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More than 90% of cash lending platform will be shut down, will survive a huge market share
December 1, the special rectification of the Internet financial risks, P2P network credit risk rectification Leading Group Office formally issued "on the normative rectification" cash loan "business notice" (referred to as the "notice"), the industry has long been suspense "cash Loan "regulation finally landed, revealing the future" cash loan "development context.
In fact, from November 21, the Office of the Leading Group for Internet Finance Risk issued a notice on the immediate suspension of the establishment of small network of micro-credit companies, "cash loans" business has begun to take action,First Fun announced that it will cut its annual interest rate on cash loans of Alipay port no more than 24%, Followed by the palm of the masses on November 26 announced to the public, all of its line of petty cash loans, the overall interest rates were reduced to 36% annualized rate, and then on the 27th Jiufu Group's small loan Jiufu Ding APP announced that the integrated annualized borrowing costs of small-sum short-term cash loans for business with immediate effect for 30 days will be reduced to below 36%.
The "cash loan" has not been precisely defined, it seems a people full of doubts in the industry. Although the Notice still lacks a clear definition of "cash loan", it points out the "four noes" feature of "cash loan": no scene backing, no designated purpose, no customer group restriction and no mortgage. And summed up the problem of "cash loan" as: excessive borrowing, repeated credit granting, improper collection, abnormally high interest rates and infringement on personal privacy.
High interest rates: the cost of integrated funds should be converted into a unified annual
Among them, "cash loan" is the most obvious and the most criticized problem is the high interest rate. In fact, the high interest rate is its appearance. The reason is that it is inseparable from the "four noes" feature of "cash loan". First of all, the customer base is mostly low-income groups not accepted by banks and is unsecured and unsecured, so the default rate is high, and high interest rates can cover high default rates. Second, most of the cash loans are spotless short-term loans without specific use. The average cost per loan is also high, which is one of the reasons for the high interest rates. Third, the cost of capital is also an important factor affecting interest rates. Many banks have "cash loans" products, but interest rates are not too high, with annual interest rates ranging from 15% to 20%. However, the higher capital costs of non-bank institutions naturally raise interest rates.
"Notice" requirementIn principle, the requirements of qualification are necessary conditions, in addition, the interest rate requirements on the first place, Requiring that the integrated cost of funds be in compliance with the stipulations of the Supreme People's Court on the interest rates on private lending and prohibit the granting or matching of loans that violate the provisions of the relevant interest rates of the law. The company is located in:
All kinds of agencies to the borrower to collect the comprehensive cost of funds should be converted into an annualized form of unified. The Supreme People's Court ruled that the non-lending rate of 36% over the annual interest rate is invalid, but did not explain whether the costs of borrowing are included in 36%, while the "Circular" clearly the cost of comprehensive funds to meet the Supreme People's Court on civil borrowing The provisions of the interest rate, that is to say 36% of the annual interest rate includes various fees, which is actually more stringent than the provisions of the Supreme People's Court.
The restrictions on interest rates will make it difficult for some platforms with high default rates and high costs to cover their costs with high interest rates and thus will not be able to survive. Some platforms will therefore squeeze profits and may abandon the business because they are unprofitable. Strong platform low capital costs, you can use its own data and financial technology to strengthen risk control and reduce default rates, financial technology background platform can use its own technology to reduce operating costs, control the default rate, and ultimately low cost, good wind control The platform to survive.
Risk Control: Use "data-driven" wind-control model with caution
However, the "Circular" does not stipulate a specific upper limit of lending. Instead, it requires that the total amount of principal and interest expenses of a single loan on each platform should be clearly set the maximum amount of debt,Loan extension is generally not more than 2 times, but requires the platform to fully and continuously assess the borrower's credit conditions, solvency, loan purposes, etc.. This requires the platform to understand its own customers and strengthen its risk control capabilities. However, the Circular also requires the careful use of "data-driven" risk control models to enhance the protection of customer information. It is not allowed to steal and abuse customer privacy in the name of "big data" Information, may not illegally trade or disclose customer information.
