From what we have learned, the interest of WeChat revolving loan is calculated on a daily basis, and the daily interest rate is 0.05%. You can repay the loan manually at any time the next day. Calculation formula: loan interest = loan principal ×0.05%× loan days.
For example, in order to save the emergency, Xiao Zhang applied for a loan of 80,000 yuan on the WeChat revolving loan and wanted to pay off the loan on the eighth day. The loan interest to be paid is 80,000× 0.05 %× 8 = 320 yuan.
1. If it is overdue loan interest, the penalty interest rate of WeChat revolving loan will be much higher than the normal loan interest rate, but it is still calculated on a daily basis.
For example, if Xiao Zhang circulates in loans overdue for 5 days on WeChat, the overdue interest rate is 0.05% 1.5 times, that is, 0.075%, and the loans overdue interest to be paid is 5000×0.075%×5= 18.75 yuan.
2. Revolving credit agreement, also known as "revolving loan agreement", is an agreement that banks are legally obliged to provide loans not exceeding a certain maximum limit. During the validity period of the agreement, the bank must meet the loan requirements of the enterprise at any time as long as the total loan amount of the enterprise does not exceed the maximum limit. When an enterprise enjoys a revolving credit agreement, it usually pays a commitment fee to the bank for the unused part of the loan amount.
3. The interest of private lending is agreed by both parties, but it is more than 4 times of the bank loan interest rate in the same period and is not protected by law. That is to say, if the borrower fails to pay back the money, the creditor will sue the court, and if the court decides, it will only award interest at four times the bank loan interest rate in the same period, and the excess will not be awarded. Let's calculate whether the monthly interest rate of 2: 5 is within four times:
1. At present, the medium and long-term annual interest rate of bank loans for the same period is 5.6%.
5.6% x4 = 22.4%；
Second, the monthly interest rate is 2.5%. Calculate the annual interest rate, 2.5% x 12 months = 30%;
Third, 30% is more than 22.4%, which is more than four times the bank loan interest rate in the same period. If A sues you to the court, the court will only award interest within 4 times, that is, 22.4%.
4, usury is illegal, so the borrower can only repay the principal and interest within the scope permitted by law, and because of the violent crime of usury, it is not recommended that the parties consider this way of borrowing when there are many ways to collect debts.
Private lending is a civil act, which is bound and protected by civil law and contract law.
However, according to Article 211 of the Contract Law: "If the loan contract between natural persons stipulates to pay interest, the loan interest rate shall not violate the relevant provisions of the state on limiting the loan interest rate".
According to the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases, if the annual interest rate agreed by both parties does not exceed 24%, the lender has the right to require the borrower to pay interest at the agreed interest rate. However, if the interest rate agreed between the borrower and the borrower exceeds the annual interest rate of 36%, the interest exceeding the annual interest rate of 36% shall be deemed invalid.