‘Too easy to borrow’: online loans thrive in China despite fintech scrutiny
‘Too easy to borrow’: online loans thrive in China despite fintech scrutiny
  • As Beijing’s tough stance on online credit persuaded Big Tech firms to scale back their services, smaller platforms have proliferated
  • Experts say online loans leave consumers vulnerable, as they can easily sign onto debt carrying high interest rates and unfair conditions
16 Jul 2022 - 10:16AM
Regulations on Big Tech companies have forced them to scale back fintech operations, but a growing number of smaller lending firms are feeding Chinese consumers’ appetite for borrowing. Illustration: Perry Tse
Financial regulation
‘Too easy to borrow’: online loans thrive in China despite fintech scrutiny
16 Jul 2022 - 10:16AM
  • As Beijing’s tough stance on online credit persuaded Big Tech firms to scale back their services, smaller platforms have proliferated
  • Experts say online loans leave consumers vulnerable, as they can easily sign onto debt carrying high interest rates and unfair conditions
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