Can I borrow money from Micro Loan for as long as I want? Is there a time limit?

There must be limits. His loan can only be repaid in installments on a monthly (period) basis, but in fact, the user can repay the loan in advance at any time the next day after borrowing.

The loan can be repaid in installments over a monthly period (period). This is done in order to unify all IOUs into one repayment date per month so that users can manage their repayments; However, the actual term of a single loan is not necessarily a whole month, and the actual term and maturity date of the loan are subject to the display on the IOU page and the records of WeBank's system.

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You can borrow up to 20 months (tenors) and repay the loan in installments.

The borrower can choose to repay the loan in installments on a monthly (period) basis. The repayment date is the disbursement date of your first loan, and the repayment date of each subsequent loan is this day. If your first loan occurs on one day of the month, the repayment date will be the 21st of each month.

If you want to take out a loan, you can only choose three installment periods, but you can repay in advance, and you can repay the loan in advance on the next day after the loan is received, without liquidated damages, and the interest calculation deadline is the day when the loan is repaid.

The quota is not the same for everyone, but the highest is not more than 300,000.

Take 10,000 as an example to calculate interest.

Number of repayment periods: 5 months, 10 months, 20 months.

First repayment amount 2145 1145 645

Final repayment amount 2030 1015

Total interest 451

It can be seen that under the equal principal repayment method, the monthly repayment principal is fixed, and the interest paid decreases every month, so the repayment amount decreases month by month, and since the interest is calculated on a daily basis, the longer the repayment period, the more interest needs to be paid.

1. There are three types of loan terms: 5 months, 10 months and 20 months (term).

2. There is no handling fee for borrowing money from WeLoan, but the interest of WeLoan is charged daily. Since the interest rate is different for different users, the interest generated is also different. For example, if the daily interest rate of the user's cavity rot is, then borrow 1,000 yuan, and the interest for one day is yuan.

3. Users can borrow money in advance after borrowing money, which can save interest. If the customer's micro loan amount is left, a second loan can be made, but the maximum number of outstanding loans through WeChat is 20, and the amount of each loan is between 500 and 40,000. If it exceeds 40,000, you can return your pants to borrow in instalments.