What is the annual interest rate of micro loan interest?

The annual interest rate of Weilidai is usually between 7.2% and 21.6%. The installment interest rate is calculated as total borrowing interest = principal x installment rate x loan period. The annualized interest rate is calculated as annualized interest rate = Installment interest rate x 12. Factors that affect interest rates include credit score, borrowing term, amount borrowed and type of borrowing.

#How much is the interest rate on microloans?

Weilidai’s interest is calculated based on the installment interest rate, and the annual interest rate is usually between 7.2% and 21.6%. The specific interest rate is determined based on the borrower's comprehensive credit status and loan term.

Calculation method of installment interest rate:

Total borrowing interest = principal Installment interest rate Borrowing period

Annualized Interest rate calculation method:

Annualized interest rate = installment interest rate * 12

Example:

Assume that the borrower borrows 10,000 yuan, divided into The loan is repaid in 12 installments with an interest rate of 0.5%.

• Total installment interest = 10,000 yuan 0.5% 12 = 600 yuan
• Annualized interest rate = 0.5% * 12 = 6%

Therefore, the borrower’s annual interest rate is 6%.

Factors affecting interest rates:

• Credit score: Borrowers with high credit scores generally receive lower interest rates .
• Loan period: The longer the loan period, the higher the total interest.
• Loan amount: The larger the loan amount, the higher the total interest.
• Type of loan: Weilidai has different loan types and different interest rates, such as credit loans, consumer loans, etc.

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