Will I notify my family if the micro-loan is overdue for five days?

Small loans overdue for five days, may not be able to contact family. If the user is overdue occasionally, the micro-loan will send a text message and call for collection after the overdue, but the borrower will be informed. Users are often overdue, and there are a lot of overdue records in the credit report, so even if they are overdue for four days, the contact person is at risk of receiving a call. For users, it is most important to return each micro-loan on time, which is conducive to maintaining their personal credit.

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1. Is microfinance a formal platform loan?

Microfinance is a formal platform loan. Micro-loan is a pure online micro-credit circulating consumer loan product launched by Weizhong Bank for WeChat users and mobile QQ users. Weizhong Bank is the first private Internet bank in China, and it has a formal financial institution license, so it is a formal loan platform. However, the micro-loan adopts the user invitation system, and only users who receive the invitation can apply for opening, and they cannot apply for opening independently.

2. Which bank issues small loans?

Micro-loan is a loan product of Weizhong Bank. After users apply for micro-loans, in addition to loans from Weizhong Bank, some banks, as financial partners of Weizhong Bank, also increase loan funds for micro-loans. These banks providing loan funds include: Postal Savings Bank, Huaxia Bank, Minsheng Bank, Shanghai Bank, Beijing Bank, Changsha Bank, etc.

3. Is the interest on microfinance high?

The daily interest rate of micro-loans is 0.02%-0.05%, and the converted annual interest rate is 7.3%- 18.25%. According to the average loan interest rate of online loan products 18%-24%, the micro-loan interest rate is not high. However, compared with the interest rate of bank loans in the same period, micro-loans are undoubtedly much higher. Therefore, if the annual interest rate of micro-loans is in the range of 0.02%-0.03%, the loan interest is not high, exceeding 0.03%, and the interest is relatively high.

4. What is the basis of the amount of microfinance?

The amount of micro-credit is the highest loanable amount according to the personal credit situation, and the available amount is the highest loanable amount at present. If you want a higher quota, then you should improve your comprehensive evaluation score. When applying for a small loan, the applicant's credit report will be checked.

5. Micro-loan can be postponed for several days.

As an Internet credit loan product, micro-loan is still different from credit card. According to the regulations of micro-loan, there is no grace period for micro-loan repayment, which means that micro-loan does not support deferred repayment. When users borrow money, they usually set a repayment date. On the repayment date, the borrower needs to repay the loan principal and interest as agreed. Once the borrower fails to repay the loan on time, it will be regarded as overdue.