The central bank clarifies the annual interest rate calculation method! The good days of online loans and banks are over!

On March 31, the central bank released big news on loan interest rates!

The People's Bank of China issued an announcement saying: In order to maintain the order of competition in the loan market and protect the legitimate rights and interests of financial consumers, all loan products should clearly indicate the annual interest rate of the loan.

This indicates that various loans such as routine loans, consumer loans, car loans, and bank loans cannot be based on daily interest rates. The annualized interest rates must be marked according to the central bank's formula, and everything must be transparent!

Online loans are now the most serious problem in society. Violent collections and routine loans have seriously disrupted the order of the financial market and destroyed social harmony. Various loans only indicate daily interest rates to attract borrowers to borrow money. In fact, there are many tricks involved. Deep down, many borrowers do not know how to calculate the annualized interest rate of the platform, so the central bank now has standards. If it exceeds the 15.4% stipulated by the state, it is an illegal loan and the repayment can be refused!

Online loans can be paid directly with an ID card or mobile phone card. The different annual interest rates of various online loans is also a particularly prominent problem. Personal information was leaked at will and directly entered the online loan platform system. This year’s 315 Party also exposed the reselling of personal information by Zhaopin Recruitment, which was also investigated by regulatory authorities.

The national regulatory authorities have recently issued a series of "tightening curses" on online loans, which completely shows that the outstanding problems of online loans are very serious!

Just a few days ago, Lanzhou City, Gansu Province exposed a large-scale "routine loan" with as many as 390,000 victims, and 89 people were violently collected and forced to commit suicide. This shows how lethal online loans are, and it has also been Netizens call it “the opium of the new century”!

Online loans have caused countless investors to lose their money and countless borrowers to go bankrupt. In recent years, online loans have not been extinguished. There are growing calls for justice to be tolerated. The state stipulates that the annualized interest rate be clearly stated. It also indicates that online loans and bank loans will become less popular. Many regulatory policies are still on the way. The transparency of various loans is more in line with the current financial market. In the future, online loans and collections will be more legal and compliant!