In fact, it is the same, but the statement is different. The annual interest rate of Xinyi Loan is 18.36%, which is converted into an average monthly interest rate of 8%5*12, which is an average annual interest rate of 10.2%. For example: a loan of 10,000 yuan, with a term of 12 months and an annual interest rate of 18.36%. Calculated based on equal principal and interest repayments, the total interest rate is 1,022.17 yuan; the monthly average interest rate = 1022.17/12/10000≈0.0085, or 8% 5.
The country has long had a clear definition of usury. To put it simply, there are two red lines, namely 24% and 36%. Anything above 36% is considered usury, and anything between 24% and 36% , the law neither supports nor denies it. If it is lower than 24%, the law does support it. If you refuse to repay, the lending institution will sue you to the court, and you still have to bear the obligation to repay.
The annual interest rate is 18.36%, which is converted into a monthly interest rate of 1.53%, which can be said to be an interest of 15.3%. If you borrow 10,000 yuan for one day, the interest rate is 15.3%, which is 5.1 yuan. The annual interest rate of 18.36% is still within the legal loan interest rate range. The user's principal and interest at this interest rate need to be returned according to the contract.
Otherwise, the lender can sue the lender based on the loan contract, but lenders generally will not do this because prosecution also requires costs.
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1. Loan interest rate calculation method
There are many institutions that play around with loan interest rates. For example, credit card loan advertisements claim that the interest rate per period is only 0.72%. , in fact, it cannot be simply calculated by dividing the total interest by the total amount, but should calculate the true cost rate of capital use.
For example, if you borrow 10,000 yuan, even if you have repaid 9,000 yuan in the end, the remaining principal of 1,000 yuan will still be calculated as interest based on the original 10,000 yuan, so the actual interest rate is not what the advertisement claims. You can directly use table formulas in EXCEL, enter the number of installment months and the amount of a single installment to get the real interest rate, which must be at least 2 to 3 times higher.
2. Are Ping An car owners cheating people with their loans?
Ping An Car Owner Loan, also called Car Owner Credit Loan, is an unsecured loan launched by Ping An Bank specifically for car owners. You do not need to pledge your car when applying for a Ping An Auto Owners Loan. You only need to provide vehicle registration certificate, driving license, vehicle commercial insurance policy, personal identity certificate, salary statement for the past six months and other materials. You can get a maximum loan amount of 150,000, and the loan can be disbursed as soon as one day.
So, is this kind of loan a scam?
The loan term of Ping An Auto Owner Loan is up to three years, with annual interest rates ranging from 6.09% to 7.6%. If a car owner borrows 50,000 yuan, calculated at the lowest annual interest rate of 6.09%, the interest that needs to be paid in one year is principal 50,000 * annual interest rate 6.09% * 1 year = 3045. In addition, a 5% handling fee is required for a Ping An car owner loan, and a handling fee of 50,000 yuan is equivalent to 2,500 yuan.
In addition to these fees, some netizens reported that Ping An’s car owner loan also bundled insurance premiums, which cost 3,900 yuan a year. But Ping An is a big company after all, and there are no hidden fees. All fees are basically stated clearly when signing the contract, and you can choose whether to accept it, so it cannot be said to be a scam.