In recent years, an increasing number of people have begun to try to use web-based lending platforms, which has also attracted public attention in this area. For Internet lending, it is believed that there is some understanding and that the advantages of its services are significant, such as the speed of review and the low threshold of application. However, Internet lending also has its limitations, such as lower levels and shorter life periods。

How much can I borrow? What is the duration of use

So, how much can I borrow? How long will it last? At present, there is a wide variety of online lending products on the market, and the amount of loans officially announced is almost $50,000 or even $200,000. In practice, however, these high levels are more a means of communication to attract users, and the actual level of lending is often much lower. Currently, the actual level of borrowing for most of the web-based products is within $10,000, or even within $5,000 for some platforms. This indicates that loans for web-based products are generally lower than traditional bank loans。

There are, of course, individual products whose borrowing amounts to tens of thousands of dollars, but which require higher qualifications for borrowers. Despite this, there is still a significant gap between these high-value web-based products and bank loans. As for the duration of use, most web-based lending platforms offer borrowing periods of about 12 months and, although some products have a duration of more than one year, most users are actually able to apply for less than 12 months。

The low level and short life cycle of web-based lending products can, on the one hand, significantly reduce the Platform ' s lending risk and ensure the security of internal funds, and, on the other hand, it is difficult for borrowers to effectively meet their immediate funding needs. Thus, the use of Internet lending requires rational treatment。

In addition, interest on loans for web-based lending products is often higher, and if multiple products are borrowed at the same time, the burden of interest may exceed individual affordability. Whether on-line or other types of loans, borrowers should therefore be careful to choose and avoid irrational borrowing。