Is it legal for lending companies to charge high service fees?

It is illegal to charge high service fees, so if there is such a fee when borrowing, be sure not to continue borrowing.

In our daily lives, it is inevitable that some things will lead to borrowing. Nowadays, in addition to bank loans, there are many online loan platforms. Most of these online loan platforms are founded by small loan companies without deep capital or any credibility. Often they want to make a fortune in the loan market and run away. Therefore, you must not borrow money on these platforms, otherwise it will affect your normal life. Moreover, these platforms charge extremely high fees and are likely to use various reasons to make borrowers pay higher interest rates.

1. It is illegal for borrowing companies to charge high service fees.

my country has clear regulations on lending platforms. In addition to the principal repayment, the annual interest rate of loan products must be within 36%. Moreover, in the case, the annual interest rate is absolutely protected within 24%, and the annual interest rate is relatively protected within 36%. And for illegal interest rate charges, some consumers can refuse to pay. Moreover, the borrowing company is not allowed to increase the interest rate of the loan for any reason, which includes illegal activities such as setting up insurance and charging service fees. Therefore, if a borrower encounters a borrowing company that charges high service fees, the borrower can refuse to repay the loan and have it carried out.

2. Borrow money from formal lending platforms.

The Internet is flooded with many small loan platforms, most of which are informal and have extremely high interest rates. Users' personal privacy will also be collected when borrowing money. Privacy leakage will cause many problems, including being bombarded with phone calls, harassed by messages, and even causing damage to their living environment. Therefore, we hope that all those who need loans will do so on formal lending platforms. Only in this way can we protect our own rights and interests, and after successfully borrowing money, we hope that everyone can repay the loan on time and not be overdue, otherwise there will be problems with their credit report, which will also affect their future life and work.

Is it legal for loan companies to charge high service fees?

Illegal. It is illegal for borrowing companies to charge high service fees. Our country has clear regulations on lending platforms. The annual interest rate of loan products must be within 36% in addition to the principal repayment. Moreover, the lending platform is not allowed to increase the borrowing interest rate for any reason, including setting up insurance, charging service fees, etc. So if a lender encounters charging high service fees and refuses to repay, proceed with it.

Is it reasonable for the service fee of online loans to be higher than the interest?

Young people basically have no concept of spending money, so many people basically don’t have any savings on hand, so they will choose to take out loans. There are already many loan platforms on the Internet. Is it reasonable that the service fees for online loans are higher than the interest?

1. This situation is unreasonable

Even people without common sense know that this phenomenon is definitely unreasonable, and the country actually has some services related to online loans. It is stipulated, and it is clearly stipulated that the service fee cannot be higher than the interest, and the interest cannot be higher than the relevant regulations of the National Bank. If this happens, everyone can make a complaint. However, online platforms may charge a certain handling fee, because everyone knows that the loan approval procedures of online platforms are much simpler than those of banks.

2. Negotiate

If you encounter this situation, you can first check the relevant information and see what the country’s prescribed interest rates are in this regard. If you If you find that the cost of this service is too high, you can call and negotiate with the other party. However, generally speaking, these regulations of the online platform are already explicit. If you find it unacceptable, you can refuse the loan. But if you have accepted it, then you can choose to call the police, because this situation is obviously a violation of national laws. Moreover, the editor feels that the service fee of online loans is higher than the interest, so this online loan platform must not be a formal platform, so the editor recommends that everyone should call the police immediately to prevent another infringement of rights in the subsequent process. things.

3. Conclusion

Nowadays, there are more and more online loan platforms, but everyone must keep their eyes open and choose a regular platform for loans, otherwise they will be in trouble. Many unexpected things will happen in the subsequent process, which will infringe your rights and interests, so everyone must be cautious.

That’s it for the introduction of loan service fees that are too high.