Is installment plan for thousands of dollars reliable?

Unreliable. Qianjinfenqin is a loan platform. The platform itself is a small loan software. In fact, you can’t find relevant information about this platform on the Internet. To a certain extent, it also shows that this platform is not very formal. There are many such loan platforms on the Internet, but most of them are actually not that formal. Many people will apply for loan business, but now many people are unwilling to go to commercial banks for loan business, because the approval time of commercial banks is too long, and if they usually borrow a small amount of money, they feel that there is no need to go to commercial banks for such small loans. Banks handle it, but be wary of irregular platforms.

1. Screening of formal online loan platforms: Business license, formal small loan platforms all have business licenses and business licenses issued by the industrial and commercial department. Of course, you can also log on to the official website of the local Administration for Industry and Commerce to check the company's registration information. If the platform you come into contact with does not exist, then you have to be careful when borrowing money. In terms of charging time, formal lending platforms generally charge interest, handling fees and other fees after issuing a loan to the borrower, rather than requiring payment before borrowing. If you encounter someone who charges in advance, be more careful. Loan fees: Compared with banks, the borrowing fees charged by borrowing companies are slightly higher, but no matter how high they are, they will not exceed four times the bank's borrowing interest rate for the same period. Don't get involved in loan sharking. The loan procedures required by regular lending companies are similar to those required by bank loans, including valid identity certificates, marriage certificates, work certificates, income certificates, etc. It is not easy to borrow money with "an ID card/household registration book". Therefore, friends, when choosing a borrowing platform for borrowing activities, be sure not to take chances.

2. The legal issue of online platform borrowing actually depends on the annual interest rate. Private loans with annual interest rates exceeding 24% are not protected by law, and loan contracts with annual interest rates above 36% are invalid. Relevant legal knowledge: Article 211 of the "Contract Law" stipulates: If a loan contract between natural persons stipulates the payment of interest, the interest rate of the loan shall not violate the state's regulations on limiting loan interest rates. Article 6 of the "Opinions on the Trial of Lending Cases" stipulates: The interest rate of private lending can be appropriately higher than the interest rate of banks. The people's courts in various places can determine the specific situation based on the actual situation of the region, but the maximum cannot exceed four times of the interest rate of similar loans from banks (including interest rate principal). If this limit is exceeded, the excess interest will not be protected.