But generally speaking, the daily interest rate of micro-loans is evaluated according to the applicant's credit rating and repayment record. The longer the time, the better the repayment record, and the platform will adjust the daily interest rate accordingly.
The calculation base of daily interest rate is 365 days a year, and the conversion formula is: daily interest rate = annual interest rate /365.
What are the repayment methods of small loans?
1. Equal principal repayment: i.e. repay the loan principal with a fixed amount every month and pay the actual interest generated in the current month.
2. Pay interest first: that is, pay the interest actually generated in the current month every month, and return the loan principal in turn after maturity.
3. Equal principal and interest repayment method: that is, repay the loan principal and interest in a fixed amount every month, and repay the remaining principal and interest on the loan maturity date.
4. Flexible interest first and then repayment of principal: that is, within the agreed loan period, the actual interest generated in the current month is paid monthly in the early stage, and the principal and interest are repaid monthly in the later stage.
Product characteristics
As an Internet banking loan product launched by Weizhong Bank, "micro-loan" has the following characteristics:
(1) Unsecured and unsecured;
Most personal loans provided by traditional financial institutions require borrowers to provide guarantees such as mortgages, and it is difficult for individual users who cannot provide guarantees or have no fixed assets under their names to obtain loans. "Micro-loan" does not need mortgage and guarantee, and does not need to submit any paper materials, which can better meet the micro-financing needs of users with good credit.
(2)7*24 hours service, the fastest 1 minute to complete the loan;
Relying on strict risk control rules and complete technical support system, "micro-loan" provides 7*24 hours online service, with convenient and efficient procedures. All processes are completed on mobile phones, and loans can be made in 40 seconds at the earliest.
(3) There is no handling fee for prepayment;
Most traditional financial institutions require users to repay on the repayment date. If the user wants to repay the loan in advance, he needs to apply and pay the handling fee. In addition to the regular default withholding repayment, "micro-loan" also supports users to settle loans at any time without charging any other additional formalities.