What is the interest rate on installment

Interest on installment loans is calculated on a daily basis, with daily rates between 0.03% and 0.049%, which translates to monthly rates between 0.9% and 1.47%, and annualized rates between 10.8% and 17.64%. According to the state regulations as long as the interest rate on the loan does not exceed 24% it is not considered usurious. Therefore, the interest rate on installment loans is within the state regulations. It is important to note that the actual interest rate will depend on the creditworthiness of the user.