China's credit reporting system is still under construction. By the end of 2016, the coverage of the banking system was only 35%, while the credit coverage of the United States reached over 95%. On this basis, for the loan platform, Data-driven "type of wind-control model is the key to wind control, but also an important direction of financial science and technology. However, some platforms abuse the "data-driven" type of risk control model. Due to inadequate data and immature technologies, big data risk control has its own features and can not serve as a risk control measure. Big data risk control requires the continued strength of financial institutions and technology companies continue to invest heavily, not every organization can establish a real big data risk control. Some companies do not have enough data security protection to easily reveal customer information. What is more, some loan platforms infringe on customer privacy and resell customer data.
Perhaps these are the reasons for using big data risk control with caution. However, in the era of Internet, big data risk control is the trend of the times. A powerful platform will still vigorously develop big data risk control technologies. As a supplement to credit check by the central bank, it will make better use of financial technology Strengthen the safety management of data, reduce the cost of wind control and improve the efficiency of wind control.
No scene no designated purpose unsustainable platform
The Circular also made very stringent requirements on the cleanup and rectification of the network microfinance loans. It not only stopped the issuance of the license for new network micro-loans, but also re-checked the business qualifications for those agencies that have already approved the establishment of microfinance institutions. It also requested the suspension of the issuance of network-based microfinance without specific scenarios and no specified purpose, and gradually compressed the stock business to complete the rectification within a time limit. Prohibit the issuance of "campus loans" and "down payment loans." Prohibition of loans for stocks, futures and other speculative operations.
These platforms for the powerful large platforms, such as Ali, Jingdong and other e-commerce backgrounds, originally have consumption scenarios, still not difficult to do, but for some mainly non-designated scene without a loan-based platform , The basic can be unsustainable, but the general interest charged by such a platform is also more than 36% per annum. After the "Circular" was issued, it is very hard to survive in real terms in line with the four unconditional cash lending platforms. However, this kind of scenario-free loan without any specific purpose is indeed the financial service required by the low-income groups. It is also very difficult for them to get help from the banks. After they are cleaned up and rectified, they will be cleared out of the non-compliance platform. Improve the credit information system, as well as advances in financial technology so that wind control technology to further improve, and may release the release of such loans.
"Loan", "long loan" space will be squeezed
The Circular also required that effective measures should be taken to prevent borrowers from "lending to credit" and "borrowing from long". Because at present the lending institutions have not yet been able to share information, it can take a long time to prevent long-term borrowing. With the development of financial technology and the improvement of the credit reporting system, information sharing can be achieved and it is relatively easy to prevent " Loan to raise credit "," long loan "behavior.
Last year, China Internet Finance Association led the national Internet financial credit information sharing platform on the line, the industry prototype of credit infrastructure has emerged,Although the current access to mutual trust platform for the sharing of information and institutions mainly for the association member units, and only about 30However, as the credit information sharing platform has been gradually upgraded and improved, and the association has been constantly opening up to the outside world and encouraging more members and non-member organizations to access it, it is foreseeable that the sharing platform will play an active and effective role in the credit reporting and risk prevention of the industry.
In addition, last month, according to relevant media reports, the central bank has decided to lead the establishment of a personal credit information platform by the China Internet Finance Association and will formally solicit funds by the end of 2017. This platform will bring the individual customer finance that the Central Bank Credit Rating Center can not cover Credit data into account, in order to build a national basic database to achieve industry information sharing, effectively reduce the risk cost. In response to this news, net loan public opinion has released a reading article "" letter "is coming, the mutual trust information sharing platform data or come in handy", pointed out that the mutual trust platform data sharing platform, to find out the industry base Lay the foundation, will also be the important information collected by the letter.
Since the announcement, there has been no doubt that the cash lending platform has ceased operations and the "Notice" is just the beginning of the normative management of the cash lending industry. As of November 19, there were 2,693 cash lending platforms under operation and 22 consumer finance licenses approved by banking regulatory authorities. The statistics of the third party shows that there are currently 213 internet microloan licenses in China, which means that over 90% of the cash Loan platform will be shut down. At present, the size of the entire cash lending industry has exceeded 1 trillion yuan and the platform capable of surviving will gain a huge market share.
Some of the regulatory details of cash loans are not specified in detail, some of the requirements are temporary, and there should be subsequent policy promulgation in the future. To survive this harsh clean-up and to enjoy a huge future market, the development and application of financial technology is the key.
Financial science and technology are the future direction of development. The survival and competition of the platform, in addition to the competition of resources, the competition of science and technology are also an important part.
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