Fenqile is actually a comprehensive online consumer loan platform. After obtaining a credit line, the borrower can directly shop at the shopping mall in Fenqile, or apply for cash loan services on Leka products. .

Fenqile even provides borrowers with credit card repayment services.

According to the instructions on the Fenqile official website, borrowers can apply for a loan amount of up to 50,000 yuan, and the loan period can be up to 36 months. The loan amount is provided by cooperative institutions, including the Central Bank, Bank of Shanghai, Shanghai Pudong Development Bank, etc.

Each institution has different review conditions, but will conduct a comprehensive score based on the applicant's credit conditions, past loan history, etc.

Fenqile is a licensed consumer financial institution and cooperates with the central bank’s credit reporting. When borrowers apply for installment purchases, they do not need to provide any mortgage or guarantee to Fenqile. They can do so with their own credit.

How much is the interest on an installment loan of 10,000?

The lowest daily interest rate of Fenqile loan is 0.03, and the converted annual interest rate is 10.95. The borrower applied for a loan of 10,000 yuan. Calculated based on the lowest annual interest rate, the one-year interest is 1,095 yuan.

But this is calculated based on the lowest daily interest rate of Installment. The actual daily interest rate is determined by the credit of the loan applicant. The better the credit of the loan applicant, the lower the daily interest rate.

Loans (electronic IOU credit loans) are simply understood as borrowing money that requires interest.

Loan is a form of credit activity in which banks or other financial institutions lend monetary funds according to certain interest rates and must be returned. Loans in a broad sense refer to the general term for lending funds such as loans, discounts, and overdrafts.

Banks invest the concentrated currency and monetary funds through loans, which can meet the society's need for supplementary funds to expand reproduction and promote economic development. At the same time, banks can also obtain loan interest income. , increasing the bank’s own accumulation.

The "Three Characteristics Principle" refers to safety, liquidity, and efficiency. This is the fundamental principle of commercial bank loan operations. Article 4 of the "Commercial Bank Law" stipulates: "Commercial banks take safety, liquidity, and efficiency as their operating principles, implement independent operations, bear their own risks, be responsible for their own profits and losses, and self-discipline."

1. Loan safety is the primary issue faced by commercial banks;

2. Liquidity refers to the ability to recover loans within a predetermined time limit or to quickly realize cash without loss, so as to meet the needs of customers to withdraw deposits at any time;

3. Efficiency is the basis for the bank’s continued operations.

For example, if a long-term loan has a higher interest rate than a short-term loan, the efficiency will be good. However, if the loan period is longer, the risk will increase, the safety will be reduced, and the liquidity will become weaker. Therefore, there must be harmony among the "three natures" so that there will be no problems with loans.

Repayment method:

1. Equal principal and interest repayment: that is, the sum of the loan principal and interest is repaid in equal monthly installments. Housing provident fund loans and commercial personal housing loans from most banks adopt this method. In this way, the monthly repayment amount is the same;

2. Equal principal repayment: that is, the borrower will evenly distribute the loan amount and repay it in each period (month) throughout the repayment period, and pay it off at the same time A repayment method based on loan interest from the previous trading day to the current repayment date. In this way, the monthly repayment amount decreases month by month;

3. Monthly interest payment and principal repayment when due: that is, the borrower repays the loan principal in one lump sum on the loan maturity date [with a period of less than one year] (Applicable to loans (including one year)), the interest on the loan is calculated on a daily basis, and the interest is returned on a monthly basis;

4. Repay part of the loan in advance: that is, the borrower can apply to the bank to repay part of the loan amount in advance. Generally, The amount is 10,000 or an integral multiple of 10,000. After repayment, the loan bank will issue a new repayment plan, in which the repayment amount and repayment period have changed, but the repayment method remains unchanged, and the new The repayment period shall not exceed the original loan period.

5. Repay the entire loan in advance: The borrower applies to the bank to repay the entire loan amount in advance. After repayment, the lending bank will terminate the borrower's loan and handle the corresponding cancellation procedures.

6. Borrow and repay at any time: The interest after borrowing is calculated on a daily basis, and one day is used to calculate the interest. You can settle the payment in one lump sum at any time without penalty.