Aug
28
China’s Murky World Where E-Commerce Meets Student Lending
By-
Borrowing to buy phones is leading to high personal debt
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Applicants don’t need credit history or parental approval
Across college campuses in China, a small army of marketers is recruiting students to borrow money at interest rates many times that charged by the nation’s banks.
Those without a credit history or parental approval can borrow money to buy a smartphone, pay for holidays, or get the latest sneakers through a raft of apps such as Fenqile. The market leader, whose name literally means Happy Installment Payments, has 50,000 part-time marketers across more than 3,000 universities and proudly touts the slogan “Wait no more; love what I love.”…
China’s Murky World Where E-Commerce Meets Student Lending
