You want to pay back early and you lose interest? Let me help you with the 360 advance interest payments. First, the 360 loans are a formal borrowing platform that is widely accepted by borrowers. So how does it calculate its early repayment interest

What is the interest on 360 loans paid in advance

UNDER THE EQUIVALENT PRINCIPAL MODEL, INTEREST IS CALCULATED ON A DAILY BASIS. IN A NUTSHELL, IF YOU BORROW $10,000 AT AN INTEREST RATE OF 0.051 TP3T PER DAY AND THEN PAY BACK IN ADVANCE WITHIN 10 DAYS, THE INTEREST YOU NEED TO PAY IS 10,000 *10 * 0.051 TP3T = 50. THIS IS JUST ONE EXAMPLE, WHERE THE ACTUAL AMOUNT REPAID MAY BE ADJUSTED ON THE BASIS OF THE NUMBER OF DAYS AND THE DAILY RATE THAT YOU SPECIFICALLY USE。

INTEREST IS CALCULATED ON THE BASIS OF THE REPAYMENT PERIOD, I.E., ONE MONTH, IN RESPECT OF THE PRINCIPAL OR INSTALMENT PATTERN. IN THE CASE OF A LOAN OF $10,000 WITH A PHASED RATE OF 1%, THE INTEREST RATE IS $100 PER MONTH, THAT IS, $600 FOR SIX MONTHS. IF YOU PAY BACK IN ADVANCE AFTER THREE MONTHS, IT MAY STILL BE NECESSARY TO COVER THE REMAINING THREE MONTHS, OR $300。

In the case of advance interest, you would have to return interest in the prior period, and if you had paid in advance, you would have collected a third of the remaining principal as a default, for example you borrowed $10,000, and the default payment in advance would have been $300。

AT 360, YOU HAVE TWO OPTIONS FOR REPAYMENT. ONE IS AUTOMATIC REPAYMENT THROUGH BINDING OF A SAVINGS CARD, AND THE OTHER IS VOLUNTARY REPAYMENT THROUGH A 360-LINED APP. PROACTIVE REPAYMENTS WILL ONLY BE COMPLETED BEFORE THE REPAYMENT DATE, AND APP WILL HELP YOU PLAN FOR REPAYMENT. IF YOU OPT FOR AUTOMATIC REPAYMENT, THE SYSTEM AUTOMATICALLY DEDUCTS YOUR SAVINGS CARD ON THE DATE OF REPAYMENT, AND YOU JUST NEED TO MAKE SURE THAT THE SAVINGS CARD IS SUFFICIENT。

IF YOU WANT TO PAY BACK IN ADVANCE, YOU JUST NEED TO GO TO THE “MY CENTRE” AT 360 LOANS, FIND A REPAYMENT ITEM, CLICK ON THE “EARLY REPAYMENT”, AND SIMPLY COMPLETE THE EARLY REPAYMENT AT ANY GIVEN TIME。