People's Daily: Can Down Payment Loans Be Stopped?

Down payment loans may be much harder to eradicate due to the myriad credit channels available.

Xinhua (orginally published by People's Daily): 叫停首付贷,真能落地吗?
down payment loans really died down?

March 21, this reporter went to Chaoyang District, Beijing transit home real estate company to find out if the down payment loans. The reception staff of reporters, said service can provide down payment loans: if the customer needs 300,000 yuan down payment, and no real property in Beijing, so the agency can help packaging identity to the banks for unsecured credit, but you can not tell the bank it is for a down payment, say it's for consumption or renovated property.

According to the company staff, customers only need to provide proof of individual work, bank, credit reports, academic credentials and fund card. Even those customers with bad credit record can also be "wrapped" through internal channels to ensure that customers apply for loans to the bank a one-time success, but the "packaging" need to pay service charges.

300,000 in cash loans as an example, when the intermediary company to help customers to bank loans, 3-year loan interest rate of 10%, according to the matching principal and interest repayment, which is 300,000 yuan in cash loans to sub-36 also, each need also 10,500 yuan, all to pay off a total of 378,000 yuan, of which the agency charges a 2% agency fee, that is 6,000 yuan.

Reporters then asked several Internet and financial companies. It is understood that the 97 Mortgage Network, Bo Min Easy Loan, easy loan net loan company launched a number of loan products, you can still act as a "down payment loan" role.

With easy loan network, for example, March 21, reporters on the P2P platform applied for a 450,000 loan. Platform staff asked reporters after income and work, said: you met the conditions, you can borrow.

The staff member said, easy loan network with a number of small loan companies, can help customers simultaneously borrow from dozens of lending companies, despite the small amount from these loan companies it is effective, you can borrow several hundred thousand yuan at one time. "The money can be used to pay the down payment, to buy a house or a car, whatever the consumer wants to do."

"For example, young people who want to buy a house, but can't get the money for a down payment down, just like borrowing from relatives and friends, it is difficult to judge where the borrowed money came from, or borrow money for what purpose." Centaline Dawei, chief analyst He said some wrapped in different names for the down payment lending products, does not exclude the possibility of secret operations, but there are some difficulties to find and identify, especially some of the borrowed funds through loans and other consumer products, capital flows, which can not be traced may still flow to the property market, the down payment from a regulatory level, it is difficult to prime a "one size fits all" control.

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