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Recently, there was a news that shocked the society, that is, a college student committed suicide by jumping off a building because he was unable to repay his debts. Therefore, Bian Xiao analyzed the case of college students' campus loans. For the analysis of such cases, friends who want to know must look at the articles carefully prepared by Bian Xiao for you. This paper takes college students' campus loan as a case, which is shared and provided by the management data download station.
A Case Study of Campus Loan Locking in College Students
Not long ago, a college student in Zhengzhou, Henan Province committed suicide by jumping off a building because he was unable to repay hundreds of thousands of online loans. This is an extreme case of campus online loan. Behind the tragedy, the crazy campus "online loan" has been pushed to the cusp of public opinion. Starting from 20 14, the huge group of college students' online loans began to "scramble for land" and "XX loans" sprang up like mushrooms after rain. Nowadays, how hot is campus online lending? How will the students spend the borrowed money? Are there any omissions in the audit of different loan platforms? It is said that "the monthly interest rate is as low as 0.99%, and the maximum loan is 50,000, which can be repaid in 5 seconds". Is it really such a "low interest rate" with no threshold? In this regard, the Beijing Youth Daily reporter launched an investigation.
Phenomenon: The number of applicants for individual campus loan platforms has exceeded 750,000, and most of them come from three colleges and higher vocational colleges.
Fang Ming (pseudonym) is a junior in a famous engineering college. He is usually fascinated by electronic products. In June last year, he started personal loan payment business on a famous e-commerce platform, and there were two online loans for college students, totaling 25,000 yuan. When he graduated, Fang Ming "bought" an Apple mobile phone and a notebook computer, and he became a "moonlight family". "You need to repay 1.370 yuan every month, and the living allowance issued by the school is 1.500 yuan, which is basically only enough for installment. It's not appropriate to find your parents after graduation. Find a part-time job. " Fang Ming laughed at himself: "If you buy again, you have to pick your hand!"
Many students interviewed at random admitted that there were students who used "online loans" around them, "as if they became popular unconsciously at some time". The reporter of Beiqing Daily searched the official website page of the famous school loan platform. The number of applicants for the platform has exceeded 750,000, and it is reported that students from a certain school have applied for loans, with loan amounts ranging from 1 1,000 yuan to 20,000 yuan. The reporter of Beiqing Daily also noticed that most of the rolling colleges are three local colleges and higher vocational colleges.
Highly educated people, strong demand for consumption and entertainment, and strong willingness to consume credit have all become the reasons why many Internet finance companies aim at the "big cake" of the university market. Tan Wei (a pseudonym), a junior, is also a frequent visitor to "campus online loan", but unlike Fang Ming's "electronic product talent", "I seek platform loan mainly for the capital turnover of starting a business. Generally, boys borrow money to buy digital products, while girls prefer to buy cosmetics and travel. We don't spend tens of thousands of dollars on starting a business. It is definitely impossible to get a loan from the bank. These platforms are used in emergencies. I borrowed 1.9 million at one time. Fortunately, our partners are not too worried about funding. This money is a piece of cake. "
In 20 15, the Credit Management Research Center of Renmin University of China conducted a survey of nearly 50,000 college students in 252 universities across the country, and wrote a survey report on the credit cognition of college students in China. According to the survey, 8.77% of college students will use loans to obtain funds when they make up for the lack of funds, of which online loans account for almost half. According to the reporter of Beiqing Daily, there are roughly three kinds of online loan channels for students: one is a simple P2P loan platform, such as a famous school loan and a loan from me; Second, students shop by stages, such as interesting stages; The third is the credit business provided by e-commerce platforms such as JD.COM and Taobao.
survey
The reporter of Beiqing Daily conducted an investigation on how to operate the increasingly out-of-control campus loan platform and lock college students step by step.
The first step: the financial platform recruits student cadres to push and pull students to install 5000 yuan per month.
How are these campus loans blooming everywhere promoted?
