Is worry-free second loan 7 14?

"7 14 anti-aircraft gun" refers to short-term loan with ultra-high interest rate, and the period is usually 7 days or 14 days. "Anti-aircraft gun" refers to its high "beheading interest" and "overdue fee". Compared with the red line of 36% annualized interest rate of private lending stipulated by the Supreme Law, "7 14 anti-aircraft gun" frantically squeezed the borrower's income at an annualized interest rate as high as 3,000%, also known as "super-profit loan". CCTV pointed out in the report that these cash loan apps deduct 30% of the loan amount in various names when borrowing money, which is commonly known as "beheading interest" in the industry. Terrible is not only the beheading of interest, but also the overdue fees caused by the failure to repay the loan. The daily amount is as high as 5% to 10% of the principal.