Currently, the annual interest rate of bank loans is between 6 and 8, while the annual interest rate of Weilidanjudai, Jiebei and Gold Bar is around 18, and the interest rates of most other online loan products are between 24 and 36. Among them, there are some illegal online loans that are far higher than the 36 standard and belong to the category of loan sharking. Let’s use cases to see how high the interest rates of online loans are.

For example: If you take a loan of 10,000 yuan and repay it in 12 installments, what is the interest rate of each online loan product?

1. Borrow

Loan 1 Ten thousand yuan, the daily loan interest rate is 0.03, and the converted annual interest rate is 10.95. If you choose equal monthly repayments, the total interest payable is 602.27 yuan.

2. Quick E-Loan

A loan of 10,000 yuan, with an annual interest rate of 9. If you choose equal monthly repayments, the total interest payable is 494.18 yuan.

3. 360 IOU

The loan is 10,000 yuan, the loan date is 0.027, the converted annual interest rate is 9.855, and the total interest payable is 541.82 yuan.

Definition of interest

1. Money other than principal received from deposits and loans (different from ‘principal’).

2. Interest (interest), in abstract terms, refers to the value-added amount brought about when monetary funds are injected into and returned to the real economic sector. To put it less abstractly, interest generally refers to the remuneration paid by the borrower (debtor) to the lender (creditor) for the use of borrowed currency or capital. Also called sub-gold, the symmetry of the parent fund (principal). The formula for calculating interest is: Interest = Principal × Interest Rate × Deposit Term (that is, time).

Interest is the remuneration received by the owner of the funds for lending the funds. It comes from a part of the profits generated by the producers using the funds to perform operational functions. It refers to the value-added amount brought about when monetary funds are injected into and returned to the real economic sector. The calculation formula is: interest = principal × interest rate × deposit period × 100

3. Classification of bank interest

According to the different nature of banking business, it can be divided into two types: bank interest receivable and bank interest payable.