1. For a small loan, the principal plus interest will be repaid every month. Micro-loans bear interest on a daily basis, with loan interest rates ranging from 0.02% to 0.05%. Generally, the loan interest rate for people who just started small loans is 0.05% per day. Only when you borrow from micro-loans many times and repay them on time will your loan interest rate be reduced. At present, the interest calculation formula of micro-loan is: total interest = unpaid principal? Daily interest rate? Number of loan days.
2. High quota, low threshold and low interest rate
3. If you borrow money from a small loan, you have to repay the principal plus interest every month. How many months do you want to pay back depends on the number of loan periods you choose when you borrow money. However, micro-loans support early repayment, so as long as you have money, you can pay off all the money of micro-loans in advance, and there is no penalty interest. The loan interest will only be calculated according to the actual loan days, which is quite good. In addition, the interest rate of micro-loans is between 0.02 and 0.05, which is much higher than bank loans, but slightly lower than ordinary online loans.
For details, do I have to pay back the principal every month after I borrow a small loan? Go to: See more.
How to calculate the interest on prepayment of small loans as liquidated damages?
Among some users who apply for small loans, there are many capable borrowers. Once the financial difficulties are solved, people who have money on hand will want to repay in advance. Micro-loans are very flexible in repayment because they bear interest on a daily basis and are repaid while borrowing. So can small loans be repaid in advance? How to calculate the interest on prepayment?
1. Can micro-loans be repaid in advance?
Of course. Small loans can be repaid as you borrow them. When you have money, you can log on to WeChat-My-Micro-Loan-Prepayment.
Second, how to calculate the prepayment interest of small loans?
Because the interest of micro-loan is calculated on a daily basis, it can be repaid on any day, and the interest is from the next repayment date to the repayment date.
Warm reminder: the next day, the next day, you can only repay in advance, and you have to charge one day's interest.
For example, Xiao Wang borrowed 10000 yuan from a small loan on August 23rd, with a daily interest rate of 0.5 ‰. If he prepays on August 365, 438+0, with total interest of 40 yuan.
3. Is there a penalty for prepayment of small loans?
No, only daily interest is charged, and there are no other liquidated damages and handling fees.
To sum up, everyone has applied for Tencent micro-loan, which can be repaid in advance on any day after the next day, but only full repayment is supported for the time being, and some arrears cannot be repaid.
How to calculate the interest when the repayment of micro-loans is overdue?
For small loans, the penalty for overdue interest is as follows: from the date of overdue, 50% of the agreed interest rate will be added to the overdue principal every day.
Penalty interest = overdue principal * daily interest rate *50%* overdue days
For example, suppose that you are overdue for 10000 yuan and 60 days, and the amount of liquidated damages is:
10000 * 0.05% * 50% * 60 =150 yuan; The total overdue interest is loan interest+penalty interest, totaling 450 yuan.
The usual interest calculation formula for small loans is:
Small loan interest = loan amount *0.05%* loan days
Micro-credit, as the representative of Internet small loan products, has an annual interest rate of about 18%, which is definitely incomparable with the low interest rates of 5% and 6% of traditional bank loan products, but compared with some small loans that people often find, the interest rate is still advantageous.
Extended data:
There are three repayment methods for small loans:
1. Automatic repayment: You only need to ensure that the repayment bank card (that is, the collection bank card you selected when borrowing) has enough funds to repay the principal and interest due in the current period one day before the agreed repayment date, and the bank will automatically deduct the money at the early morning of the repayment date.
2. advance payment: can I enter at any time? Micro-loan, click? Pay off the loan in advance and complete the repayment according to the tips on the page.
3. Weizhong Bank APP Repayment: You can enter Weizhong Bank APP for repayment at any time.