Is the interest rate of a good time loan high?
According to official data, the annual interest rate of Alipay's good-term loan is 17.8%, which is equivalent to 0.0495% of the daily interest rate. The annual interest rate of 17.8% is equivalent to 9.75% of the annual interest rate of credit cards, but compared with bank loans, the interest rate of loans with good maturity is several times higher.
How to calculate the interest on the term loan?
The loan amount of a good-term loan is generally 2000- 1 10,000 yuan, with a maximum of 200,000 yuan. The loan term can be 3, 6, 12 months, and the loan can be repaid at any time. Different from borrowing money, interest is calculated on a monthly basis, and interest is calculated on a daily basis for repayment in that month. The repayment method is equal principal and interest.
Interest = loan principal x loan days x0.0495%.
For example:
Suppose Mr. Li borrows 5,000 yuan with a term of 3 months and repays it by equal principal and interest: if the daily interest rate is 0.0495%, he needs to repay 17 16.445438+0 yuan every month, and the interest expense is 149.23 yuan. The borrower who successfully obtains the loan must repay the loan in full and on time. If the loan is not repaid as agreed, there will be penalty interest, and the penalty interest rate will rise by 50%.