"My classmates are my customers." Wang An (pseudonym), a student studying in a university in Beijing, has always been a cadre of the College Student Union. Last year, he became a campus agent for Internet finance companies to lend money and joined the "QR code" sales team. "In the next semester last year, the company held a campus push to improve the installed capacity of APP, which was also the most profitable time to engage in this part-time job. "
Wang An said that the company requires users to fill in their names, mobile phones and ID numbers after downloading the APP. If users choose to bind bank cards, they can get 40 yuan's commission for each order. If they choose to leave photos without binding cards, they can get a commission from 30 yuan for each order. "These incomes can be settled by the day. There are classmates around who earn 5000 a day. In order to make more money, we also went to the dormitory to' brush the building', tied classmates and friends, encouraged everyone to borrow money, and made a commission on the loan list, except for installation. "
Step 2: You don't need a video online sign, and some online loans can be processed only with a student ID card.
According to previous media reports, Henan college students fabricated excuses to obtain personal information and family information of nearly 30 students in their classes, and successfully obtained loans from multiple platforms. The one with the largest debt reached 1 1 ten thousand yuan. The roommate of the deceased said that many online IOUs related to him were not signed and photographed by him, but they were finally accepted successfully. Today, advertisements such as "the fastest 3-minute audit, the next day loan" and "just provide student ID card" are still overwhelming on the campus network platform.
A technician of the campus loan platform told the reporter of Beiqing Daily, "Not all my loans can be passed, and the risk control of this platform is not strict. As far as I know, some companies with poor technology and weak strength do not need video online signing and face recognition technology, which can easily lead to audit problems, and the identity information of customers is fraudulently used by others. "
The reporter of Beiqing Daily tried to borrow money from another campus P2P platform APP. When filling in the loan qualification, in addition to filling in information including personal student status, contact numbers of family and friends, and uploading photos of ID cards and student ID cards online, the platform can complete the loan process without offline and video review. "Some companies will take the initiative to release water in order to attract customers." The technician added, "Last year, when the market expanded rapidly, some companies lent more than 23 billion yuan a month." Mixed competition in the same industry has intensified. In order to expand business and lower the application threshold, some platforms are not strict in auditing, so that students' personal information is fraudulently used.
In the interview, there are also loan platforms that mainly rely on online channels to complete credit. After filling in a number of personal information materials, they mainly confirm the information through remote video and other channels. Even so, there have been cases where platform auditors colluded with borrowers and fraudulently used other people's information to defraud loans. "Pure online business is not particularly easy to do, nor is it safe. Large companies usually emphasize strict audit, and it is recommended that you do what you can and borrow less. This is responsible for customers and for the company. " A practitioner who asked not to be named said frankly.
The third step: encourage college students to borrow money to spend, and even promote the college students' installment shopping festival.
So, what do college students do with the money borrowed from these platforms? The reporter of Beiqing Daily downloaded the APP of a campus online loan platform. When applying for a loan, the system will automatically display the loan purpose options: consumption shopping, emergency turnover, training assistance, tourism, micro-entrepreneurship, employment preparation, etc. On the computer official website, the amount and reasons of some newly successful student loans were disclosed: "Borrow 6,800 yuan for 24 issues, buy 60,000 yuan for my girlfriend for 36 issues, and start my own business after graduation".
Henan college students who committed suicide because they owed online loans were later confirmed by the media that the reason why they owed more than 600,000 yuan was because students borrowed online loans to gamble. According to public information, all kinds of loan demand platforms for students have been met. So, will the platform track the flow of funds after borrowing? The reporter of Beiqing Daily dialed the phone number of the customer service of the platform with questions. The staff said, "Where did the money go? We have no way to monitor and verify it. What do you fill in the system options? We will default to this. "
Several follow-up college students said that online loan users borrowed money mostly for entertainment consumption, such as traveling, buying big items, cosmetics and clothes. In the staging website "Staging Music" commonly used by college students, this website not only lists a wide variety of goods, but also plays the attractive word "interest-free, straight down 500 million". According to the website, on September 1 2065438, an activity marketing column was launched, and the "First National College Students' Shopping Festival by Stages" was launched. 2 1 hour, the order amount exceeded 1 billion yuan. In addition, the website has specially opened up the installment payment of popular end-game coupons, and the page shows that the full-reduced electronic coupons snapped up in a limited time were robbed on the same day.
