The end of the universe is Tieling, and the end of the Internet is loans

Einstein said: "A person's value to society first depends on his feelings, thoughts and actions, and how much effect he plays in enhancing the interests of mankind."

In this Internet age, the value of major apps to people is likely to have their own understanding-a person's value depends on his spending power, purchase frequency, willingness to pay, and how much money he can borrow in our app.

The above content may be ridicule and teasing, but it also tells us that the current app is different. In addition to providing inherent services, we can see Internet loan information and portals in every app that has nothing to do with finance, and borrow hundreds of thousands of cash "emergency" from them.

▲ Baidu Maps and Didi Taxi have nothing to do with finance, but they can borrow money

These apps also have loans? I can easily borrow 30W

The cause of the incident was that I saw a loan entry in a common map application. To be honest, I didn't want to understand the functional logic and usage scenarios of this product. Is this because someone is worried about an accidental car accident while navigating with a map app, and is eager to borrow money from the nearest app to pay for medical expenses?

With this confusion, I looked at other apps. I really don't know it. I was shocked. More than half of the well-known apps on my mobile phone are doing online lending, and the online lending promotion they wrote is very beautiful. The platform's lending projects are diverse, some are for their own business, some are for other platforms, and some are cooperating with banks to launch "XX cards".

▲ From this point of view, the loan interface of Tencent Video, Mango TV, and iQiyi shows that Youku, which has no loan business, has indeed fallen behind

Most of these services require users to take photos of their ID cards and authenticate their faces before they can obtain credits. However, because I was also afraid of "being loaned" and important privacy issues, I did not complete the steps after submitting the ID photo, so the amount obtained was not accurate.

But judging from the borrowing apps diverted by these 20 platforms, I can borrow at least 195,432 yuan from the platform on the Internet (definite amount). Excluding the platforms for which the quota has been determined, if each of the remaining platforms is willing to lend me the amount they advertised, I can borrow 2,992,520 yuan. Even if those platforms are only willing to lend me 5% of the amount advertised, I can easily borrow 30W with my mobile phone number and ID card.

Starting from 20W and the upper limit is 300W, when Hansawa Naoki's father's company went bankrupt because he couldn't get the loan, he would have never imagined that it would be so easy to borrow money from China across the ocean. From office applications to photo editing applications, from community applications to map applications, they are all pushing loans for you.

Next, please take a look at the specific situation of these 20 apps to drain online loans according to the form I made.

▲ There are 20 apps in my phone that are pushing me online loans

Of course, in addition to these applications with lending services, I still found that many applications have not yet connected to online lending. These apps are also referred to by me as the "Unoccupied Legion". They are Bilibili, Youku, Douban, Pinduoduo, Zhihu, Feizhu, Taobao, Xianyu, Qingyan Camera, Gaode Map, Microvision, Xiami Music, Box Ma, Netease carefully selected, Lianjia, now…

As for the several borrowing platforms that used diversion, it is worth talking about.

The first one is hungry, it makes me vaguely see someone who is crazy and poor. Not only did it promote the "Hungry Money" service provided by Shanghai Huarui Bank on the "My" page, it also promoted 8 lending platforms in "More Third-Party Loan Products". It's so "caring" that you can borrow a lot of money in one stop.

▲ Are you hungry "Lending Legion"

It is worth mentioning that Ele.me did not promote Alipay's lending and online business loan services, and many of Ali's apps did not promote its own loan business. But Baidu is very concerted on this matter. The three Baidu apps in my mobile phone are all promoting the money.

There are also three platforms that need to put forward "key recognition", they are very motivated in business development. Two hours after I checked the Weibo loan limit, I successfully received a call to borrow money from Weibo. The customer service told me that I have a good reputation among those who applied for the quota today. As long as the real-name identity verification is completed within today, I can lend me 3-5W.

▲ Borrowing money on Weibo is "proactive", opening up the market and keeping up with hot spots

Similar to using the phone to encourage me to borrow more is "Meituan Living Expenses·Borrow Money", I received a call 2 days after checking the quota.

Although the 360 ​​IOU did not call me, it sent me a total of 5 text messages to promote it within three days of checking the quota. It can be said to be very dedicated.

▲ 360's SMS recall

Because I make money, I do everything. Internet loans are "dancing" on the red line

If it is just to promote loan platforms, this is actually no problem. After all, some users do have a demand for these services, as long as they do not violate regulations and laws. But what if these platform businesses violate laws and regulations?

