At the moment, as the Internet financial industry continues to develop, Internet lending has become a form of borrowing for many people, but it has higher interest rates and higher risks, which can easily plunge people into a debt vortex. Is it a wise choice at this point to pay off the Internet through bank loans

Actually, the problem needs to be analysed from a number of angles, so let's look at it together。

1. Interest rate aspects

In terms of interest rates, bank interest rates on personal loans are relatively low, while interest rates on Internet loans are higher. If the net loan is repaid through a bank loan, a significant amount can be saved on interest。

Of course, attention also needs to be paid to the duration and amount of the loan, and if the loan is too long or the amount of the loan is too large, the interest rate of the bank will increase accordingly, which will need to be weighed against the choice。

2. Credit ratings

When making individual loans, the bank evaluates on the basis of the credit rating of the applicant and on the basis of that assessment decides whether or not to grant the loan and includes safeguards in the loan. By contrast, the simpleness of the auditing standards and processes of the network lending and its ease of access to unreliable platforms increase the credit risk of borrowers。

Thus, for those with higher credit ratings, the choice of bank loans to pay off the network guarantees credit ratings and reduces risk。

Repayment modalities

Banks are relatively more flexible with respect to individual loan repayments, which can be made by way of an equivalent principal, equivalent principal, advance principal, etc. The borrower may choose between its own repayment capacity and its will. In contrast, the repayment modality for the online loan is relatively uniform, with most of the repayments being on a monthly or one-off basis。

In general, in terms of repayment modalities, the banks have more extensive repayment options and are more friendly to borrowers。

4. Loan restrictions

Some banks have certain limitations on the use of the loan, and borrowers may need to provide the relevant application documents in order to make the loan, while others review the legality and reduce the risk of the loan being used. These limitations do not exist in the case of Internet lending, which can be freely chosen。

Thus, for those who wish to freely choose the purpose of the loan, there is some difference between choosing to repay the loan online or to repay the loan in advance through the bank。

In the light of the above, whether the Internet loan was repaid from a bank loan needs to be considered in a comprehensive manner on a personal basis. If interest rates, repayment methods, etc. are of relative importance to individuals, it would be a good option to choose how to repay through a bank loan; if it is to be freely chosen for the purpose of borrowing, it would be possible to choose how to repay the loan online。