The annual interest rate exceeds 200%
Recently, the number of complaints about a product called "New Orange Premium" has surged. As of June 1 1, the number of complaints on the platform reached 1497, and the complaint resolution rate was 38.68%. Complaints mainly focus on "usury, beheading, bundling, and deduction of insurance premiums". From the feedback of users, in addition to the actual repayment interest higher than the interest displayed on the App page, New Orange Insurance also charges beheading interest in the name of insurance fees. The borrower's comprehensive annualized interest rate far exceeds the regulatory red line.
On the surface, if the interest rate is estimated according to the above trial calculation, the annual interest rate of the platform calculated by IRR formula is 33.96%. But the fact seems to be not that simple.
June 1 1 is the third repayment date of Anping's loan to New Orange Premium. Even if it is the last repayment, Anping is still unwilling.
"The first two issues have been repaid on time. Recently, I read some complaint posts and calculated my interest. I feel that I have been pitted a lot. " Today's Anping is hovering between repayment and refusal.
(Borrower Ma Qiang Collection Details)
Or is the premium cut off?
With such a high loan interest rate, how can New Orange Premium avoid regulatory risks? What is the cost of deducting this hundred yuan from the borrower's amount? Where does it lead?
(Debtor Anping Deduction Details)
It is worth mentioning that another key to prove the dispute between the borrower and the platform is that the loan contract was "hidden" after the borrower successfully paid. "Something as important as a loan contract can't be found if you want to consult after the loan is finished." On June 10, the day before the loan was due, when he asked the customer service about the latest time of the loan contract, the customer service replied that the loan contract would be sent to his mailbox within 7- 15 working days.
The risk of "mutation" needs to be vigilant.
It is understood that the new orange premium product is upgraded from the new orange in stages. As mentioned in the introduction of New Orange Premium App, New Orange Premium is jointly operated by Jinzhong Longxin Internet Microfinance Company and Liu Xin Big Data Technology Company, and is positioned as an Internet technology platform focusing on consumption staging and insurance staging.
According to the consulting data, the intellectual property rights of New Orange Premium are owned by Liu Xin Big Data Technology (Suzhou) Co., Ltd. (hereinafter referred to as "Liu Xin Big Data"), and Liu Xin Big Data received Series A financing at 20 18+0.2 billion yuan, which was jointly invested by Softbank China Capital, PICC Venture Capital, Qihoo 360 and other institutions. Shareholders of the six big data include Shanghai Weijie Internet Financial Information Service Co., Ltd., Sheng Jun Industrial Group Co., Ltd., Youngor Investment Co., Ltd., PICC (Zhou Su) Technology Insurance Venture Capital Enterprise, and Gongqingcheng Cai Zhong Qihoo Financial Control Phase II Internet Industry Investment Center.
It is worth mentioning that Liu Xin Big Data has a wholly-owned subsidiary named Liu Xin Insurance Agency (Zhou Su) Co., Ltd., formerly known as Qianhai Liu Xin Big Data Insurance Agency (Zhou Su) Co., Ltd.. This company is probably the insurance agency that collects the borrower's premium mentioned by the customer service before.
Chen Jianing pointed out that the essence of finance is risk pricing, and high interest rate is determined by the qualifications and risks of borrowers. Lending needs to cover the corresponding credit risk with higher interest rate. There are two red lines of annualized loan interest rate of 24% and 36% in law for reference.
According to "Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases", the interest rate agreed by both lenders and borrowers shall not exceed 24% of the annual interest rate. If the lender requests the borrower to pay interest at the agreed interest rate, the people's court shall support it. The interest rate agreed between the borrower and the borrower exceeds the annual interest rate of 36%, and the interest agreement in excess is invalid. The people's court shall support the borrower's request to the lender to return the interest paid in excess of 36% per annum.
From the dispute between the new orange premium and the borrower, it can be found that the platform is still suspected of evading supervision after deducting the premium from the next payment. In March this year, China Internet Finance Association issued the Notice on Self-inspection and Rectification of High-interest Cash Loans and other businesses to relevant member units, and also explicitly required member institutions and their cooperative institutions to carry out marketing and publicity activities in accordance with laws and regulations, and not to provide loan matching business that violates the Supreme People's Court's Regulations on Private Lending Interest Rate, and not to charge beheading interest directly or in disguise by deducting interest, handling fees and management fees. From the loan principal.
In fact, the "emergency" needs of all kinds of borrowers have made the cash loan platform have great room for development. But it is precisely because of the risk pricing problem that the platform side also needs to bear a lot of costs. In order to seek more benefits, it has also become one of the reasons why small short-term cash loan products have repeatedly broken through the regulatory red line. Under the contradiction between interest rate and comprehensive capital cost, how to explore the loan interest rate suitable for short-term small cash loans on demand and break through various "management fees" is also a problem that supervision needs to pay attention to. Chen Jianing also suggested that the supervision of cash loans can take the form of licensing, product reporting and regular reporting of transactions.
In addition, for borrowers, without carefully checking the loan contract, they rashly applied for the next payment, which laid a hidden danger for many borrowers' loan process. In order to avoid falling into unnecessary disputes, borrowers should not only carefully understand the loan contract, but also establish a correct concept of consumption and rationally borrow on the formal platform according to their own solvency.
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