P2P network lending platform is a p2p lending andOnline lendingCombinedonline finance(ITFIN) service website.P2P lending is an abbreviation for peer to peer lending.Online lending refers to the process of lending, in which data, funds, contracts, procedures, etc. are all realized through the Internet. It is a process ofprivate lending A new type ofFinancial modelThis is also the futurefinancial service OfDevelopment trend。
The p2p network lending platform is divided into two products: one isInvestment and FinancingOne is loan, which is realized online.And one is loan, the other is cash.In July 2018, the P2P platform was closed due to overdue cashing or poor operation, and some of the institutions exposed to the explosion had been suspected of illegal absorption of public depositspolicePut the case on file for investigation.[1]
In 1976, in a rural survey,Muhammad Yunus The professor lent $27 to 42 poor villagers to pay for their meager cost of making bamboo benchesUsuryThe exploitation of.This opened his path to microfinance.
In 1979, he founded Grameen (meaning "village") branch within the state-owned commercial banking system, which began to be a poorBengalProvided by womenMicrofinanceBusiness.along withInternet technologyWith the rapid development and popularization of P2P micro lending, P2P micro lending has gradually changed from a single offline mode to an offline online parallel mode, and the resulting is P2POnline lendingPlatform.
This enables more people to enjoy P2P microfinance services.The main advantages of P2P online lending platform are "convenient, fast, free from geographical restrictions, etc." The main development direction of P2P is its efficient "flash lending" mode. Another important purpose of Internet finance development is to alleviate the income inequality caused by people of different ages and regions through this lending methodConsumption powerout-off-balanceQuestion.
P2P online lending platform
Mobile InternetThe development of P2P has also driven the shift of the focus of the P2P industry, and the focus of P2P has shifted to the mobile endWeChatfinance[2]For example, the flash loan platform takes advantageDouble TwelveAnnouncing the completion of 2.5 billion yuan of its productsa turnover，fansRegistered userNearly 3 million people.Most of the flash loan users are young people aged about 22-30.
management model
Announce
edit
P2POnline lendingThe platform is in Britain and America, etcdeveloped countryThe development has been relatively perfect, and this new financial management model has gradually been put in placeNetwork eraAccepted by the public.On the one hand, the lender realizedIncome from assetsOn the other hand, borrowers can use this convenient and fast way to meet their capital needs.
Zopa, a successful P2P online lending platform in foreign countries, was launched in March 2005LondonEstablished, it has more than 240000 registered members, and has developed Zopa Italy in addition to Zopa UK,Zopa Japan, Zopa USA。
Prosper, a successful P2P online lending platform abroad, was founded in 2006, with more than 980000 members and more than 200 million loansAmount incurredIs the largest in the worldP2PLoan platform.
The first P2P online lending platform was established in Shanghai in August 2007. In 2012, domestic P2P entered barbarismGrowth period, but there is no clear legislation.
Many models have been derived from the concept of P2P.As of February 2018Online lendingThere are 1890 platforms with different modes, which can be summarized into the following four categories:
This is also the most secure P2P mode.This kind of platform serves as an intermediary. The platform does not absorb deposits, does not lend, and only providesFinancial information servicesThe cooperative small loan companies and guarantee institutions provide double guarantees.The transaction mode of such platforms is mostly "one to many", that is, a loan demand is invested by multiple investors.The advantage of this model is that it can guarantee investorsFund security, by large domestic guarantee institutionsJoint guaranteeIn case of bad debts, the guarantee institution will timely transfer the principal and interest to the investor's account on the second day of delay in repayment.
It can be called“Many to many”Mode is an atypical road -- P2P offline mode.Borrowing demand and investment are both split and combined. As the largest creditor, they lend the funds to the borrower, and then obtain the creditor's rights to split themtransfer of creditor's rightObtain loan funds from other investors.
Its framework system can be seen as the docking of creditor's rights on the left and debt on the right. The balance coefficient is that the amount of external loans must be greater than or equal to the transferred creditor's rights. If the amount of loans is actually less than the transferred creditor's rights, it is equal to the transfer of non-existent creditor's rights. According to the Notice on Further Cracking Down on Illegal Fund Raising and Other Activities, it belongs toIllegal fund-raisingCategory.
This kind of platform has the background of a large group and is distributed from the traditional financial industry to the InternetBusiness modelIt is more financial and professional.