Memory: The once-popular college students' credit cards were "stopped"
"Iron camp, mobile soldiers", this sentence describes the campus credit market more appropriately. In September 2004, Jin Chengxin and Guangdong Development Bank jointly issued the first "University Student Credit Card". Since then, ICBC, China Construction Bank, China Merchants Bank and CITIC Industrial Bank have followed suit, and the credit card market for college students was once hot. In the meantime, many students "impulsively" spend money by swiping their cards, and accidentally become "card slaves". Some students even pay back their cards by applying for student loans. It is precisely because college students have no fixed jobs and stable sources of income that they become the "high-risk group" of campus credit card business.
In 2009, CBRC issued a document prohibiting banks from issuing credit cards to students under 18 years old, and issuing credit cards to students over 18 years old requires parents' written consent and other secondary repayment sources. Since then, many banks, including China Merchants Bank and Xingye, have stopped the credit card business for college students, and other banks have also raised the threshold for handling credit cards for college students.
Core: the monthly interest rate is 0.99%, and the actual annual interest rate is above 20%.
According to media reports, "online lending platforms often attract students with lower installment interest rates, and the monthly interest rate is generally between 0.99% and 2.38%", but the actual online lending is not the advertised "low interest rate". In the interview, Fang Ming, a college student, claimed to carefully compare a variety of online loan products, and finally chose the online loan platform with the lowest monthly interest rate of 0.99% for loans. "Through this company, I borrowed 10000 and repaid it in installments of 12, because the platform deducted the consulting fee of 2000, and finally paid back 8000. At that time, the customer service said that if it was not overdue, this 2000 yuan would be given. However, I was deducted 2000 yuan, and I feel very uneconomical! "
According to Fang Ming, the reporter of Beiqing Daily made an accounting through the repayment calculator of the platform. The calculation results show that the monthly principal and interest is 932.33 yuan, the term is 12, and the monthly interest is 0.99%. The calculator also shows the monthly repayment schedule. Subsequently, the reporter of Beiqing Daily asked the staff engaged in financial work for a screenshot of the settlement result. Many financial personnel said, "the monthly principal and interest is 932.33 yuan, and then compare the repayment table, as if this is the usual repayment method of equal principal and interest, but the monthly principal is gradually reduced for equal principal and interest repayment, but this table is actually equal. Platform algorithm, in fact, is not the standard equal repayment of principal and interest, and the monthly interest is calculated according to the principal 10000 yuan. According to the correct formula, judging from the monthly principal and interest of 932.33 yuan, the actual annual interest rate of this loan exceeds 20%, and the monthly interest rate is 1.77%, far exceeding the claimed 0.99%. "
How did you get this 0.99% monthly interest? What's the secret from a financial point of view? The financial staff further explained: "Divide 932.33× 12- 10000 by 12 to get 0.99% data, but this 0.99% has nothing to do with the interest generated by actual repayment, but ordinary people can't find the mystery. To put it bluntly, this is also a marketing trick of scam outsiders, which can be said to be the rule of this industry. "
In response to the 2,000 yuan consulting fee for this loan, several financial personnel said that if it is overdue, this 2,000 yuan consulting fee will not be recovered. A year later, you borrowed 8,000 yuan, and the final repayment reached11/87 yuan. This is actually more than 30% annualized. "This 2,000 yuan, the annual interest rate of the loan is particularly large, which means that you didn't spend this 2,000 yuan, but you have been bearing the interest of this 2,000 yuan."
On Zhihu's website, many financial college students anonymously broke the news that there was something fishy about the interest rate of the loan platform. The IRR function in Excel can be used to calculate that the annual interest rate exceeds 20%. "Remind everyone not to forget that consulting fees are hidden."
Consequence: Students with difficulties in repayment face the risk of "robbing Peter to pay Paul"
Not only that, the reporter of Beiqing Daily also found that once the repayment was overdue, the "rolling interest" that followed was even more amazing. "Famous School Loan" charges 0.5%/ day of overdue amount as penalty, and "interesting installment" charges loan amount 1%/ day. There are also a few small loan companies that will charge 7% to 8% of the loan amount as liquidated damages. Not only is the liquidated damages scary, but some platforms also charge a certain deposit and service fee. For example, on the surface, the monthly interest rate is 5%, but there is also a 5% service charge. These repayment details were vague during the students' preliminary consultation. When the reporter of Beiqing Daily called a platform to inquire about the business, the answer was: "The specific overdue repayment method depends on the contract details, and you haven't got a loan yet, and I can't explain it clearly."
