Pufa Universal Fund is not clearly stated in the charging standard. Many people think that there is only an installment fee, but in fact there will be a one-time fee, similar to the beheading interest in the loan.
For example, if you apply for Pudong Universal Fund 1 10,000 yuan or 12 months for repayment, you may only get 9 100 yuan. After deducting 900 yuan's handling fee, you actually have to pay back 1 10,000 yuan. In addition, there is a monthly installment fee, so the overall cost is relatively high.
So what is the interest rate of the universal fund?
Again, in the above example, if you borrow 1 10,000 yuan and repay it in 12 installments, the installment fee is 9.57%, and you need to repay 9 13.09 yuan in each installment, and the actual annual interest rate is 17.2%. One more thing to note. If you don't have a Shanghai Pudong Savings Card, you will have to pay 20 yuan's handling fee to withdraw cash from other bank cards, so the total annualized interest rate is almost 17.2%.
From this perspective, Pufa Universal Fund is not usury, how can it be usury?
1, the annual interest rate is less than 24%, and the court protects it;
2. The annual interest rate is between 24% and 36%, which can be freely agreed;
3. If the annual interest rate exceeds 36%, it belongs to usury, and there is no need to pay back the excess.
According to the detailed rate published by Pudong Universal Fund, the longer the time, the higher the interest rate. The highest interest rate for three years can reach 29.35%, and the lowest interest rate for three periods is only 2.64%, which is far from the standard of usury. Moreover, the universal fund is convenient to apply for and the next payment is fast, which is suitable for users who need money urgently. It is much safer and more reliable than private loans, and everyone can choose freely according to their own needs.