Cai Kailong: Why are there such a lot of super loan phenomena after more than a year after the strict supervision of cash loans?The root cause is that the huge and non -credit -free people's short -term borrowing demand cannot be met in the regular market, and is forced to seek illegal underground finance.
On the evening of March 15th, CCTV 3BULL; 15 evenings exposed the 714 high gun illegal online loan scam.The so -called 714 refers to those high -interest network loans with a period of 7 or 14 days, and the hetermonistic cannon refers to the addition of high cutting interest and overdue costs. Its comprehensive annual interest rate is as high as 1000%.
According to CCTV reports, when a lady named Dong had a short -term funding problem in the store, she received a call from a sales loan.The other party said that on their APP platform loans, the interest rate was only 0.6%per month. Ms. Dong was deceived to borrow 7,000 yuan on multiple platforms, but the actual account was 30%.Deduled.With 7 days of arrival, several borrowings were not yet on, and Ms. Dong and her relatives and friends kept receiving various insulting collection calls.Ms. Dong reluctantly went to other platforms to repay the borrowing, and finally formed a vicious cycle. After three months, the debt was as high as 500,000 yuan.CCTV also listed more than 20 similar 714 high gun platforms.
Is it a cash loan that was strictly regulated to return the soul to the corpse loan?
The definition of a broad cash loan is: short -term small amounts of cash borrowings with no credit and no scenarios.According to the comprehensive annualized interest rates, the general cash loan can be divided into: cash loans in a relatively reasonable interest rate, high interest rates with several times of interest rates and high interest rates with high interest rates.
From the CCTV report, it can be seen that the 714 high gun is essentially a super loan that is more terrible than usury loans, which is one of the broad cash loans.
The ups and downs of cash loan
Cash loans have gone through a dramatic development history in China.
The term cash loan began on February 15, 2015, and Tencent began a trial operation mobile QQ cash loan.At that time, cash loans began to be popular in the form of campus loans. Loan loans were a special group that was not deeply involved in the world and has no economic foundation.
In just two years from 2015 to 2016, campus loans have developed rapidly.Many campus loans use the weaknesses of students to induce students to lend too much, high interest rates, and illegal collection methods such as violent threats, which has caused bad social impact.On August 24, 2016, the CBRC issued a post to rectify campus loans.The campus loan industry withdraws from the campus market and partial transformation has entered cash loan.
With the rapid development of China's consumer market, with the popularity of mobile internet, mobile payment, and big data risk control, cash loans have begun to take shape at this time, becoming a mouth -watering big cake.At the peak of the industry in 2017, the scale of cash loans reached trillion yuan.According to statistics, there are more than 3,000 cash loan practitioners on the market.In addition to the operators who have transformed from campus loans, P2P, online small loans, e -commerce, Internet companies, and consumer finance companies flock to this market.
During the rapid development of cash loans, the disadvantages that had been presented in campus loans were exposed again: inducing non -aligned investors, ultra -high interest rates, multi -borrowing, illegal violence collection and other issues were still serious, and it attracted the attention of regulatory authorities.On April 10, 2017, the CBRC issued the guidance of banking risk prevention and control, including a cash loan specifically for cash loans, requiring the cleanup and rectification of cash loan business activities.This is the first time that cash loans have appeared in the official public document of the regulatory authorities, marking that cash loans have become the focus of regulatory authorities.
On April 17, 2017, the Office of the Leading Group of the P2P network lending risk special rectification work issued a notice on the clean -up and rectification of cash loan business activities, and began to conduct investigation of cash loan platforms in various regions.
On October 18, 2017, the fun shop from campus loans to cash loans was listed in the United States, with a market value of $ 11.512 billion.The high -profile listing of Qudian has triggered the attention and discussion of cash loans in the whole society.
On December 1, 2017, the Office of the Leading Group of the Internet Financial Risk Special Remediation Works and P2P online loan risk special rectification work office jointly issued a notice on regulating the cash loan business, excessive borrowing, repeated credit, improperly granted credit, improperly borrowed cash loan,Outstanding issues such as collection, high interest rates, and infringing personal privacy are carried out to carry out strict regulatory rectification plans.
In 2018, with the heavy punch of the supervision, strict control from the legal interest rate limit, the source of funds and the industry access license plate, the cash loan industry fell into the trough.
714 high gun exposure, super profit shadow surging
However, CCTV's 3BULL this year; the 15 evening reports on the 714 high gun reported on the cash loan surface to calm down the dark and turbulent super -profit market.This cannot help but reflect: Why are there such a lot of daring super loan phenomena after more than a year of rectification of cash loans for more than a year?
The root cause is that the huge non -credit -free people's short -term borrowing demand cannot be met in the regular market and has to seek illegal underground finance.
In cash loans, there are about 200 million users at the highest. It is characterized by young, low income, low income, poor credit or credit, and no fixed assets.The short -term capital needs of these users have continued to exist for a long time.To solve the financial needs of such people and the goal of fintech development, it is also an important symbol of inclusive finance.
However, in accordance with the existing regulatory regulations, cash loan enterprises can only give up most of the markets with tears, and super -profit loan wait for opportunities.
36%of the annualized interest rate is a hurdle that cannot go through.
