High Interest P2P Loans Marketed To College Students

College students are being marketed 20% per annum loans. Additionally, firms are holding back funds until the loan is repaid. A 10,000 yuan loan gets a borrower 8,000 yuan, with the final 2,000 yuan received after the loan is repaid. If the loan isn't repaid, the lender keeps the money. Of course with most students having no income, defaults are high. Other firms are disguising high interest loans as installment plans for new mobile phones, which end up costing 20 percent more than retail.

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Once popular campus credit card business due to bad debt was stopped, a number of Internet consumer finance company, P2P net loan platform and small loan companies have mushroomed to enter the campus.

Recently, the reporter visited a number of universities in Henan animal husbandry School of Economics, Zhengzhou Institute of Aeronautical Industry Management, Henan Vocational and Technical College, Henan Agricultural University, Zhengzhou University, found that various networks and micro-credit installment campus full of ads, these ads lure language people, provocative.

For example, a small loan advertisement, wrote: "Students' own exclusive financial platform, unsecured unsecured alone ID card and student ID 100-50000 yuan to borrowers, lenders just two hours." Students then another emergency ad Loan wrote: "no money for mobile phone how to do how to do tourism money money dating college students how to do unsecured loans, second speed of arrival???." "everyone stages" ads then wrote: "zero dollars shopping , lightning delivery, shopping, simply fill out the registration information can choose to wait for the receipt of goods, "noted long-term recruitment and campus agent.

Henan Vocational and Technical College students in small Gu told reporters there had been agents who look like students to the hostel recommended APP called a "lending treasure", just use the ID number and the phone number registered, you can get free 20 yuan red envelopes reward as well as a few million line of credit. Little Gu said he felt no such fall in your lap a good thing, so there is no loan.

Chen said that animal husbandry Henan University of Economics Longzihu campus about 10,000 people, only he knew used campus student loans near 500 people. "Loan Lender platform qualification checks too strict, just a 15-minute approval. Even when other students documents for the loan business, look at the photo salesman said, 'Look you two look quite like' loan application for adoption. "

Chen told reporters, "For example, I have students loans 10,000 yuan, the contract interest 2,000 yuan, then the final repayment of principal and interest for a total of 12,000 yuan, but in fact his hands to loan only 8,000 yuan to 2,000 yuan worse is the loan platform temporarily detained, and other money to pay off when it calls you, once expired, the 2,000 yuan owned businesses all over again. "

Practitioners network staging a platform also confirmed to reporters this way hire purchase of electronic products, the calculation of the actual annual interest rate of more than 20%, rather than the so-called advertising as long as the monthly interest rate 0.99%.