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More than 90% of the cash loan platform will be shut down, and the survival will be huge market share.
On December 1st, the Office of the Leading Group for the Special Remediation of Internet Financial Risks and P2P Network Loan Risks officially issued the “Notice on Standardizing the Reorganization of “Cash Loan” Business” (referred to as “Notice”), the industry’s long-lost “cash” The supervision of “credit” finally landed, revealing the development of “cash loan” in the future.
In fact, since the November 21st, the Office of the Leading Group for Internet Financial Risk Special Tasks issued the "Notice on the Immediate Suspension of the Approval of Network Small Loan Companies", companies with "cash loan" business have begun to take action.First, the store announced that it would reduce its annual cash rate on its Alipay port to no more than 24%, and then on November 26th, the company’s gold service was announced, and the comprehensive profit rate of its entire line of small cash loan products fell to less than 36% per year. Then, on the 27th, the small loan products of the Group were well-received. APP announced that the comprehensive annualized borrowing cost of the small short-term cash loan business for 30 days from now is reduced to below 36%.
“Cash loan” has never been precisely defined and seems to be an industry full of doubts. Although the Notice still does not give a clear definition of “cash loan”, it points out the “four no” characteristics of “cash loan”: no scene support, no designated use, no customer group limit, no mortgage. And the problem of "cash loan" is summarized as: excessive borrowing, repeated credit, improper collection, abnormal interest rates, and violation of personal privacy.
High interest rate: the comprehensive capital cost should be converted into annualization
Among them, the "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 no" characteristics of "cash loan". First of all, the customer base is mostly low-income groups that banks do not accept, and it is unsecured and unsecured, so the default rate is high, and high interest rates can cover high default rates. Second, cash loans are mostly small-scale short-term loans with no specific use and no specific use. The average cost per loan is also high, which is one of the reasons for high interest rates. Third, the cost of capital is also an important reason for affecting interest rates. Many banks have “cash loan” products, but the interest rate is not too high. Generally, the annual interest rate is 15% to 20%. However, the high capital cost of non-bank institutions naturally raises interest rates.
NoticeIn principle, the requirements for qualification are necessary conditions, and in addition, the requirements for interest rates are placed first.The requirements for comprehensive capital costs shall be in accordance with the provisions of the Supreme People's Court on private lending rates, and it is prohibited to issue or match loans that violate the relevant interest rate provisions of the law.
The comprehensive capital cost charged by various institutions to borrowers should be converted into an annualized form. The Supreme People's Court stipulated that the private lending rate exceeds 36% of the annual interest rate, but it does not indicate whether the expenses of the loan are included in 36%, and the Notice clarifies that the comprehensive capital cost should be consistent with the Supreme People's Court on private lending. The interest rate rule, that is to say 36% of the annualized interest rate, includes various fees, which is actually stricter than the provisions of the Supreme People's Court.
The interest rate restriction will make it difficult for some high default rate and high cost platforms to cover their costs with high interest rates, so that they will not survive. Some platforms will therefore be marginalized, and may be abandoned because they are unprofitable. The powerful platform has low capital cost, and can use its own data and financial technology to strengthen risk control and reduce default rate. The platform with financial technology background can use its own technology to reduce operating costs and control the default rate. Ultimately, the cost is low and the wind control is good. The platform survives.
Risk Control: Use the “data-driven” wind control model cautiously
“Cash loans” are mostly based on small loans, but the “Notice” does not stipulate specific borrowing limits. It only requires that the total burden of principal and interest debts of individual loans on each platform should be clearly set.The number of loan extensions is generally not more than 2 times, but the platform is required to continuously evaluate the credit status, solvency, loan use, etc. of the borrower.. This requires the platform to understand its customers and strengthen its risk control capabilities. However, the Notice requires careful use of the “data-driven” risk control model to enhance customer information security protection. It is not allowed to steal or abuse customer privacy under the name “big data”. Information must not be illegally bought or sold or disclosed.