College students don't have a stable source of income, and once the funds are tight, it is easy not to repay the loan. One of Zeng loans overdue's classmates told the reporter of Beiqing Daily, "I really didn't have any money at that time, and the text messages and phone calls for dunning came the next day after the deadline. The other party is a strange dunning voice. I came to face and said, I'll contact your school teacher first. When I thought about it, everyone knew, and I was scared to break out in a cold sweat. I made up a reason to ask for money to pay off my debts. "
In addition to looking for the "strong backing" of the family, some students who are "tired of repayment" choose part-time jobs, while others choose the adventure of "robbing Peter to pay Paul"-using the platform to make up for the deficit at home. A female parent of a university in Beijing voted against the "overdraft" online loan: "Children work to pay back the money, but if the income from working is not enough to pay back the loan, they will have to pay back the debt and delay their studies." Some parents also expressed doubts about whether the bad record on the online lending platform will affect personal credit in the future.
Dialogue: P2P lending currently lacks a regulatory body.
Dialogue: Dr. Meng Xiangyi, Deputy Director of Internet Finance and Private Financing Rule of Law Center of Central University of Finance and Economics.
In view of the current campus online lending, especially the industry chaos in the P2P field, Beiqing Daily reporter interviewed Dr. Meng Xiangyu, deputy director of the Internet Finance and Private Financing Rule of Law Center of the Central University of Finance and Economics.
Beiqing Daily: Previously, there was an extreme incident in Henan where college students committed suicide by jumping off a building due to huge debts from online loans. How to treat college students using Internet financial products to borrow money?
Meng Xiangyi: From the perspective of consumer credit, there is nothing wrong with the original intention of this financial product. This is a kind of financial innovation, and it also serves people in need. But the problem is that the cornerstone of this inclusive finance is responsible finance, that is, you have to borrow responsibly. What is responsible? The object of your loan is able to repay, and you can't let him fall into excessive borrowing. In small cities like inclusive finance, there have also been extreme cases of jumping off a building because of excessive borrowing, especially in the case that personal credit information platforms have not been established, and some people have sought loans from multiple platforms.
Beiqing Daily: Some people question that this kind of excessive borrowing may lead to or induce students to over-consume.
Meng Xiangyu: Internet finance in China is developing too fast, and we are relatively short of relevant financial education for college students. Students don't know what the consequences of excessive borrowing are, especially borrowing money, which may be impulsive consumption, especially now the way of borrowing money is so convenient and fast. A combination of factors caused the tragedy of the classmate you mentioned.
Beiqing Daily: In our investigation, we found that the online loan promotion of "minimum monthly interest rate of 0.99%" calculated by financial professionals actually has an annual interest rate of more than 20%, but many consumers are unaware of this.
Meng Xiangyi: The capital interest you mentioned is relatively low in the whole industry. This kind of online loan product, plus its cost, the actual annualization of this short-term microfinance is very high. In foreign regulatory measures for similar products, it is clearly required that consumers must be informed of the comprehensive total cost of the whole loan, not just "how much is the monthly interest". This piece, our country's supervision is relatively lacking.
Beiqing Daily: Which department is currently responsible for this supervision?
Meng Xiangyu: China implements separate supervision. P2P, as you mentioned, is currently supervised by CBRC, but the guidance has been issued before, but it has not been formally supervised. Only an opinion draft has been issued, but it has not been formally implemented. At present, the main body of supervision is missing. However, there are some provisions on lending in the contract law and other laws.
Beiqing Daily: Is P2P lending used by college students included in the central bank's personal credit information system?
Meng Xiangyu: Not yet. In fact, regular P2P companies don't welcome repeated loans and overdue customers, especially the behavior of borrowing new debts to repay old debts, which is also a great financial risk for the company.