If you want to know whether the daily interest rate is high or not, you must convert it into the familiar annual interest rate. The formula is: annual interest rate = daily interest rate ×365. Through this formula, you can calculate the daily interest rate, that is, we compare the interest rates of several microfinance platforms to see if the daily interest rate is high.
Ma Shang Finance
Instant finance is a well-known loan platform in China, which mainly provides consumer loans for everyone. Monthly interest of the platform 1.45%. Multiplying the monthly interest rate by 12 can get the annual interest rate of 17.4%, which is lower than 18.25%.
Pufa youth loan
Take the Pudong Youth Loan as an example to see if the daily interest rate is high. Pufa Youth Loan is a micro-loan product of Shanghai Pudong Development Bank. The interest rate of the loan for three months is 1.89%, and the annual interest rate of the loan for more than six months is 7.2%. We see that the interest rate of Pufa Green Loan is much lower than 18.25%.
Yirendai strong & gt
Pleasant loan is a well-known loan platform, which has been listed in the United States. Let's see if the daily interest rate is high through the interest rate of pleasant loans. The monthly interest rate of pleasant loans is between 0.78%- 1.89%, and the converted annual interest rate is between 9.36%-22.68%. We can see that 18.25% is at the higher interest rate of pleasant loans.