ecns [expanded by feedex.net]
ecns
Chinese online retailer offers unsecured loans
http://www.ecns.cn/business/2014/02-13/100711.shtml
Feb 13th 2014, 07:10
2014-02-13 16:10
Chinese online tycoon retailer JD.com will launch a new service that aims to provide unsecured loans to its individual shoppers on February 13, 2014. After being subject to a credit assessment carried out by JD, consumers can seek loans up to 15,000 yuan (2,400 US dollars) which can then be spent on the JD.com website.
A statement from JD claims that the whole application process will take just one minute.
It has been revealed that consumers will not have to pay interest on the loan during the first 30 days. Payment by installments is also available with a 0.5 percent commission fee per installment.
Consumers who fail to repay loans in time will be charged 0.3 percent per day on the total amount. JD says they will notify consumers via SMS messages or via telephone calls.
As for the credit assessment, JD explains that they will refer to consumers' shopping histories on their website.
Alibaba also revealed in August 2013 that they were testing a similar service for their shoppers; however, this has not led to anything concrete as yet.
Previously, JD began its financing services in December 2013, enabling vendors to raise funds within 3 minutes. Over 1 billion yuan (160 million US dollars) has been raised through this service, according to the online retailer.
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