As we all know, due to the small amount and short cycle of cash loans, there is no asset guarantee. Its characteristics determine any cash loan that maintains normal business operations, and it will look very high when it is transformed into an annualized interest rate.For a simple example, the user borrows 2,000 yuan in cash, the cycle is 14 days, and the repayment principal is 2057 yuan.The interest of 57 yuan can bear the borrowing users. If you borrow it with acquaintances, you will have more than 57 yuan for dinner.For cash loan companies, 57 yuan is not high, because interest is all the income of the transaction. In deducting capital costs, customer acquisition costs, operating costs, bad debt, and technical costs, there are few.This kind of reasonable market behavior that seems to seem to borrow and loan, when you are willing to love my willingness, when the annualized comprehensive interest rate reflected in the interest of 57 yuan, it becomes a very high 100%, far exceeding the 36%limit, and the regulator is a regulator.Strictly prohibited.
Among the more than 3,000 cash loan companies, in addition to the only companies that rely on large traffic such as Tencent and Ali, they can pick extremely high -quality customers among 200 million users.Outside of survival, other cash loan companies must transform.More than a dozen cash loan companies with technology and operational strength have joined the consumer financial market and development in the sea.Most of the remaining companies, in addition to some of them completely withdrawn from the market, are transferred to underground finance.Enterprises that are not regulated cannot be regulated, and there are a lot of demand in the market that cannot be met by compliant financial companies. Therefore, these companies have taken risks and make illegal routine loans, usury and super loans.
Since they are no longer compliant, they are even more unscrupulous.Illegal violence collection and so on.
In order to cope with the banning of the management department, illegal underground finance has no legal registration. There are no places, and a shot is shot to change a place, just like CCTV 3bull; 15 Reports of a super -profit lending practitioner said: "Play for three months, after three months, after three months, you can finish playing in three months.After that, change another (APP), make another 10 million yuan, and play for another three months.These behaviors have become stubbornness of the market, and they are repeatedly banned.Many vulnerable groups and families have become victims of illegal underground finance, and tragedy has been staged.
Supervision needs reflection and reference
In 2017, when the cash loan supervision was discussed fiercely from all walks of life, the author shouted loudly in the financial media: to negate cash loans with high interest rates, and the final ending was: the people, cash loans, and regulatory three parties are losers, and usury loans will break the sky.Supervisory this move.Unfortunately, today's facts prove that this is not alarmist.The way of supervision for cash loans is not in line with market laws.Companies under market operations cannot meet the short -term borrowing needs of most people under 36%of the annual interest rates under compliance.Instead, loan, usury, and even super -profit loan are popular.
The demand for cash loans has been in ancient times, and its naturalness has two sides: it has both financial plunder and inclusive financialism.In all countries in the world, the supervision of cash loans is a problem, especially the control of its interest rates is full of controversy.
As the most developed country in the United States, there are also hundreds of billions of dollars in cash loan markets. Instructions have been introduced in early supervision, and the highest interest rate is 36%(FDIC 2007).In 2010, Dord-Frank Wall Street Reform and Consumer Protection Law authorized the US Financial Consumer Protection Agency (CFPB) to manage cash loans.In October 2017, the agency issued a cash loan management measures and did not take a 36%interest rate limit, because according to the agency's survey, the general interest rate of the cash loan market reached 100-200%.However, this management method has special regulations for loans higher than 36%of the annualized interest rate: the borrower must be informed before the borrowing of the institution deduction, and there is a limited number of deductions.
Britain issued cash loan management regulations by the Financial Conduct Authority (FCA) in 2014 to limit interest rates to 0.8%daily, that is, within 300%.
There are many discussions on the management and interest rates of academic circles in the end.Rober Shiller, the winner of the Nobel Prize in Economics, advocates in its famous book finance and good society: the essence of finance is to make people's lives better.Wu Xiaoling, Dean of the School of Finance, Tsinghua Wudaokou Financial and the former vice president of the People's Bank of China, said: For low -income people, there is opportunities for financing, which is far more important than financing prices.Since cash loans have opportunities to help low -income people get financing opportunities to improve their lives, it should be managed by reasonable methods.Professor Robert Mayer, who specializes in cash loan, has a sentence in his research on cash loan academic papers: the number of interest rates is not a problem, but whether there is an act of whether the interest rate is too high from whether it has caused customers to fall into long -term liabilities.The interest rate summary of cash loans is very incisive and worth thinking about.
The author used to be drunk in gardening, knowing that the most difficult to manage the lawn is to fight with weeds.Weeds have a strong life. As long as the management is slightly bad, accidentally invaded by weeds, the entire beautiful lawn will be overgrown with weeds.The best way is to plant the excellent grass species carefully selected, drought -resistant, insect -resistant, and stamped at the beginning, allowing them to thrive and squeeze the weed space, so that there is no chance of development.
Managing the lawn must make good use of the power of nature and allow good grass to expel weeds; regulatory cash loans can also use the power of the market to squeeze the space for compliant cash loans to squeeze the space of 714 high guns.
The regulators cannot just stare at the plundering side of cash loan, but also see the other side of its financial inclusiveness.In terms of interest rate control, it should be elastic and pragmatic, set a reasonable interest rate limit, and appropriately relax the source of funds, encourage the application of legal licenses, let the cash loan sunny legalization, and make compliance cash loan companies develop vigorously.In this way, the weeds such as 714 high guns naturally have no place in the neat and beautiful lawn.
Isn't the supervision of cash loan, why is it not the supervision of P2P and other fintech?
(Author is a financial commentator, senior researcher at the Institute of Fintech Research Institute of Renmin University of China. This article only represents the author's point of view. Editor -in -chief email: [email protected])