4、 Based on transaction parametersO2O(Online to Offline, combining offline business opportunities with the Internet)
The P2P microfinance business created by this small loan model relies on itsCustomer resources, e-commerce transaction data andproduct mixThe two offline companiesSmall loan companyServe its platform customers.The opportunity of offline business is combined with the Internet, making the InternetOffline transactionThe front desk of.[3]
Operating rules
Announce
edit
The standardized development of P2P online loan industry has become the consensus of the industry.Three development paths have been initially formed:
The first is through private lendingService CentreTo be standardized.For example,Wenzhou、erdosA private lending registration service center has been set up to guide the P2P platform to settle down in the form of a company, which requires the registration and filing of relevant transaction data and the supervision of P2P business. This is a more standardized way.
The second is throughinformation serviceIndustry AssociationThis model has been tried in Shanghai.How to characterize the P2P platform has always been a controversial topic in the industrylegal environment P2P platforms cannot be identified as financial institutions. Because China has strict approval systems and access requirements for financial institutions, it is more accurate to identify P2P platforms as information service institutions. It is also a feasible solution to explore self-discipline norms through industry associations.
The third is to establish a self-discipline alliance in the P2P industry.To establish an industry association in our country, we need to find the competent department first, and then go to the civil affairs department for approval.The problem is that P2P has no competent department, so it is very difficult to pass the approval.Some P2P related organizations are nongovernmental organizations with no official background and are not very strongNormative role, more need to rely on enterprise self-discipline.
However, it should be noted that if you deliberately attract others to lend at a high interest rate and use the fundsinterest arbitrageOr defrauding others to lend money by deception will constitute a crime and will be investigated accordinglycriminal responsibility。
Article 211 of the Contract Law:Loan contractWhere it is agreed to pay interest, the interest rate of the loan shall not violate the relevant provisions of the State on limiting the interest rate of the loan. ".Several Opinions of the Supreme People's Court on People's Courts Hearing Loan Cases: "VIprivate lending The interest of can be appropriately higher thanbank rate, but the maximum shall not exceed the same periodBank loan interest rate4 times, and the interest of the excess part is not protected by law. "
Several Opinions of the Supreme People's Court on the People's Court's Hearing of Loan Cases: "XI. If the lender knows that the borrower borrows money for the purpose of illegal activities, its loan relationship will not be protected."
Several Opinions of the Supreme People's Court on the People's Court's Hearing of Loan Cases: "XIII. In the loan relationship, the person who only plays the role of contact and introduction shall not bearWarranty liability。The performance of the debt is guaranteedDeclaration of intentionShall be identified as the guarantor and bear the guarantee liability. "
In March 2008, the Ministry of Commerce officially approved the first trans provincialChain operationPrivate lending intermediary company.So far, China's private lendingagencyThe existence of has been recognized by national regulators.Drafted by the central bank《Lender Regulations》The draft has been submitted to the Legislative Affairs Office of the State Council, and "private lending" is under waynational legislationThe level is confirmed.[4]
According to the terms and conditions in the Regulations, both lenders and borrowers use p2pOnline loanPlatform formationLending relationship，Network loanThe provider of the platform only providesMedia servicesIf the provider of the p2p online loan platform explicitly indicates or has other evidence to prove that it provides guarantee for the loan through web pages, advertisements or other media, the people's court may, at the request of the lender, judge the provider of the p2p online loan platform to assume the guarantee responsibility[5]。
Existing risks
Announce
edit
In addition to the credit risk of the participants, the more important risk is the risk of the online loan platform itself, which mainly focuses on the following three aspects:
credit risks
Due to the small scale of fund flow, most banks do not provide P2P online loan companies with fund custody services, which provides some malicious online loan platforms with the opportunity to use poorly managed fund custody agencies for fraud, which is also the reason for the occurrence of "gold rush loan" and "angel plan" fraud cases.
business risk
Since online loan platforms are often difficult to make profits at the initial stage,operating costs High, coupled with fierce industry competition, has extended the "burn money" stage, and platforms that are difficult to make profits for a long time will have to face the fate of closing.
In July 2011,Haha loanAnnounce closure.In its year and a half longBusiness HoursOnly 300000 yuan of profits have been made. Compared with the cost input of more than 2 million yuan per year, this part of profits is a drop in the bucket. The shortage of funds makes it difficult for Hahaloan to sustain.Similar situations may appear more and more frequently in this industry that grew savagely at the beginning.
market risk
Interim Measures for Risk Management of Financing Guarantee Institutions for Small and Medium sized Enterprises stipulates that guarantee institutionsBalance of guarantee liabilityGenerally not more than the guarantee institution itselfPaid in capital5 times, up to 10 times.The guarantee multiple of online loan companies exceeded 10 timescordonIt is the norm in the industry. In case of systematic risk, large-scale default will drag down the online loan platform.
