1. Legality of loans: Lending between individuals is legal. As long as both parties reach an agreement voluntarily, the loan is recognized. Therefore, the loan service provided by microfinance is legal.
2. Calculation method of interest: Micro-loans will calculate interest at a fixed amount, that is, 500 yuan. This calculation method is not necessarily measured by traditional annualized interest rate or monthly interest rate; But according to the loan amount, loan term and the agreed total interest.
3. Repayment period: According to the problem description, the loan period is 20 days. If the borrower pays off the loan and interest on time, the borrower can legally use the loan within this time range.
4. Cost transparency: The loan mentioned in the question has no other relevant cost information. Generally speaking, the borrower should disclose all relevant expenses in the loan contract and ensure a clear repayment plan and cost structure.
Summary:
According to the information provided, the loan service provided by microfinance is legal. The borrower needs to pay off the loan and interest on time to comply with the loan agreement. In order to ensure transparency and fairness, the borrower should carefully read and understand the terms in the loan contract before borrowing.
Extended data:
Micro-loan is one of the service platforms of Ant Group, which provides micro-loan services. The platform is committed to providing individuals with fast and convenient borrowing channels. The loan interest and term may be different due to platform policies and user credit evaluation. Borrowers are advised to fully understand the relevant information before applying for a loan, and carefully consider the loan amount and repayment ability according to their own economic situation.