Take Gitzo Cash Loan with a one-year term of 6,000 yuan as an example. After the loan expires, the interest is more than 2500 yuan. This is much higher than the bank's cash loan, which is why Gitzo's loan interest is comparable to usury.
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In fact, Gitzo's installment interest algorithm uses the equal principal and interest calculation method. Monthly interest 1.25%.
However, although the monthly interest rate of Gitzo's installment payment is 1.25% on the surface, there are hidden expenses such as guarantee fee, service fee and handling fee. Moreover, the customer service staff did not clearly inform consumers when handling, which led many consumers to choose Gitzo installment payment without knowing it. As a result, after repayment, I found myself paying a large part of the money.
For more information on how to calculate Gitzo's loan interest, please visit: See More.