Usury is also prohibited by our laws, and the interest rate of private lending is clearly stipulated in our laws, and the annual interest rate shall not exceed 36%. If it is exceeded, the interest rate of the excess part is not protected by law. Therefore, if you borrow usury for gambling or to repay the principal and interest, just pay the statutory interest of 36%, unless the other party knows that the reason for borrowing is gambling.
To sum up, it is still recommended to call the police.
Extended data:
The provisions on gambling in China law;
Criminal law of the people's Republic of China
Article 303 Crime of gambling
Whoever gathers people to gamble or gamble for profit shall be sentenced to fixed-term imprisonment of not more than three years, criminal detention or public surveillance and shall also be fined. Whoever opens a casino shall be sentenced to fixed-term imprisonment of not more than three years, criminal detention or public surveillance, and shall also be fined; If the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not less than three years but not more than ten years and shall also be fined.
The provisions of China law on private lending;
Article 14 of the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases shall be deemed invalid by the people's court under any of the following circumstances.
(1) Obtaining credit funds from financial institutions and lending them to borrowers at high interest rates, and the borrowers knew or should have known in advance; ?
(2) The borrower knows or should know in advance that the funds obtained by borrowing from other enterprises or raising funds from employees of the unit are lent to the borrower for profit; ?
(3) The lender knows in advance or should know that the borrower is still providing loans for illegal and criminal activities; ?
(4) Violating public order and good customs; ?
(five) other violations of the mandatory provisions of laws and administrative regulations. ?
References:
Baidu Encyclopedia-People's Republic of China (PRC) Criminal Law