China's credit information system is still under construction. As of the end of 2016, the credit coverage rate of the banking system is only about 35%, while the US credit coverage rate is over 95%. On this basis, for the loan platform, The data-driven wind control model is the key to risk control and an important direction of financial technology. Only some platforms abuse the "data-driven" type of wind control model, the data is not sufficient, the technology is not mature, the big data wind control has its own table, can not play the role of controlling risk. Big data risk control requires strong financial institutions and technology companies to continue to invest heavily, not every organization can establish a true big data risk control. Some companies have insufficient data security protection, and it is easy to disclose customer information. What's more, there are some loan platforms that infringe customer privacy and resell customer data.
Perhaps these are the reasons for the careful use of big data risk control, but in the Internet era, big data risk control is the trend of the times, a powerful platform will still vigorously develop big data risk control technology, as a supplement to central bank credit, better use of financial technology The power to strengthen the security management of data, reduce the cost of wind control, and improve the efficiency of wind control.
No scene, no intended use platform is difficult to continue
The "Notice" also made very stringent requirements for the cleanup and rectification of network microfinance. It not only stopped the license for the new network microfinance, but also re-verified the business qualifications for the approved institutions. It also requires the suspension of the issuance of network microfinance loans without specific scenarios and no designated uses, and the gradual reduction of the stock business, and the rectification within a time limit. It is forbidden to issue “campus loans” and “down payment loans”. It is forbidden to issue loans for speculative operations such as stocks and futures.
These are big platforms with strong strengths, such as Ali, JD, and other e-commerce background platforms. Originally there are consumer scenarios, it is not difficult to do, but for some platforms that are mainly based on loans with no use and no specific use. Basically, it can be said that it is unsustainable, and the interest rate of such a platform generally exceeds 36% per annum. After the "Notice" is issued, it is difficult to survive in the true sense of meeting the four unconditional cash loan platforms. But this kind of scenario-free and unspecified loan is indeed the financial service needed by low-income people. It is difficult for them to get help from the bank. After the clean-up, the non-compliant platform will be cleared out, and The improvement of the credit information system and the advancement of financial technology have further improved the risk control technology, and may release the loan.
The space of “loaning loans” and “long-term lending” will be squeezed
The "Notice" also requires that effective measures should be taken to prevent borrowers from "paying loans" and "long-term lending". Because various lending institutions have not yet achieved information sharing, it will take time to prevent long-term lending. With the development of financial technology and the improvement of the credit information system, information sharing can be achieved. It should be easier to prevent. The act of “crediting loans” and “long-term lending”.
Last year, the Internet finance credit information sharing platform led by the China Internet Finance Association was launched, and the infrastructure of the industry credit system was in existence.Although the institutions currently accessing the mutual credit information sharing platform are mainly members of the association, and only about 30However, as the credit information sharing platform is gradually upgraded and improved, and the association continues to open to the outside world and encourages more members and non-member organizations to access, it can be foreseen that the sharing platform will play an active and effective role in the industry's credit reporting and risk prevention.
In addition, according to relevant media reports last month, the central bank has decided to lead the establishment of a personal credit information platform by the China Internet Finance Association, which will be formally approved at the end of 2017. This platform will not cover the personal customer finance that the central bank credit bureau failed to cover. Credit data is included to build a national-level basic database to achieve information sharing in the industry and effectively reduce risk costs. In response to this news, the online loan lyrics has been published in the interpretation of the article "Xinlian", the mutual gold association credit information sharing platform data or send a big use," pointed out that the mutual gold association's shared platform data, will be to find out the industry base Laying the foundation will also become an important source of data collected by Xinlian.
Since the publication of the Notice, there has been no doubt that the cash loan platform has ceased to operate, and the Notice is only the beginning of the standardized management of the cash loan industry. As of November 19, there were 2,693 cash-sending platforms and 22 consumer financial licenses approved by the banking regulatory authorities. According to third-party statistics, there are currently 213 online small-loan licenses, which means more than 90% of cash. The loan platform will be shut down. At present, the scale of the entire cash loan industry has exceeded 1 trillion yuan, and the platform that can survive will gain huge market share.
Some of the regulatory content of cash loans have not been clearly stated, and some requirements are temporary. There should be follow-up policies in the future. In order to survive this rigorous clean-up and revitalization and enjoy a huge market in the future, the development and application of financial technology is the key.
Financial technology is the future development direction. The survival competition of the platform, in addition to the competition of resources, the competition of science and technology is also an important part.
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