A user Douding who has borrowed money on 13 online loan platforms told me that only a few of these online loans are legal and compliant, and most of them are actually usury. "Only the big platforms like Bibai and Weiweidai are in compliance with the regulations. Other platforms, with 30%+ interest rates, are almost everywhere. Because the profits are too high, so many platforms are doing it."

Douding said that although each platform will advertise that it has a low interest rate, in the actual use of the repayment process, only a few platform interest rates are consistent with the publicity. For example, the lowest 7.3% interest rate "as low as RMB 0.2" advertised by most platforms at the top of the table is an interest rate that is basically impossible in application.

Some are the different repayments in each period, so you don’t know how much you repay. The first three periods are considered as a proper loan shark, and the latter three periods are considered as a reincarnated bodhisattva without making money.

Some actually borrowed so much money, but a lot of other fees are added to the contract, and the final payment you have to pay is much more than the principal you received.

Some are actually less, because he deducts the service fee, handling fee and other listed expenses before giving it to you.

▲ The contract information provided by Douding does not match the actual loan amount and the total loan amount

Take the example of borrowing money on Weibo, which actively promotes its business. Zhihu user @Mnnnn said that his contract stipulates an annualized interest rate of 9.5%, but the actual amount of money borrowed from Weibo is 24%. Under the question of the same person "Is it reliable to borrow money on Weibo?", someone pointed out that the interest rate he used to borrow money on Weibo was 35.99%.

On Weibo, we also saw a user who borrowed RMB 46,500 and repaid RMB 4,671.49 per instalment. Based on the IRR calculation method of equal principal and interest, we calculated the interest rate to be 36%.

▲ Personal experience of Weibo users, we use the XIRR calculator to calculate the annualized rate of 42.63%

It is worth mentioning that on August 20, 2020, the Supreme People’s Court issued the newly revised "Regulations of the Supreme People’s Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases", in which the upper limit of judicial protection for the determination of private lending rates is 15.4% . The 2017 Supreme Law imposes an upper limit on interest rates of 24% for financial institutions, and does not support the portion of 24% to 36%.

From this perspective, online lending platforms such as Weibo Borrowing, Meituan, Borbai, Duxiaoman, Yipay, Suning, 360, Gome eCard, and Dishuidai have all exceeded the 15.4% interest rate of private lending. As a licensed financial institution, although some platforms are compliant with interest rates, some are not subject to judicial protection. After not being protected by justice, some platforms will also "protect" themselves, such as calling family and friends according to the address book, and collecting collections by telephone.

Douding told us that most large companies like Ali, Tencent, Meituan, and Baidu cherish feathers, and their interest rates are not too out of the ordinary with other products on the market. After using the XIRR function to calculate the loan on an online lending platform she used, the annualized rate of return can even reach 94%.

The high interest rates also make these companies eye-catching. Those who have business focused on pushing their own platform online loans, and those without business can make a lot of money by doing promotion commissions. Who cares whether the business is compliant and whether the service is positive? Who cares whether consumers feel that what they see on a formal platform must be a formal service and borrow money without hesitation? Perhaps they also feel that they have really lowered the threshold for borrowing, saving others from the embarrassment of borrowing money.

Even if you don't do it yourself, they can help you do it. Recently, Meituan users were completely unknowingly opened by Meituan Waimai and Meituan Maicai respectively for financial services named "Meituan Monthly Payment", and were sent to the credit list for unknowingly overdue loans. As an ordinary consumer, you don't seem to know where the boundaries of the platform are.

One of the great advantages of the Internet is that it lowers the threshold for users' use and service, but for services like loans, the threshold should not have been too low. When anyone can easily borrow hundreds of thousands from the Internet, can they really be able to repay the money?

▲ Picture from: Mathieu Stern on Unsplash

From the perspective of these platforms, they may be just an entrance to traffic. Users who really want to borrow will download a separate app for business processing after having similar needs. They are only recommendations, not services, but product liability may be difficult to easily offset through "this service is provided by a third-party platform".

All platforms want to make money, but making money does not mean that everything can be traded or discarded easily. Algorithms may not have values, but people who make product decisions have principles.

The platform may think that it is safe to only recommend and not serve the self, and it is difficult to burn yourself. But it's hard to burn, but it doesn't mean it won't burn. Who can control the direction of the fire after the fire is strong?

The title picture comes from "Hansawa Naoki 2"

Not too interesting, not too optimistic.

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