How much is the interest rate on Microloan?

Weili Loan interest calculation method: daily interest rate 0.02%-0.06%. The interest calculation formula is: principal x daily interest rate x number of borrowing days. In addition to interest, other fees such as handling fees and overdue fees may also be charged. Factors that affect interest include credit qualifications, borrowing amount, term and purpose.

Weilidai interest calculation

Weilidai is a consumer loan product launched by WeBank, a subsidiary of Tencent. The interest calculation method is as follows:

Daily interest rate

• Depending on different user qualifications, the daily interest rate ranges from 0.02% to 0.06%.

Interest calculation

• Interest = principal Daily interest rate Number of borrowing days

Example

• Suppose you borrow 10,000 yuan, the loan period is 30 days, and the daily interest rate is 0.05%.
• Daily interest = 10,000 * 0.05% = 5 yuan
• Interest = 5 * 30 = 150 yuan

Other fees

In addition to interest, Weilidai may also charge other fees, such as:

• Handling fee: Some users with higher loan amounts may need to pay a one-time handling fee.
• Late fee: If you fail to repay on time, overdue penalty interest may be incurred.

Factors affecting interest

Factors affecting interest on Weili Loan include:

• User credit qualification
• Loan amount
• Loan period
• Loan purpose (such as consumption, business, etc.)

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