What does it mean to borrow and repay early without handling fee? How is interest calculated?

Borrow. It is a small loan business launched by Alipay, if you can pass the assessment of Alipay, then you can open a loan, and generally everyone has a limit of tens of thousands of yuan. Alipay is also a large payment platform, and its loans are still relatively reliable.

However, a netizen found that the borrower repaid the loan early.

What does it mean that there is no commission? How to calculate the interest on the loan?

What is Borrowing?

First of all, let's introduce what borrowing is, so that you can understand what it means to have no handling fee for early repayment? I believe that many netizens know Alipay, which is a large third-party payment.

The platform, which has been established for many years, has been providing consumers with convenient and fast payment services. The borrowing is a small loan service launched by Alipay, and according to the different sesame points, the loan amount that users can apply for is also different. The maximum repayment period is 12 months, and the daily interest rate of the loan is that you can borrow or repay at any time.

But if you use this, you must pay it off, otherwise it will have a certain impact on your credit investigation.

What does it mean to have no fees for early repayment?

I believe that many netizens know that there is a certain handling fee for early repayment of online loans, because the contract you signed with the online loan company is repaid in installments, and if you repay in advance, you will have to pay a small part of the interest, and at this time you will have to pay a handling fee to make up for this part of the interest. But Alipay is a large company, and it doesn't care about these fees, so you can pay off the loan in advance and don't need to pay the handling feeIt's also very affordable.

How is interest calculated?

The interest calculation method of borrowing is utilizationEqual principal repayment methodCalculated and charged on a daily basis。That is, the principal amount you should repay each month is equal to the principal amount of the loan divided by the number of months of repayment. The interest rate for each month is equal to the daily interest rate of 30.

For example, if you borrow 10,000 yuan, the daily interest rate is 12 months, then your monthly interest rate.

It's just equal to. Therefore, the interest calculation method of borrowing is also quite simple, if you still don't understand, you can go to the professional ** to check it.

The meaning of this word is that after using the loan, there will be a specified time limit when repaying, if you repay in advance, then there will be no handling fee, and the general interest will be calculated according to the time of your repayment, and then it will also be calculated according to the amount you borrowed at that time.

This means that if you repay the loan early within the specified period, then there will be no processing fee. Interest is calculated based on the interest rate given by the borrower, and the more you borrow, the longer the date, the more interest you will have.

There is no handling fee for early repayment in Huabei, and if Huabei repays in advance, you can only repay the part we used before, and the interest does not need to be calculated, which is equivalent to you borrowing for free for a month.

It should be that if you use a loan and then repay the loan in advance, there is no handling fee, and the interest should be calculated according to the time.

There are two types of early repayment, so there will be different interest calculation methods.

One is to settle in full, and the other is to repay in part.

For example: 1. The interest is calculated according to the number of days actually used for the principal of the arrears.

If you borrow 10,000 yuan in installments for six months and settle it after 10 days, then only 10 days of interest will be charged;

2. If you borrow part of the repayment, the system will calculate all the interest generated from the principal of the arrears to the current when repaying, which needs to be paid together, and the remaining principal will continue to generate interest from the current to the repayment date, and you need to repay it on the repayment date.

For example, if you borrow 10,000 yuan and the repayment date is the 5th, you will repay the principal of 1,000 yuan plus the corresponding interest in advance on the 1st, and you will need to repay the remaining 9,000 principal on the 5th.

You can choose which way to repay in advance according to your own situation, or you can repay the loan normally on time, in short, don't overdue.

Extended Information: How to borrow money?

First of all, the user needs to log in to their personal Alipay account, and then select "My" - "Ant Borrow";

Then open Ant Borrow, and after the successful opening, you can see a credit line of the individual;

Select "Borrow money" below the credit limit, enter the amount to borrow, borrow time, and repayment method within the credit line, then select OK, and finally enter the payment password to successfully borrow.