Zopa andProsperFrom the experience, since the two models are respectively guaranteed and unsecured, this determines that the difference between their risk and return levels is very obvious.
Specifically, Zopa's historical overdueBad debt rateIt has always been controlled at about 2%, while the average bad debt rate of Prosper has reached 7.42%, corresponding to Zopa's yield level of 5.6% - 7.5%, while Prosper'sAverage rate of returnUp to 17.11%.From the perspective of the yield level of domestic online loan platforms, it is generally above 15%, and the difference in yield between different models is not obvious.Therefore, we believe that a large part of this reflects the premium required by investors for the risks of online loan platforms.[6]
Main problems
Announce
edit
There are two main problems in P2P platform
First, expectationsROIToo high, andReal economyBut it is difficult to maintain performance and lead toBroken capital chain；The second is that P2P has sprung up everywhere. There is no threshold, and the government also lacks a unified credit reporting platform.P2P, like traditional lending industry banks, can also be divided intoDirect financingandIndirect financing。
Zhongye Xingrong said that in terms of direct financing, P2P platform only serves asinformation disclosureRole, helping both the supply and demand of funds to match more efficiently, without involving capital operation or participating in guarantee;However, in terms of indirect financing, P2P platform has acted as a commercial bank in the pastfinancial intermediaries It is responsible for accessing from one party and providing substantial funds to the fund demander. In this case, P2P plays the role of fund transfer and risk intermediary.
For P2P platforms with direct financing, the borrower'sCredit data；As for the indirect financing P2P, because it plays the role of a small lending institution, it may even be associated withIllegal fund-raisingThere is only a thin line between them.
The contribution of the fund provider at this time is like providing a loan to a lending institution, so the credit level of the institution has to be considered.At this time, not only the credit data of the fund demander, i.e. the entity enterprise, but also the credit data of P2P companies are required.[7]
requirement analysis
Announce
edit
P2POnline loanOfDemand sideLook, forMarket supplyIn addition to P2P online lending, small loan companies andprivate lending Occupies an important position.Comparatively speaking, on the one hand, the cost of online loan operation is far lower than that of small loan companies; on the other hand, it provides convenience for groups unable to provide guarantees and mortgagesfinancing channel The most important thing is that P2P online lending has broken through the limitation of time and space with the help of the network, and has room for development in scaleMuch greater thanwithOwn capitalA small loan company that lends money.
Compared with traditional private lending, P2P online lending eliminates the embarrassment of borrowing from friends and relatives, and highly decentralized investment makes even ifcredit risksIt will not affect the lender too much.Because of theseComparative advantageP2P online lendingSegmentsIt has genes for growth, development and even growth.
For P2P online loanSupply sideAs a result, it provides the market with a flexible and independentInvestment modeAnd endow investors with higherIncome levelIn addition, the mature platform has a relatively complete risk assurance system, compared with the traditionalInvestment and FinancingChannel has its unique advantages.Because of this, the online loan model has attracted a lot of fundssustained developmentThe vitality of.
Because P2POnline loanTo a large extentPrivate financeAnd the domestic online loan market is not constrained by the system, which makes it ahead of the wholeFinancial systemImplementedInterest rate marketization, so the online loanYieldLevel can be observedPrivate creditMarket window.Further, with the online loan platform andregional financial institutionThe continuous promotion of cooperation and localization trend will make its function as a regional credit supply and demand observation window increasingly prominent.This can help us observe theeconomic activityProvide a new and feasible way.
Three risks
Announce
edit
First, poor managementAs a result, the revenue cannot cover the cost and the platform cannot survive, because P2P as a platform collects two pieces of revenue, one is based on a certain proportion of the revenue from transactions, and the other is the membership fee.P2P expenditure is a series of expenses required by the operating platform. If the transaction of the platform is not active, it is normal that the income cannot cover the income, but this risk is the operator's own risk, which theoretically will not affect the transaction subject.
The second one isTransaction mechanismThe investor's credit judgment is wrong due to the unreasonable design, resulting inbad debtThe design of transaction mechanism is the core of P2P. A good design of transaction system can avoid manyRisk pointAppears.
