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How is the overdue fee calculated?

Time: 2018-12-21         Source: Second Shell 2018         Author: Tony 2018 seconds

Many friends may have encountered this situation during the loan process. After the loan expires, it is unable to repay the loan, making the loan overdue, and the longer the overdue period, the more the overdue fee will be, and sometimes it will be too high because the overdue fee is too high. Not yet! So how is the overdue fee calculated?

Where does the overdue fee start?

After the successful application for the loan, the interest is calculated from the time the loan is received, until the date of repayment, and the borrowing period is calculated according to the interest of the loan.

After the expiration time, the interest calculation will be stopped from the second day, and the overdue fee will be calculated. The overdue interest rate will be calculated according to the contract signed by you at the time, until the user pays off the loan.

Moreover, the overdue fees charged by different lending institutions are different. It is recommended that you must see the contract before applying.

How to calculate the overdue fee?

Suppose you need to return the principal amount of 10,000 yuan, have already returned 5,000 yuan, and the remaining 5,000 principals have not been returned, then the overdue fee is calculated according to the remaining 5000. The amount of overdue fees is based on the amount of your outstanding principal. The smaller the amount, the smaller the overdue fee.

After the principal and interest are paid off, it is illegal to charge the late payment fee and the overdue penalty on the basis of the principal. Therefore, it is recommended that the user retain the evidence of his repayment and take legal weapons to protect his own interests if necessary.

Of course, if you have the borrowing, you can maintain a good credit record. When you apply for a loan, you can enjoy the right to get a higher amount of credit. Therefore, if you are not unable to repay, try not to overdue or even blame!

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