Online merchant loan is a daily interest-bearing product, which can be repaid as you borrow it. After the user applies for a loan of 12, he can return the next installment in advance by entering the repayment page. However, it is impossible to save interest by repaying the next loan in advance.
The daily interest rate of online merchants' bank loans will be given according to the comprehensive qualifications of users, ranging from 0.0 15% to 0.05%. At present, the daily interest rates of loan services such as micro-loan and ant borrowing are all between 0.0 15-0.05%, so the loan interest of online merchant banks is not high. However, compared with bank loans, the interest of online merchant banks is relatively high. The annual interest rate of bank loans is 4.35% within 1 year, 4.75% within 1 five years, and 4.9% over five years. The highest daily interest rate of online merchant bank is converted into annual interest rate of 0.05%×360 days (calculated by 360 days per year) = 18%, and the lowest daily interest rate is converted into annual interest rate of 0.0 15%×360 days =5.4%. But because the threshold for bank loans will be higher, most people will borrow online. Here, I would like to remind you that the annual interest rate of some mainstream formal platforms, such as online merchant banks and micro-loans, is generally in the range of 12%- 18%. If it exceeds this range, the loan interest rate will be very high.
In addition, if the platform gives a daily interest rate, it is best to convert the daily interest rate and the monthly interest rate into an annual interest rate to see if it exceeds the statutory 24% and 36%, which is illegal usury. Annual interest rate calculation formula: monthly interest rate × 12 months = daily interest rate ×360 days = annual interest rate. The commercial loan line will suddenly disappear for the following four reasons: 1. The frequency of use is too low. Alipay's total loan amount is limited. If the user has not used the loan line for a long time, the system will judge that the user has no loan demand for the time being. When reassessed, the quota will be withdrawn and allocated to other users. 2. The default behavior of online merchant loans is linked to the credit information system, and the risk control is very strict. The operating conditions of users or stores will affect the quota of products. If the user is overdue in the process of using the loan, or the store's recent business situation is not good, then the system will freeze the quota and clear it. Therefore, if you want to use online business loans for a long time, then users must safeguard the reputation of individuals and stores. If there are deductions and defaults, it is difficult to recover the amount of online business loans.