Guangdong Internet Finance Association stated in the Notice on Standardizing Campus Peer-to-Peer Lending that the service fees charged by campus peer-to-peer lending service institutions for college students to apply for a single loan should not exceed that of 200 yuan in principle, including but not limited to loan service fees, management fees, consulting fees, handling fees and transaction fees. The reporter's evaluation found that the phenomenon of high interest rate on the campus loan platform still exists. In addition to interest, various service fees and overdue fees are also worthy of the borrower's vigilance. If the service fees of 200 yuan are not exceeded in the notice of Guangdong Internet Finance Association, the service fees of installment music, special loans and Hua Wuque may all exceed the above limits:
1) professional loan: the monthly interest rate of the loan is as high as 3%. By testing different campus loan platforms, the Beijing News reporter found that the annualized interest rates of most platforms are above 10%. The famous school loan APP shows that full-time college students, undergraduates and above can borrow money with a monthly interest rate of 0.99%, which is equivalent to "annualized interest rate" 1 1.88%.
2) Specialized installment loan: The service fee may exceed that of 200 yuan, and not all platforms will charge the loan fee in the form of interest. A common choice is service charge. In the cash withdrawal function of installment music on the installment consumption platform, taking the withdrawal of RMB 3,000 from the senior high school entrance examination class and the repayment of 12 as an example, after using the discount of "6.6% off the exclusive rate for newcomers", the borrower has to repay the service fee of RMB 337.2 in addition to the service fee of 60 yuan.
3) Hua Wuque: the penalty for one month's non-repayment accounts for 15% of the loan amount. According to Hua Wuque's expense list, after the borrower is overdue, the liquidated damages will be 20 yuan/transaction, and the liquidated damages will be charged at 0.5% of the loan amount every day from the due date, and the total amount will not exceed 20% of the loan amount. If the borrower fails to repay the loan for one month, the penalty will be as high as 15%.
Note: Carefully screen the interest, service fees, liquidated damages and other charges of the campus loan platform. If you use part-time income to repay the loan, you need to grasp the repayment ability and communicate with your parents. In addition, it is necessary to avoid "robbing Peter to pay Paul" multi-platform lending, thus raising the borrowing cost.
1. The Guiding Opinions on Banking Risk Prevention and Control issued by the China Banking Regulatory Commission pointed out that the focus should be on cleaning up and rectifying campus online loans. The regulatory authorities have repeatedly reminded campus loan risks, and many platforms have chosen to transform or quit, and the campus loan market has entered a period of transformation and rectification. According to the data of Online Loan House, there are currently 47 campus loan platforms in China, of which 28 choose to close their websites, and 19 choose to give up campus loan business and switch to white-collar and blue-collar loan business.