For example, through the authenticity review mechanism of the borrower, the time limit of the lending cycle,Transaction riskThe design of the compensation system, even the design of the interest system, as well as the centralized matching system, and other innovative designs of various systems, even in foreign countriesinterpersonal relationshipcredit system The quantitative design of is applied to the platform, so as to significantly reduce the emergence of bad debts in transactions. However, any transaction mechanism will have defects. It can only be developed and optimized in long-term practice. This is actually the risk that the investor should bear. The platform should also constantly optimize this design to achieve the core competitiveness of the platform.
The third point is actually a moral problemWhether the platform will use the loopholes designed by the transaction mechanism to conduct artificial loan fraud activities. Since the transaction data and credit review authority are in the hands of the platform, the investors can not effectively review these information, nor can they judge whether it is true or false. Then the position is very unfavorable, and it is easy for P2P to go astray.
A series of vicious events such as fraud are easy to occur.Especially in some centralized matchmakingtransaction modeThis is more likely to happen on the platform.along witheconomic formDeterioration, many do not havecredibilityP2P will continue to ferment in this respect, and there should still be bad things happening.
Development trend
Announce
edit
With the rise of Internet finance (ITFIN), innovative financing methods represented by P2P online loan mode have received extensive attention and recognition.P2P borrowers are individualsCredit borrowingsMainly, raise funds in the face of society.The corresponding P2P, the upgraded and evolved version of P2P online lending.P2C is still financing for the society, and the main borrowers are enterprises.P2C modeAnd its borrowers are stablecash flowAnd the source of repayment.Compared with individuals, the information of enterprises is easier to verify and the repayment source is more stable.
In 2012, P2P online lending was selected as one of the financial information service enterprises in the "2012 Top 100 Innovative Growth Enterprises in China".
Internet finance has just started, and the current fish and dragonMiscellanyThe situation of mixed good and bad will not last for a long time.The premise for the healthy development of P2P may be to experience some wind and rain, eliminate a number of poorly managed online loan companies, and even crack down on a number of groups that use P2P platforms for illegal and criminal activities.I believe that after the shuffle, some large and powerful online loan companies may merge some small and medium-sized online loan companies, and P2P companies focusing on platforms will introduce and cultivate a number of financial service institutions to cooperate, link the upstream and downstream of the online loan industry, optimize the industrial chain, and form a huge Internet financeIndustrial cluster。
Internet financialDevelopment trendIt is speculated that if the policy and legal environment does not deteriorate significantly, I predict that in another three to five years, China may grow into several giant online and offline P2P companies, which mayChain allianceAnd this roundFinancial reformCooperate with pilot areas andcapital marketCombined, further regional expansion and function optimization will be carried out after obtaining investment.
Due to the risk of current online lendingmanagement systemNot yet mature, the P2P industry is still too fragile, bad debt risk andPolicy riskIt has always been a P2P online loan enterpriseHeart disease。In July 2011, the hahadai website, which has accumulated 100000 registered users and claims to be "the most rigorous online lending platform in China", announced thatLack of fundsIt will be closed, and the CBRC immediately issued a warning of "seven risks", which once put the whole industry into a desperate situation.
However, it can be seen that e-commerce, P2P online lending platforms and banks are not completely competitive, but there are also greater opportunities for cooperation. They support and compete with each other in the delicate relationship of being friends and enemies.E-commerce enterprises, banks and P2P online loan platform enterprises may be excluded from the whole cooperation chain or eliminated from the competition.In this regard,AliThe position of credit is still hard to shake in the short term, and its greater risk comes from internal sourcesRisk Management , byExternal influencesSmaller.
On April 14, 2015, "grounding" became the key to the development of China's P2P platform.[8]
The essence of finance is to price risks.The failure of risk control is enough to cause the collapse of a large company, or even a chain reactionfinancial crisis。The P2P online loan platform Lirong.com has a great impact on China's rapidly growing large number of small and medium-sized enterprisesInternet finance company, formarket risk More sensitive.Slight negligence in risk control may cause the company toCapital chainAnd even lead toBankruptcy tide。
Three red lines
Announce
edit
Fund pool
P2P online lending platform
That is, some P2P online lending platforms design the borrowing demand intofinancial productsSell to lenders, or collect funds first, and then find the borrower, so that the lender's funds can enter the intermediate account of the platform to generateFund pool。[9]
Illegal fund-raising
Some P2P online lending platform operators failed to fulfill their obligation to verify the authenticity of the borrower's identity, failed to find out in time or even tacitly allowed the borrower to release a large number of false loan information (also known as loan subject) on the platform in the name of multiple false borrowersRaised funds。
Ponzi scheme
Some P2P online lending platform operators released false usurious loan targets to raise funds, and used the method of borrowing new loans to repay old loans in the early stagePonzi schemeMode or abscond after raising a large amount of funds in a short term.
