The rise of Internet finance has made lending increasingly common. Among them, "again" is an excellent loan platform. You might want to know if, if you pay in advance, you can deduct some interest? Good question. Let's go into it。

Can you deduct interest from early repayment

First, there are two models of "repayable" interest calculations: loan repayment and instalment repayment. If you choose to borrow, interest is calculated on the basis of the number of days actually borrowed, and if paid in advance, interest will cease to be calculated on that date as obligations are liquidated. If, however, you choose to pay in instalments, even if you choose to pay in advance, you do not benefit from interest relief. Upon early repayment, full payment of the remaining unpaid principal and interest will be required。

AND WHAT'S NEXT IS, "WELL," IF IT'S OVERDUE, IT COULD HAVE CONSEQUENCES. THE MOST IMPORTANT POINT IS THAT THIS RECORD IS REPORTED DIRECTLY TO THE INDIVIDUAL CALL SYSTEM IN THE EVENT OF LATE PAYMENT. OVERDUE RECORDS AFFECT PERSONAL LETTERS, WHICH MAY AFFECT YOUR CHANCES OF APPLYING FOR OTHER LOANS IN THE FUTURE. THERE WOULD ALSO BE FINANCIAL LOSSES IN RESPECT OF OVERDUE PAYMENTS, INCLUDING DEDUCTIONS FOR TAX DEMURRAGE OF 5% AND A DAILY INTEREST RATE OF 0.1%. THE MOST SERIOUS CONSEQUENCES MAY BE LEGAL PROCEEDINGS. IT WAS THEREFORE IMPORTANT TO MAKE PROMPT REPAYMENTS SO AS NOT TO AFFECT THE INDIVIDUAL ' S LETTERS OF CREDIT AND FINANCIAL POSITION。