How going by the book helped Hong Kong start-up VCredit weather China's breakneck consumer finance market

2018-06-111801

Source:FT

According to a survey by FT Confidential Research, the analysis of data from 11 of the Chinese online lending platforms puts the average loan term since the start of this year at 144 days, or just under five months, while the average size of each loan was just under 150,000 yuan, reflecting the popularity of the platforms for securing car loans. Buying a car was the second most popular reason for borrowing after home renovation, while the third was tuition fees, the survey found. Just 30% of platforms said their customers were borrowing to buy a home, suggesting that a regulatory crackdown on illicit funding for buying real estate has been effective.

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