In 2023, Xu, under the name of Company A, undertook a sewage pool project for a certain environmental protection bureau and served as the actual person in charge of the construction. Upon introduction, Jiao invested a sum of money in the project led by Xu. From March to April 2023, Jiao transferred a total of 150,000 yuan to Xu via WeChat and Alipay, with some transfers noted as "investment." The parties verbally agreed that the funds would be used for the project's capital turnover, but Jiao would not participate in the actual operation or management of the project nor bear the risks of profit or loss. After the project was completed, Xu failed to repay the invested funds to Jiao for a long time. In August 2023, after discussions, Xu drafted a "Payment Agreement" stating: "Jiao invested 150,000 yuan in the environmental protection bureau's sewage pool project under Xu's project department. Xu promises to pay Jiao from the 190,000 yuan allocated to Xu by Company A." Both Xu and Jiao signed the agreement.

After the agreement was signed, Xu still failed to fulfill the payment obligation and repeatedly evaded responsibility under the pretext of "the project payment not being settled and the contracting party not having made the payment." Jiao then sued Xu in court, demanding repayment of the 190,000 yuan investment. Xu argued that the funds paid by Jiao were for project investment, and since the involved project had not yet been settled, he was temporarily not in a position to make the payment.

The court found that although Jiao and Company A orally agreed to an "investment," both parties explicitly stipulated that Jiao would not participate in the project's operation and management. Xu confirmed in court that "regardless of profit or loss, Jiao would receive 190,000 yuan." This agreement aligns with the legal characteristics of "fixed returns without assuming operational risks," making it a loan disguised as an investment. Regarding the loan amount, Jiao actually lent 150,000 yuan, and the signed "Payment Agreement" served as a settlement confirmation of the initial principal and earnings, with the agreed debt amount being 190,000 yuan. According to the *Provisions of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases*, if the agreed interest exceeds four times the one-year loan prime rate (LPR) at the time the loan relationship was established, the excess portion is not legally protected. The court recalculated based on four times the LPR. By the time of Jiao's lawsuit, the claimed debt amount of 190,000 yuan did not exceed the statutory interest cap, thus the amount was upheld.

This article is reprinted from the WeChat Official Account "Shandong Gao Fa," and we would like to express our gratitude!