It is illegal to charge high service fees, so if there is such a fee when borrowing, be sure not to continue borrowing.

In our daily lives, it is inevitable that some things will lead to borrowing. Nowadays, in addition to bank loans, there are many online loan platforms. Most of these online loan platforms are founded by small loan companies without deep capital or any credibility. Often they want to make a fortune in the loan market and run away. Therefore, you must not borrow money on these platforms, otherwise it will affect your normal life. Moreover, these platforms charge extremely high fees and are likely to use various reasons to make borrowers pay higher interest rates.

1. It is illegal for borrowing companies to charge high service fees.

my country has clear regulations on lending platforms. In addition to the principal repayment, the annual interest rate of loan products must be within 36%. Moreover, in prosecution cases, the annual interest rate is absolutely protected within 24%, and the annual interest rate is relatively protected within 36%. And for illegal interest rate charges, some consumers can refuse to pay. Moreover, the borrowing company is not allowed to increase the interest rate of the loan for any reason, which includes illegal activities such as setting up insurance and charging service fees. Therefore, if a borrower encounters a borrowing company charging high service fees, the borrower can refuse to repay the loan and prosecute the borrower.

2. Borrow money from formal lending platforms.

The Internet is flooded with many small loan platforms, most of which are informal and have extremely high interest rates. Users’ personal privacy will also be collected when borrowing money. Privacy leakage will cause many problems, including being bombarded with phone calls, harassed by messages, and even causing damage to their living environment. Therefore, we hope that all those who need loans will do so on formal lending platforms. Only in this way can we protect our own rights and interests, and after successfully borrowing money, we hope that everyone can repay the loan on time and not be overdue, otherwise there will be problems with their credit report, which will also affect their future life and work.