Editor's note:

　　　In recent years, loan marketing has swept the Internet, causing many social and financial problems.

Tracing back to the source, Chinanews.com's various apps tell me: you have no money, you have to borrow money, borrow from me!

"Beware!

Lending APP is becoming an "accomplice" of telecom fraud" and other series of reports have received enthusiastic feedback from netizens. Chinanews.com will continue to maintain attention and reports on "APP lending chaos".

　　Chinanews.com client Beijing, May 10th. Question:

The "low interest rate" of the lending APP is playing you with mathematics

　　Reporter Xie Yiguan

　　"1,000 yuan daily fee is as low as 20 cents", "minimum daily interest rate 0.02%", "up to 30 days interest-free coupon", "0 interest fee 15 days before borrowing"...

　　Looking at the loan interest rates advertised on various apps, are you excited?

The screenshot is taken from the promotion page of a certain platform.

Borrowing a thousand yuan and only repaying 2 cents a day, really fragrant?

　　Lending platforms use gimmicks such as simple loan procedures, fast lending, and low interest rates by marketing loan products in various online consumption scenarios, attracting more and more people to borrow money for consumption.

　　A reporter from Chinanews.com downloaded more than ten common apps on the market that provide lending services, and found that compared with annual interest rates, lending platforms prefer to display daily interest rates on promotional pages, and the lowest daily interest rates offered are concentrated between 0.01% and 0.05%. .

　　Specifically, most software sets the minimum daily interest rate at 0.02%, such as Meituan Living Expenses, Borrow Money, Ctrip, Borrow Money, Kingsoft Finance, Didi Money Borrowing Service, Weibo Money Borrowing, etc.

Among the more than ten softwares, the 360 ​​IOU suppresses the lowest daily interest rate the most, and "the minimum daily fee for a 1,000 yuan loan for 12 periods is 14 cents."

　　Seeing this, many people may think that borrowing on the APP is a big bargain. Don't worry, you have to look at the annual interest rate.

　　Taking the common minimum daily interest rate of 0.02% as an example, the minimum annual interest rate is 7.3% through the simple conversion method of "annual interest rate=daily interest rate*365".

　　It is understood that the current annual interest rates of consumer loans and credit loans of large commercial banks are generally around 5.22% to 5.88%, and interest rates may still be discounted during the preferential period.

Compared with borrowing from a bank, the lowest loan interest rate advertised by the lending APP has no advantage.

　　Therefore, don't be fooled by all kinds of "low interest rate" propaganda and borrow money to overspend.

　　Tian Xuan, deputy dean of Tsinghua Wudaokou School of Finance, also pointed out, “Consumers may not have complete financial knowledge. Some propaganda and some packaging give you the illusion that the interest does not seem to be much money, and it may cost two to three a day. Yuan, three or four dollars, but if you use financial knowledge, try to annualize it (calculate the interest rate), this is a very high ratio."

Under the new regulations, some APP publicity still has not shown the annual interest rate

　　In the past, APP lending products often used daily interest rates, monthly interest rates, and interest-free discounts to create "low interest rate phantoms", and the annualized interest rates were rarely clearly marked.

　　In order to prevent misleading borrowers, in March, the Central Bank issued Announcement No. 3 of 2021, ordering that “all institutions engaged in loan business shall conduct marketing on websites, mobile apps, posters and other channels in a clear manner to borrowers. Display the annualized interest rate and specify it when signing the loan contract. You can also display information such as daily interest rate and monthly interest rate at the same time as needed, but it should not be more obvious than the annualized interest rate."

　　Judging from the recent survey results of a reporter from Chinanews.com, many APP loan products have not yet marked the annualized interest rate on the promotion page.

　　For example, Jinshan Financial’s promotion is "interest rate is as low as 1,000 yuan per day, as low as 20 cents"; Vipshop cash withdrawal shows "minimum daily interest fee 10,000 3"; Didi lending service shows "minimum daily interest rate" 0.02%"; Jingdong Gold Bar is "50,000 yuan for free for 15 days, and 0 interest for 15 days before borrowing."

The screenshot is from the Jinshan Financial page.

