the bank of commerce and industry of china has launched a small credit loan product, which applies to the daily consumption expenditures of individuals and to the financial support needed for the initial start of individual business. the manner in which the loan is repaid is analysed from several angles。

how do you repay the loan

i. methodology of business business

there are currently three main ways to repay the loan: automatic bank deductions, cash repayments and transfers. in this case, automatic bank deductions are the most recommended method, which allows for the reduction of repayment fees and the provision of free text messages to maximize the protection of customer funds. cash repayments and transfers are relatively insecure and present a certain risk。

analysis of the pros and cons of the manner in which the loan was repaid

1. Automatic bank deductions

Interest: First, automatic withholding is an automated repayment method that improves the ease and efficiency of repayment, while eliminating the cumbersome process of manual repayment and the failure to forget repayments, leakages, etc.; second, automatic deductions reduce the cost of repayment, save the cost of repayment, make the entire operation easier and avoid unnecessary transaction costs。

Mistakes: If the account balance is insufficient, automatic deductions result in failure of automatic deductions, lead to problems such as delays, and there is a risk to the security of repayments。

Cash repayment modalities

Interest: Cash repayments are more flexible, as long as a counter cash repayment service is found, are simpler and more successful than automatic deductions requiring such processes as opening operations and binding bank cards, and can effectively avoid delays。

Shortfalls: Cash repayments are not as automated and easy as automatic bank deductions at a later stage, and there is also a risk that failure of repayments can result in failure of repayments in cases of incorrect payments and sudden closure of counters。

3. Method of repayment of transfers

Interest: Transfers are made in a more convenient and time-sensitive manner, unlike cash repayments made at bank counters, which allow for long-distance transactions at any time and at any time and with specific ease of receipt of funds。

F: There are also risks associated with the way in which payments are made, such as misdirected accounts in the course of transfers, failures in the transfer, frauds in the operation of the Internet and silver, which, in case of problems, may lead to delays。

III. How to select the most appropriate repayment method

In response to different customer needs, it was essential to choose the most appropriate form of repayment. As a general rule, if one ' s own bank card is often in high flow and is concerned about changes in bank card balances, it is more appropriate for the bank to automatically withhold the repayment; if the account balance is often insufficient or is afraid of bank accounts or problems with transfer operations, the option of cash repayment is available; and if the client is in a different location, in an unstable position or in a higher need for urgent repayment, the option of transfer repayment would be the best. In addition, clients need to consider the security of fees, time costs and repayments。