P2P Scapegoat: Downpayment Loans Are Nothing New

Down payment loans are nothing new in China. Previously, credit guarantee and microlenders would offer these lows to low income customers so they could buy a home.
  Many industry insiders told reporters, in fact, down payment loans already exist, buyers can get a variety of channels down payment financial services. Launched a P2P platform down payment loan executives told the "China Economic Weekly" correspondent, launched in addition to the down payment loan P2P platform, real estate agent can be obtained through self funding ends and cooperation with P2P platforms down payment loans to their customers, small loans companies by large loans and other consumer credit products to address the demand for loans down payment, the bank launched the large credit card, consumer loans are also large down payment to meet the demand for loans.
Yes, people can make a down payment with a credit card.

What P2P lenders did was increase the turnover and visibility of down payment loans. What was done for years behind the scenes became known to everyone via the Internet.
A joint-stock bank account manager told reporters, banking regulations do not allow the customer to provide a down payment loans, but different for each client manager channels, buyers of customer resources and relevant experience Account Manager illegal operations are normal, sometimes look a large amount of money involved is not. For large credit cards, consumer loans whether it will involve large down payment loan business, the manager said that this is similar to one kind of walking a fine line, if the buyers by a similar product to obtain funds for a down payment, the bank is also known.
Banks, credit guarantee firms, consumer credit, black market lenders, family and friends, and on and on.

P2P lenders mainstreamed the practice, but they didn't invent it.

Sina: 首付贷早已存在 P2P成典型或因平台操作不规范

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