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Whether the auction loan is a formal and legal loan platform.
Is the auction loan legal and how to calculate the interest?

The official said that in order to meet the needs of supervision, the monthly repayment amount, monthly principal and expense details, and comprehensive capital cost (including interest and various expenses) will be converted into a unified annualized interest rate before the user confirms the loan.

Therefore, if the user wants to know how much it costs a day, he can calculate the daily interest rate according to the annualized interest rate displayed on the page, and then multiply it by the loan amount, so he can roughly know how much interest it costs a day.

For example, if the user borrows RMB 654.38+00000, and the annualized comprehensive interest rate displayed on the page is 654.38+02%, then the converted monthly interest rate is 654.38+0%, and the daily interest rate is about 0.033%. The loan of 654.38+00000 yuan is 654.38+0000 * 0.033% = 3.3 yuan.

If there is a demand for capital turnover, I suggest you use 360 IOUs, which are based on 360 big data, and then comprehensively evaluate the user's credit, and finally provide users with consumer loans that can be received immediately on this basis. The maximum loan amount is 200,000 yuan (click the official free loan amount), and the daily interest rate is as low as 0.03%. It has the characteristics of simple application, low interest rate, fast loan, flexible loan repayment, transparent interest rate and strong security. Tips: The above information is for reference only, and no loan suggestions are made. In the process of online lending, we must pay attention to preventing risks. In order to ensure the safety of funds and prevent routine loans, we suggest that you choose a formal bank or a formal loan platform based on your own judgment after fully understanding it, and borrow reasonably according to your actual situation.