1. Higher risk: Compared with traditional bank loans, online loans are relatively risky. Because there is no face-to-face communication and trust foundation between borrowers and borrowers, it is impossible to directly evaluate the borrower's credit status and repayment ability. In order to prevent the risk of loan default, online lending platforms usually set a higher annual interest rate.

2. Higher operating costs: The online lending platform needs to invest a lot of resources in marketing, risk control audit and compliance supervision. Moreover, due to the strict supervision of the online lending industry, the platform needs to bear additional supervision costs, which will affect the setting of loan interest.

3. Information asymmetry: In the online loan market, information asymmetry is a common problem. Borrowers and investors often cannot fully obtain each other's information and background data, and it is difficult to conduct accurate risk assessment. In order to cope with the risks caused by information asymmetry, online lending platforms usually balance risks by raising interest rates to protect the interests of investors.

4. Loan scale and credit status: The loan scale and the borrower's credit status will also have an impact on interest. If the loan amount is small or the borrower's credit status is good, there will generally be lower interest. However, if the debt scale is large or the borrower's credit is poor, in order to reduce the risk, the loan interest may be increased accordingly.

To sum up, the high interest rate of online loans is mainly due to the comprehensive influence of high risks, high operating costs, information asymmetry, loan scale, credit status and other factors.