The annualized interest rate is marked, and there are routines behind it

　　Although some software will mark "annual interest rate starting from 7.2%", the actual interest rate is determined by the risk rating of the customer at the time of application or the actual credit result shall prevail.

In other words, you need to perform the loan operation first, authorize the APP to obtain the personal credit report, and after the review is passed, you can know the specific loan interest rate.

　　Experience found that the actual loan interest rates of many loan products are quite different from the advertised minimum loan interest rates.

　　For example, the reporter used borrowing and microloans for loan operations, and the actual annualized interest rates displayed were 16.425% and 18.25%, respectively.

Some software failed to pass the reporter's loan application, but some netizens complained that Weibo borrowed money, Meituan borrowed money, and Ctrip·Likehua and other products have annualized interest rates as high as 30%.

　　Some platforms that specialize in financial lending business will give a clear range of interest rates.

The reporter noted that the

annualized interest rate of some loan products can reach as high as 35.99%

.

　　Many people have been fooled by the interest rate "trap" weaved by lending platforms.

In the black cat complaint, there were more than 40,000 complaints about the "annual interest rate", and most of the complaints were "the annual interest rate was found to be too high after borrowing."

Some complainants reported that the annual interest rate of some lending platforms even exceeded 36%.

The screenshot is from the black cat complaint page.

　　According to the new version of the "Regulations on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases" promulgated by the Supreme Law and implemented on August 20, 2020: Where the lender requests the borrower to pay interest at the contractually agreed interest rate, the people's court shall support it, but Except where the interest rate agreed by both parties exceeds four times the quoted interest rate on the one-year loan market when the contract was established.

　　The People's Bank of China authorized the National Interbank Funding Center to announce on April 20 the 1-year loan market rate (LPR) of 3.85%, which has remained unchanged for 12 consecutive months.

That is, if the interest rate agreed by both parties exceeds 15.4% (annual interest rate), it will not be supported by the court.

　　However, “the Internet APP of financial institutions is not restricted by private lending.” A legal person told China News.com reporter, “but there are also some courts that refer to private lending regulations to make judgments.”

Borrow money to spend a good time, be careful of repayment and worry about heartbroken

　　In addition to the high annual interest rate, the loan APP also implies a tricky calculation method for the "annual interest rate".

　　Although the aforementioned central bank announcement stated that the annualized loan interest rate can be calculated using compound interest or simple interest methods, if the calculation method of simple interest is adopted, it should be stated that it is simple interest.

However, the central bank also mentioned that the fairer way to calculate the annualized loan interest rate is to calculate the annualized internal rate of return after considering compound interest based on the borrower’s principal of the loan, the amount of repayment in each period, and the number of loan periods. IRR).

However, most of the loan products such as borrowing and micro loan now use simple interest calculation methods, and some products are not described as required.

　　At the same time, in the interest rate display, "annualized interest rate", "annualized rate", "annual comprehensive rate", "annualized comprehensive interest rate", "comprehensive annualized rate", "period rate", lending platform There are all kinds of packaging, so many people can't tell the difference. Anyway, I just want to ask you to pay more than the principal.

The screenshot is from the 360 ​​IOU page.

　　In addition, many lending platforms have launched zero interest, interest-free, etc., which are also a free "trap".

In fact, the so-called "zero interest" does not mean zero costs. There are often "service fees" and "handling fees". The actual comprehensive annualized interest rate of such products may be very high.

The marketing of the lending platform deliberately obscures the actual cost of borrowing, which actually exploits borrowers with high interest rates.

Once consumers are overdue, they will affect their own credit and may be violently collected.

　　At the end of 2020, the China Banking and Insurance Regulatory Commission issued the "Risk Reminder on Beware of Online Platforms Inducing Excessive Lending": Consumers should understand online platform loans and other lending products, be aware of important information such as loan interest rates, deadlines, and repayment methods, and be wary of the so-called "exemption" One-sided propaganda of “interest” and “zero interest”.

At the same time, don't rely too much on borrowing for consumption, let alone "financing loans with loans" or "long-term borrowing."

Excessive borrowing often leads to a cut-off of funds, and ultimately puts consumers and even families into trouble.

　　Have you borrowed money on the lending platform?

Is the interest high?

(Finish)