Xiaomi loans are relatively reliable. Compared with traditional bank loans, Xiaomi loans have the advantages of simple procedures, fast loan acquisition, no need for collateral, and flexible repayment methods.

Mi Loan is the third product of Xiaomi Finance, following the May 2015 Current Savings and June Fund Savings. It is a pure credit loan product for 150 million Xiaomi users, which means that it uses big data to check the credit of Xiaomi mobile phone users without mortgage. At the same time, it has the advantages of simple procedures, fast loan acquisition, no need for mortgage, and flexible repayment methods. Users who open Xiaomi loans only need to download the Xiaomi Finance app, authenticate their real names and scan their faces. Once they obtain the quota, they can get a loan.

Xiaomi Finance’s evaluation criteria are based on its own big data analysis, including the frequency of using Xiaomi mobile phones, shopping behavior on Xiaomi.com or Xiaomi Mall, etc. Secondly, the maximum loan amount of Xiaomi loan is 1 million yuan, and the destination of the funds is clear. There are also commercial banks that provide personal consumption loans, the amounts are relatively scattered, and the management of funds is quite cautious.

Notes:

1. When applying for a loan, you should also pay attention to your ability to repay the loan. If your personal income is relatively high in the future, you can apply for a loan at this time. Your income is relatively small. At this time, you need to be cautious in taking out loans to avoid not being able to pay them back on time later. Moreover, late repayments will generate penalty interest and affect your personal credit score.

2. When taking a loan, you should understand the different repayment methods. Common repayment methods include equal amounts of principal, equal amounts of principal and interest, interest first and then principal, one-time return of principal and interest, etc. The bank will provide you with the loan. There are several repayment methods, and users can choose one of them according to their income.