How is the interest on 360 IOU calculated?

Currently, 360 IOUs calculate interest on a daily basis, and the daily interest rate is between 0.03 and 0.05. Because 360 ??IOUs determine the daily interest rate based on the borrower’s personal qualifications, each borrower The interest rates are different.

However, you can calculate your own interest by simply using the formula: principal × daily interest rate × number of borrowing days. For example, if you borrow 10,000 yuan from 360 IOU, the loan period is 3 months, and the daily interest rate is 0.05, then the final interest that needs to be repaid is 10,000 × 0.05 × 90 days = 450 yuan.

It is worth mentioning that 360 IOUs support early repayment, but under the interest-first-principal loan model, if you repay early, you will need to pay an additional early repayment penalty of 3% of the repayment principal. .

Just check it at: Xiaoqixin. Click Query and enter the information to query your own credit data, query your personal credit status, Internet black index score, blacklist status, online loan application record, application platform type, whether it is overdue, overdue amount, credit card and Internet Important data information such as loan and credit limit estimates, etc.

Extended information:

Is the interest rate high for borrowing 10,000 yuan a month from 360 IOU?

Is the interest rate high for borrowing 10,000 IOUs a month from 360? It needs to be judged from many aspects:

1. It depends on the borrowing interest rate. After the 360 ??loan is successfully borrowed, it will start from the day the loan is received. Interest is charged, calculated daily, until it is paid off. Because everyone has different qualifications, the interest rate is also different. The minimum annual interest rate is 7.2, which is converted into a daily interest rate of 0.02 and a monthly interest rate of 0.6. The minimum interest rate for borrowing 10,000 yuan a month is 60 yuan.

2. It depends on the object of comparison. The annual interest rate of bank loan products generally does not exceed 5, and the monthly interest rate is about 0.4. The interest for borrowing 10,000 yuan a month is about 40 yuan, so it is similar to the lowest interest rate of bank products. Compared with 360 IOU, the interest rate is still a little higher; the daily interest rate of other online loan products is about 5/10,000, and the monthly interest rate is 1.5. The interest rate of 10,000 IOU a month on 360 IOU is not high.

How much is the interest on a 360 loan of 10,000?

The interest rate for 10,000 yuan calculated at an interest rate of 3% per year is 360 yuan.

The calculation is as follows: 100000.00312=360

The loan amount: the minimum is not less than 500 yuan, the maximum is 200,000 yuan, but the specific amount is subject to the results displayed by the system after your application is approved. ;

Repayment method: equal repayment of principal and interest;

Loan period: supports 3, 6, 12, 18, and 24 monthly installments;

Borrowing costs : The reference daily interest rate is 0.045, please refer to the actual display on the interface; no platform service fee will be charged.

Extended information

360 Loan is a personal and small and micro credit platform under 360 Finance. It was launched in September 2016 and evaluates customer credit based on 360 big data. Provide instant consumer loans.

360 Borrowing relies on the advanced Internet security technology and big data technology of 360 Group, based on massive user credit data and behavioral data, and is committed to improving the domestic personal credit system, improving financial service efficiency, reducing costs, and meeting financing needs Provide safe, stable and convenient financial services to all groups in society.

360 Loan is based on 360 Credit, an independent third-party credit assessment and management agency under 360, which objectively presents an individual's credit status through technologies such as cloud computing, machine learning, and 360 big data. Based on comprehensive considerations such as credit risk, payment habits, consumption conditions, etc., users will be granted different consumption limits.

The application quota for 360 loans is granted based on the user’s accumulated consumption, repayment and other behaviors on the platform. Users’ various behaviors on the platform are dynamic and changing, and the corresponding quota is also dynamic. When If the user behaves well within a period and complies with the quota increase policy, the corresponding quota may be increased.