China’s CredEX Fintech lending app surges past $4.3bn mark
China-based CredEX Fintech says its mobile lending app’s total credit extended has exceeded CNY 30 billion ($4.3 billion) since its launch ten months ago.
According to the firm, its user base has gone beyond five million, daily credit has been extended up to CNY 100 million ($14.4 million), and the average credit extended stands at CNY 60,000 ($8,670).
The firm launched last year with the offer of quick loans – namely up to CNY 300,000 ($43,390) within three minutes. The application, withdrawal and repayment procedures for credit loans are all completed online.
CredEX says in the US or Chinese credit market, most loan products have fixed repayment periods and modes, and borrowers must follow agreements; otherwise, if a borrower chooses to repay a loan in advance, he or she must pay a certain sum of default fine.
It offers a “repay-as-you-want” mode of repayment, which supports not only adjustment of repayment periods and repayment dates but also repayment in part or in total, without any default fine, “which greatly lowers the costs of the use of money for borrowers”.
CredEX says it has also been the first to apply individualised interest rates for different borrowers. It tracks the credit status of borrowers so that their credit limits and rates can be adjusted in line with their credit ratings.
According to the company, it “does not touch the money” but serves as an intermediary between financial institutions and individual borrowers.
