1. Huabei’s daily interest rate of 0.05% is equivalent to 10,000 yuan, which generates 5 yuan of interest per day. However, Huabei will not generate interest when used, and will generally be charged after the expiration date
Penalty interest, if the penalty interest is calculated based on the daily interest rate of 0.05%, then the longer the time, the more penalty interest will be supported. The calculation formula = overdue principal * daily interest rate * number of days, the user can calculate it by himself. Calculated on a daily basis, assuming that the remaining debt of Huabei is 10,000 yuan, then 5 yuan of interest needs to be paid every day, which is 50 yuan for 10 days, and the interest for one month (30 days) is 150 yuan. The total interest for borrowing 10,000 yuan a year is 10,000*0.05%*365=1,825 yuan, and the converted annual interest rate is 0.05%*365=18%. Although there will be a slight error, the difference is not big.
2. As far as loan interest rates are concerned, bank pure credit loan interest rates are much lower. For example, the CCB Quick e-loan has a quota of 1,000 yuan to 100,000 yuan and a fixed interest rate between 6% and 10%; ICBC e-financing The annual interest rate is also around 8%, so if you are applying for a credit loan, it is recommended to choose a bank. As a consumer loan product, Huabei is similar to a credit card, and the annual interest rate of credit card installments is also very high. Let’s compare with common credit card installment rates. Period 03: 24*0.72*3/4=12.96%; Period 06: 24*0.72*6/7=14.81%; Period 12: 24*0.72*12/13=15.95%; Period 24: 24*0.72*24 /25=13.82%
3. It is best not to repay overdue when using Huabei, because overdue repayment will generate penalty interest, which increases the cost of repayment, and there are other problems
After Huabei is overdue, the platform will collect the money. A common method of collection is to call the borrower's phone number, and the platform will continue to collect the money until the user returns the debt
. When Huabei cannot be returned on time after use, users can use installment repayment or deferred repayment, which can reduce the monthly repayment amount and avoid overdue payments. Huabei's installment handling fee is 2.5% for 3 installments, 4.5% for 6 installments, and 8.8% for 12 installments. Users can only defer once when using deferred repayment, and must repay on time on the next repayment date. If deferred repayment is used, relevant fees will be charged according to the deferral fee. It should be noted that installment repayment or deferred repayment must be applied for between the repayment date and the bill date.