Alipay loans are commonly used consumer credit products. Friends who have used it all know that the interest is calculated on a daily basis, but some people have obtained the qualification of installment loans to charge monthly fees, so they are curious to know the difference between installment loans and installment loans: 1 Borrowing cost: in the ordinary mode, the daily interest rate is generally around five ten thousandths to three ten thousandths. The installment loan is a monthly fee with no interest, and the monthly interest rate is 0.65%.
2. Loan amount: There are new regulations recently. No matter how many loans there are, a single loan can only be up to 40 thousand. If it exceeds, it will be borrowed several times, and the second loan needs to be reassessed, which may not be available. There is no limit on the amount of installment loans, and all the loan amounts can be lent, provided that they pass the examination.
3. Repayment method: There are several repayment methods for ordinary loans, such as interest first, capital later and equal monthly payment. Either way, repayment by loan is supported, and there is no need to pay handling fees and liquidated damages for early repayment. Users only need to pay interest according to the actual number of days, and calculate interest as many days as possible; Installment loan only supports monthly repayment. Under normal circumstances, prepayment is not supported. If you really want to settle in advance, you need to charge the prepayment fee, that is, take the maximum value between 3% of the remaining principal and 1 installment fee.