砍头息
释义 DEFINITION
砍头息指在借贷过程中，出借人预先从本金中扣除利息的行为。例如借款合同标明1000元，实际到手仅900元，100元作为首期利息被扣除。这种行为常见于非正规借贷场景，具有隐蔽性强和实际利率虚高两大特征。
在互联网语境下，该词特指P2P网贷、民间借贷APP等新兴渠道中，通过服务费、审核费等名义变相实施的高利贷操作。2021年央视3·15晚会曝光的『714高炮』平台就是典型案例。
词源故事 ETYMOLOGY
砍头息的起源可追溯至民国时期的『印子钱』，当时放贷者会预先扣除首月利息。2015年后随着移动支付普及，该词在互联网金融领域获得新生。
典型案例是2019年杭州互联网法院审理的某现金贷案件：借款人申请5000元借款，合同显示年利率24%，但实际到账仅4250元，被扣除的750元以『风险保障金』名义收取。经计算，真实年化利率高达318%。
该词在知乎引发法律大V讨论热潮，用户@金融律师李航指出：『砍头息使得名义利率与有效利率产生巨大偏差，是规避法律监管的典型手段』。微博相关话题阅读量超2.3亿次，推动2020年《民间借贷司法解释》修订，将司法保护利率上限从24%降至LPR四倍（约15.4%）。
例句：『这个网贷平台玩砍头息太狠了，借1万先扣3千，还款时还要再付利息！』
DEFINITION
Kantouxi describes the predatory practice where lenders deduct interest from the principal upfront. Imagine borrowing $1000 but only receiving $900 immediately, with $100 taken as 'advance interest'. This creates a hidden effective APR that can exceed 1000% in extreme cases.
In China's digital lending context, it often manifests as disguised charges like 'service fees' or 'processing fees' on P2P platforms. The notorious 『714 Gaopao』 exposed in 2021 (named for 7-14 day loans with 50%+ fees) perfectly illustrates this practice.
ETYMOLOGY
The term kantouxi gained modern prominence through China's 2016-2019 online lending boom. A landmark case involved Qudian (NYSE:QD), a fintech company whose 'service fee' structure led to effective APRs over 200%. This sparked nationwide debates when reported by Caixin Weekly.
Reddit's r/China_irl community extensively discussed how apps like Jiebei implemented kantouxi: 'They say 0.05% daily rate sounds cheap, but with 20% upfront deduction, it's actually loan sharking in digital disguise.'
China's banking regulator CBIRC launched a crackdown in 2020, banning all upfront fee deductions. As of 2023, 487 lending apps have been delisted for kantouxi violations. However, the practice persists through cryptocurrency loans and overseas-registered platforms targeting Chinese borrowers.