It has become a common phenomenon to hide the annual interest rate and daily interest rate. Almost all online lending apps will not directly tell users what the annual interest rate or daily interest rate is, and they can only calculate it themselves, which will greatly reduce the user's preventive psychology. In response to this problem, the central bank has given a regulation that all online lending apps can't hide interest rate information, but should be directly displayed to users to facilitate users' inquiry and comparison. The central bank also provides information such as annual interest rate, monthly interest rate and daily interest rate. I almost did it myself. A loan APP claims to be a one-day loan 1. 1 10,000, and only needs 5 yuan. At that time, I still felt that the interest rate was very low. After careful calculation, I know that the annual interest rate has been 10%!
Online lending apps should play less tricks to hide interest rate information, which is actually a trick for online lending companies to induce users to borrow money. Many users lack financial knowledge and don't know how to calculate if they want to. They didn't know the interest was so high until they borrowed money. In addition to hiding interest rates, online lending companies will also launch some activities, such as borrowing more, lowering interest rates, lending a certain amount of coupons for free, etc., which seems to be benefiting users, but actually inducing users to borrow more.
The response of the central bank sounded the alarm for these online lending companies. It's no use playing tricks to attract customers. Online lending companies should make information open and fair. As a user, we should also grasp our own economic ability, don't borrow money at will, spend money indiscriminately, and don't think that the borrowed money is not money.