I just withdrew $379 to pay off my Huabei, Fenpay, and credit card. After paying everything off, I found out that today’s interest rate for Huabei loans is still eligible for a 99% discount. Even with the discount, the interest rate is still as high as 23.4%. I checked the Fenpay interest rate, and it’s also as high as 21%. I quickly turned off Fenpay. Although Fenpay only gave me a limit of 1200, as long as I keep using it, it will keep charging me 21% interest. Plus, I mainly use it for daily expenses like groceries, so why am I being charged such high interest? After turning it off, I just spend when I have money and only consume when I don’t.

Legal regulations state that interest rates over 10% are considered usury, but these platforms still openly charge such high interest rates, harming ordinary people and making our lives worse and worse. It’s better to avoid online loans if possible because the interest is really high. For example, if you borrow $8,000 with a 12-month installment plan, paying $600 a month, the interest alone will be over $160. It’s a rip-off. With that much interest, it’s better to borrow money from friends—there’s no interest at all when borrowing from friends.
Try to avoid spending unnecessarily in daily life; this year has been really tough.