WeBank is a small loan product of WeBank, the first private Internet bank in China. It was formally established in 2014 with the approval of the China Banking Regulatory Commission and has a formal banking license. Therefore, compared with other small peer-to-peer lending platforms, Micro Loan is relatively safe and reliable, and is a formal product of banks. Compared with loans on other platforms, WeChat WeChat Loans have the following characteristics:
Interest is calculated on a daily basis and repayment can be made in advance. Compared with traditional bank loans, small credit loans are innovative, including borrowing and repaying at any time, and interest is calculated every few days. However, most traditional bank personal loans are term loans, which do not support early repayment or penalty interest.
Interest rates vary. At the beginning, the daily interest rate of small credit loans ranged from 12,000 to 5,000. Compared with personal credit loans from traditional banks, it did not exceed 12, and the interest rate ceiling was higher. But interest rates on small loans are getting lower and lower. In 2019, the small loan interest rate dropped from 5% to 4.5% daily. There are no other charges except loan interest.
Quota approval. Although the micro-loan claims to have a maximum of 300,000 yuan, it usually starts with 20,000-30,000 yuan, and will gradually be adjusted to 50,000-60,000 yuan as usage increases. However, only a few users can meet the requirements of the WeChat system, and their credit scores are the highest. Increased to 300,000 yuan. General personal credit loans from traditional banks can be granted up to 5-10 times an individual's salary income, up to 100,000 yuan.
At the same time, there are certain risks in borrowing money in microfinance:
No, the loan was also applied for. Some users have not applied for small loans, and there have been cases where WeChat queries their credit records and loads credit reports. Perhaps when a user activates the Weili Loan loan function and checks "Agree", he or she will be authorized to query credit information by default. Therefore, it is recommended that friends do not open more loan functions when it is not necessary, otherwise it will easily lead to a situation where there is a credit record even if there is no loan.
The actual loan is different from the credit limit. A user borrowed a small loan of 50,000 yuan, but the credit record showed that the loan was 100,000 yuan. The reason may be that micro-loan is a revolving credit product. After users activate the borrowing function, they will obtain a certain revolving limit, which is the maximum borrowing limit that the user can use. Users within the quota can apply for loans at will. As long as they repay on time, the next loan will not be affected.
Overdue risk. Users who borrow micro-loans will not incur penalty interest. The specific charging formula is overdue penalty interest = overdue principal * daily interest rate * 50 * number of overdue days. Of course, if the loan is overdue, not only will there be overdue penalties and collections, but in serious cases, you will be sued by the court for repayment. In addition, micro-loans will report overdue records to the central bank, which will stain the user's personal credit record and affect future loan and credit card applications. Related Q&A: Is Weilidai on WeChat reliable?
Weilidai on WeChat is reliable because it is a product of Tencent and the first domestic Internet bank. WeBank is open to WeChat users and mobile phones. A purely online small credit revolving consumer loan product launched by QQ users. Now in the Internet age, the credibility of this product is still very high. After all, it has the support of a large company like Tencent. Moreover, it has established joint loan business partnerships with 25 financial institutions that guarantee returns and risks. Since its official launch, Weilidai has actively granted credit to more than 98 million people. The large number of users further illustrates its high credibility.