Basic data
Announce
edit
On the basis of correct identity and account, another important data is education degree information, P2P online loan companiesLirong.comOfTarget customersBasically limited to having received a bachelor's degree or aboveAcademic educationThe reason for this limitation is recognitionsystem of educationThis group has relatively high repayment ability and has received basic credit education.
Preventing fraud
Announce
edit
With the prevalence of domestic peer-to-peer lending, more and more fraud agencies have also taken the opportunity to join in“Unsecured loan”In the name ofIDCan handle "and other tempting conditions to defraud those who need funds urgently.
Don't try to save time and convenience
Compared with mortgage loans, unsecured credit loans need more risks, so they also have more stringent review standards and application processes. Don't trust these seemingly simple processing conditions because you need funds urgently.You know,There is no such thing as a free lunch.Any lending of funds has a certain risk, so there is a corresponding riskcontrol measures ；
Apply in person
Any engaged inLoan service% of the companies have their fixed office space, and all of them need applicants to fill in the application face to face.Applicants can effectively assess the authenticity of the company by applying in person, which greatly reduces the possibility of being cheated.Even those who can't come in person have to see the relevant person in charge for interview, which strengthens the intuitive assessment of the authenticity of the loan provider, and also reduces thecredit risk；
Don't trust "pre loan expenses"
Formal loansservice companyThey will not charge pre loan fees, and the withholding of interest is also against relevant laws and regulations.Therefore, the direct or disguised "pre loan fees" are illegal, and the applicant has the right to refuse.
Of course, more preventive measures also need the applicant to clear his eyes, distinguish right from wrong, and not rush to use money because of urgent need, thus giving the fraudster an opportunity to take advantage of it.
Important events
Announce
edit
The Interim Measures for the Management of Business Activities of Online Lending Information Intermediaries (Draft for Comments) was released
The latest announcement on the Chinese government legal information website on December 28 shows that in order to regulate online lendingInformation intermediaryInstitutional business activities to promote the healthy development of the online lending industry and better meetSmall and micro enterprisesAnd individual investment and financing needs,CBRCJointly with the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Internet Information Office and other departments《Interim Measures for the Management of Business Activities of Online Lending Information Intermediaries (Draft for Comments)》, and solicited opinions from relevant departments. Now we are asking for public opinions. The deadline for feedback is January 27, 2016.[10]
On April 28, 2014, Baidu announced that it would start to comprehensively clean up non-performing P2POnline loanPlatform, for the P2P online loan platform promoted in Baidu, "all offline in the short term", the online time is not cleartimetable。It is reported that more than 800 P2P online loan platforms have been offline by Baidu. Baidu said that it will further strengthen its efforts in the future to expand the clean-up action to all search results.[11]
P2P (Peer to peer) platform has grown savagely,Risk eventThe frequent outbreaks hit the heart of investors.The news of the first P2P platform running away in Beijing shocked the entire P2P industry.not a fewindustry insidersIt is believed that the running away and frequent bankruptcy of the P2P industry will accelerate the industry to usher in a major reshuffle.[12]
Since the second half of the year, too many problems such as "running away", "bankruptcy", "difficulty in withdrawing cash" have flooded the entire P2P industry.according toOnline loan TianyanAccording to statistics, in May alone, there were eight platforms that ran away or were difficult to withdraw cash, three of which were in Shenzhen, and they all had a short opening time.According to anotherOnline loan homeThere are 45 P2P platforms running.It is worth noting that most of these 45 platforms have been online for a short time, not because of poor management or capital failure, but because they are a fraudOffice environmentAnd core teamPSPhotos after processing.[12]
Many insiders believe that the frequent occurrence of risk events in the P2P industry will not only accelerate the introduction of regulatory rules, but also speed up the industry reshuffle.The relevant person in charge of the online loan home also said that the P2P industry is very polarized. With the further clarification of the online loan policy, the barriers will be significantly increased, and the industry can also develop more standardized.[12]
