What is the interest rate of Baidu Cash Loan?

Interest rate = Interest ÷ Principal ÷ Time x 100%

For example:Deposit $100,

The bank promises to pay 4.2% p.a.

Then in the second year the bank has to pay $4.2 interest.

The formula is 100 x 4.2% = $4.20.

The formula is:Interest rate = Interest ÷ Principal ÷ Time × 100%

Interest = Principal × Interest rate × Time

=100 × 4.2 % = $4.2

The final withdrawal is 104.2 = $104.2.

Expanded Data

Matters to Note

1. When applying for a loan, the borrower makes a correct judgment of his or her repayment ability. Design a repayment plan according to your income level, leaving room for maneuver without affecting your normal life.

2. Choose the right repayment method. There are two types of repayment methods: equal repayment and equal principal repayment. Once the repayment method is agreed in the contract, it cannot be changed during the whole loan period.

3. Avoid interest penalties by making monthly repayments on time. From the month following the month in which the loan is originated, the next month's disbursement is usually the repayment date. Don't default on penalty interest due to your own negligence, resulting in the bank's inability to re-approve the loan application.

4. Take good care of your contract and receipts, and read the terms and conditions of the contract carefully to understand your rights and obligations.