7 14 loan is a loan with a loan term of 7 days or 14 days. The special feature of 7 14 mode is that the loan period is 7 days, but it can be overdue for 7 days, that is, the repayment can be made after 14 days at most. 7 14 of the loan cannot be repaid, but the part that exceeds the national statutory maximum loan interest can be repaid.

Because the loan interest rate of 7 14 loan is generally high, which is often higher than the legal maximum loan interest rate, which is illegal. Therefore, it is generally not necessary to pay the interest that exceeds the national regulations, and the remaining arrears still need to be paid. The national legal maximum loan interest rate is 24%.

Due to the short term of this loan, most borrowers can't repay it in a short time, so the platform of 7 14 loan will take the opportunity to collect high overdue fees or make violent collection. Most of the 7 14 loans are not compliant, and interest is often charged in the form of beheading interest, which is far higher than the legal red line of 36%.

In fact, as long as it exceeds the red line prescribed by law, it will not be protected by law. If you apply for a loan of 7 14, you can call the police if you encounter high-interest violent collection. Of course, the principal of the loan needs to be repaid. Finally, I would like to remind you that the loan should choose a formal platform and be careful not to fall into the 7 14 loan.