1. Principal: the loan amount required by the borrower.
2. Interest rate: loan interest rate, usually expressed as annual interest rate.
3. Loan term: the repayment period agreed by the borrower, which can be several months or several years.
The interest calculation formula is generally: interest = principal × interest rate × loan term.
In case of overdue loan application, the borrower may need to check his comprehensive credit score and credit report on the third-party big data platform first. The higher the comprehensive credit score, the greater the probability of loan success. This process can help lending institutions to evaluate the credit status of borrowers and decide whether to issue loans, loan quotas and interest rates.
Summary:
The interest of online loan amount is calculated according to the principal, interest rate and loan term. Borrowers with higher comprehensive credit scores usually have a higher probability of success when applying for loans within the time limit.