The above is a detailed introduction to the borrowing process of Ant Borrowing, I hope it can be helpful. It is worth mentioning that you must repay the loan on time, and late repayment will not only charge a certain penalty interest, but also have a negative impact on personal credit.

Operating environment: brand model: iphone13

At present, the consumer loans launched by e-commerce giants are mainly for installments in the consumption scenarios of the e-commerce platform, but with the continuous accumulation of personal credit data, personal credit loans for non-consumption scenarios are also being launched one after another. Here's the actual experience of raising the quota:

1. Deposit Yue Bao or Zhao Cai Bao (regular), deposit 15,000+ money, and it can basically be withdrawn after 10 days, generally on the 1-10th limit;

But there are still netizens complaining about Uncle Ma Yun; One of the reasons why I am not optimistic about these Internet companies engaging in finance is that they do not have the experience of receiving users who can't even distinguish between interest and fees.

This part of the business will naturally have an impact on the bank's similar business, after all, the scale of several major Internet giants is there. But not every industry is suitable for the internet. The amount is too low, and the repayment of the principal in installments is a bit of a chicken rib, which is destined to be difficult to replace the position of traditional finance.

Ants borrow. Interest is charged on a daily basis, if repaid early.

Interest is charged only on the actual number of days used; The early repayment fee is subject to the page display.

Example of calculation of prepayment interest on borrowing:

If your daily interest rate is 5/10,000 and you borrow 10,000 yuan, the daily interest will be 5 yuan. If you choose to borrow for 3 months when borrowing, but actually borrow 10 days and repay the loan in advance, the total interest will be 5*10=50 yuan.

Ants borrow. Since it is a daily interest-bearing product, it supports early repayment.

We all know that the advantage of early repayment is that the actual number of borrowing days is less than the agreed borrowing days, so logically speaking, it can save some interest. So does Ant borrow early repayment with interest? How do you calculate?

Ant borrowing early repayment interest is calculated

For example, Ant borrows 10,000 yuan, with a daily interest rate of 10,000 yuan, a loan term of 3 months, and a total interest of yuan. The actual number of days borrowed is calculated as 90 days.

Scenario 1: Early repayment in full.

The number of days of early repayment is 30 days: 10,000 days = 90 yuan, then there is still interest on early repayment, and the principal amount of 10,000 yuan + interest of 90 yuan needs to be paid. In addition, if there is a handling fee for early repayment, please refer to the page display, if the page needs to charge a handling fee, then this early repayment also needs to pay an additional handling fee.

Scenario 2: Early partial repayment.

30 days of early repayment: If this is only a partial repayment in advance, such as 5,000 yuan in advance, then 10,000 days = 90 yuan, the interest on this early repayment is up to the day of repayment, and the principal amount of 5,000 yuan + interest of 90 yuan needs to be paid. The calculation of the residual interest is determined by the actual number of days borrowed on the remaining principal.

Precautions for early repayment of ant borrowing

1. If it is a single early repayment, only part of it can be repaid; However, if multiple loans are repaid early, they must be paid off in full.

2. If the amount of early repayment is large, you can use MYbank in order to avoid the limitation of the repayment amount.

Express card for repayment.

3. The interest of Ant Loan is charged on a daily basis, if the loan is repaid in advance, the interest will only be charged for the actual number of days of use, and the handling fee shall be subject to the page display.

There is still interest on early repayment of Ant Borrow, and the interest is charged according to the actual number of days used. In addition, because you can choose to repay in full or in part for a single loan early repayment, the calculation method of repayment interest will be slightly different.

If you repay the loan in advance, you will be charged interest according to the actual number of days borrowed. The loan itself is a product that supports borrowing and repaying at any time, and there is no need to pay liquidated damages for early repayment. And when you repay the loan early, you can choose to repay part of it early, or you can choose to settle the arrears in a lump sum in advance.

It's just that some users have reported that after borrowing early repayment, there will be no limit for borrowing again, so please don't run the early repayment operation often.