1. loan amount: the interest of online loans is usually calculated according to a certain proportion of the loan amount. For example, if the interest rate is 5% and the loan is 65,438+0,000 yuan, the interest is 65,438+0,000 yuan multiplied by 5% which is equal to 50 yuan.
2. Loan term: Interest is also affected by the loan term. Usually, the longer the loan term, the higher the interest.
3. Interest rate type: the calculation of interest also depends on different interest rate types. Some online lending institutions adopt a fixed interest rate, that is, the interest rate remains unchanged throughout the loan period; Other institutions may adopt floating interest rates and adjust them according to market conditions.
4. Breach of contract: If the borrower fails to repay the loan or breaches the contract, the online lending institution may add penalty interest or late payment fee.
Summary:
The interest of online loan is calculated according to the loan amount, loan term and interest rate type. The higher the loan amount, the longer the loan term, and the corresponding increase in interest. In addition, breach of contract will also lead to additional costs.
Extended data:
In China, the online loan industry is strictly managed by the regulatory authorities. According to the Interim Measures for the Management of Business Activities of Information Intermediaries in Peer-to-Peer Lending issued by China Internet Finance Association, online lending institutions need to operate in compliance with the law, including clarifying the charging standards of interest rates and publicizing interest rates. In addition, borrowers should pay attention to understanding and comparing the interest and related expenses of different institutions when applying for online loans, so as to gain a better lending experience.