1. Find products that suit you: Because the main purpose of private loan companies is to make profits, they will give priority to some loan products with high interest and high expenses. You'd better do your homework in advance and choose the right products according to your own needs. For example, you have to pay half a month's salary and you are in a hurry to use the money. You can try to apply for a loan that you can borrow and pay back immediately. As long as you pay the interest for half a month, don't just believe the quarterly and annual installments introduced by the business personnel, the total interest will be much higher.
2. Keep a clear head and don't be fooled: private loan companies have different levels, and many have no formal lending licenses. They may use the borrower's eagerness to borrow money to trick the borrower into signing a yin-yang contract, and then find reasons to ask for early settlement. If they don't pay back, they may encounter violent collection. In short, the loan company is too deep, so we must pay attention to preserving the evidence in advance and stop lending if something happens.
3. Loan interest rate: As long as private lending meets the legal requirements, there is no problem. It is normal for the annual interest rate to be within 24%, and it is usury if it exceeds 36%. Before borrowing money, you must carefully check the contract and calculate the borrowing cost. The interest rate of private lending companies is generally between 20% and 36%, and mortgage loans will be lower.
4. Repayment term: Generally, the loan term is between 6 months and 36 months. It is best not to delay for too long, otherwise it will cause great repayment pressure. It is recommended to consider it comprehensively according to your own situation.