates Above 36% Are Illegal
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For lenders in China, there’s a new interest-rate limit before their loans violate the law: 36%.
Offering loans with rates above that amount is considered illegal behavior, according to the latest official measures, reprinted by Securities Times. The rules, which took effect Monday, were jointly released by the Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Public Security and the Ministry of Justice.