Translated from attached chinese FB comment:

I believe a lot of driver received loan offer from grabcar office. For example, offering loan RM800 and the repayment is RM880 (Interest is RM80). A lot of driver think the interest is a good deal since the interest is only 10% but in fact they are wrong.

The loan interest percentage in the market is usually calculated based on yearly basis.

For example, loan amount is RM1,000 and driver need to pay back RM1,100.

Settled the loan in 12 months – Interest 10%
Settled the loan in 6 months – Interest 20%
Settled the loan in 3 months – Interest 40%
Settled the loan in 2 months – Interest 60%
Settled the loan in 1 months – Interest 120%

The financial market and banks loan interest calculation is based on the yearly basis (12 months).

This post has been edited by birdman8: Jul 30 2019, 11:32 PM


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