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Sino US P2P comparative study: pleasant loan is China's Club Lending do

via:博客园     time:2015/12/28 9:30:52     readed:2041

中美中美 P2P 对比研究:宜人贷是中国的 Lending Club 吗

Penguin smart cool research


1, including pleasant loans, including most of the domestic P2P platform at this stage is not yet Club Lending model. They not only provide information to match, but also bear a certain credit risk. This has a direct relationship with the maturity of the financial markets in China and the United states.

2, pleasant loan

3, into the consumer market or the next step in the consumer financial market. In addition to the creditor's rights into the consumer finance platform, the pleasant loan would like to form a greater depth of cooperation with the Internet Co, or related to the development of consumer scenarios, financial product design, user data sharing, data value realized, etc..

Preface: pleasant loan to the United States listed on the map?

Beijing time in December 18th, the letter should be a pleasant landing in the New York Stock Exchange, the issue price of $10, intended to raise $75 million. Pleasant credit to become China's first P2P listed in the United States, but also the first real independent landing in the capital market, the first Internet financial companies.

Capital markets in the United States, P2P companies listed as early as precedent. In December last year, Lending Club P2P in New York Stock Exchange listing, financing $1 billion, becoming the world's first successful listing of P2P companies. But the first day of listing will be up 56 Club Lending its market value has dropped from the peak period of $9 billion to $4 billion 300 million today. At the same time, pleasant loans in the first day of listing directly break, Chaodie 10.

From the capital market point of view, China and the United States both P2P companies are still in the process of exploring and return to their true value, and not imagined so beautiful. Pleasant loan chairman Downing said,

But unlike the U.S. market, P2P industry Chinese more and e rent treasure dragons and fishes jumbled together, there are greatly similar group,

After listing the pleasant loan will be in the capital market is still depends on how the performance of domestic and foreign investors to understand the pleasant loan business. Pleasant loan in the prospectus and the road shows a

One, the United States P2P business of the two models

1, the platform model of Club Lending and Prosper

The so-called platform model is the P2P platform only acts as a broker to match the borrower and the investor's information platform, do not make credit guarantees, do not bear the risk. Platform only to collect information fees and service fees, the quality of the loan will not affect the quality of the platform revenue. In this case, the expansion of the business scale and credit risk isolation, in the long run, the platform scale expansion of the ceiling is higher. Typical model of the platform is Club Lending and Prosper.

中美中美 P2P 对比研究:宜人贷是中国的 Lending Club 吗

However, precisely because the platform does not bear the risk of investment in LC and Prosper platforms such as investment, investors need to bear the risk of investment. Prosper and LC will be on the platform of all claims are divided into 7 risk levels, borrowers and investors to correspond to different borrowing costs and investment returns.

Even in the United States such a relatively mature financial system market, Club P2P Lending platform to the traditional financial services and institutions to bring the impact is obvious.

First, P2P means lower borrowing costs for most borrowers. In Club Lending, for example, its only FICO points more than 660 of the borrower to provide services, and its rate of interest for the user to score higher than the credit card overdue interest rates. Thus, 77.41 of LC users are using the platform to get lower interest rates on loans to repay credit card bills. This means that LC users are not those who suffer

Second, higher operational efficiency. According to the data from McKinsey's Wells Fargo and Club Lending, it can be seen that the operating cost of the LC ratio at 2.X level, Wells Fargo needs 6.X-5.X, more than two times higher than the LC. High operational efficiency makes the expansion of the scale of LC easier to achieve, and in this process is not subject to capital constraints.

2, online small loan model of OnDeck

In addition to Club Lending, another U.S. P2P company listed on the NYSE is OnDeck. Different from Club OnDeck, Lending in the asset side is located in small and medium enterprises operating loans, however, the most critical difference lies in the pattern of differences.

OnDeck developed a set of more than 200 indicators of the rating system for enterprise credit assessment, and according to the assessment of the decision to credit. OnDeck to a certain capital cost of access to funds, lending to the appropriate company, and earn interest income. Platform release of the loan funds from Goldman Sachs, Fortress credit group, SFCapital and other financial institutions. So in the strict sense, OnDeck is a line of Internet credit company.

中美中美 P2P 对比研究:宜人贷是中国的 Lending Club 吗

This business structure shows that OnDeck is actually a risk takers.

Two, pleasant loan

In fact, most of the domestic P2P platform, including pleasant loans, at this stage is not the Club Lending model, but more close to the idea of OnDeck

The most important point is that there is a huge difference in the maturity of the credit system. At present, the central bank credit system, there are some people, but there are only a real credit record of the people. There are only 23.7 of the total population of the country's population, far below the United States system of 85 of the population coverage rate. Meanwhile, compared to the popularity of the United States and the popularity of FICO credit and commercial degree, the domestic bank credit center can access the central bank, the third party holding a license to credit service providers as well as part of the small loan companies, including P2P, including Internet financial companies and no access qualifications. Although the central bank issued the license of 8 Zhang Zhengxin, Ali credit sesame seeds also began to provide interfaces to the part of the enterprise, but in the formation of a perfect personal credit evaluation system will take time.

In addition to the lack of credit system, financial institutions to serve large customers for a long time positioning also makes a large number of long tail type financial demand is not satisfied, the financing side facing the lack of financing channels, capital cost issues. In Downing opinion, pleasant loans to do the first is to solve the effective wind control

In the face of domestic immature credit system, regulatory regime and investment philosophy is still in the stage of education of individual investors, similar to Club Lending's pure online information platform is not currently the most appropriate P2P model. In fact, in the pleasant loan model can also see the Club Lending and OnDeck two models of the shadow: although in online transactions, but with the line under the customer and wind control; although earn platform class fees and service fees, but also bear a certain credit risk.


At one end of the borrower, the majority of P2P companies are mainly rely on the line under the customer, channels include its own channels, cooperation of small loan companies, Guarantee Corporation, etc.. Pleasant credit too, but through the line imported from all claims to the desirability of. Line was considered to have a guest

From the prospectus to see that in 2014 the whole year, the completion of the loan to borrow up to $. In the first half of 2015, the gap between online and offline channels to further widen the gap, respectively, the U.S. dollar and u.s.. That is to say, there are 51 of the borrowers and 68 of the loan amount from the line, and pleasant loan line business is entirely dependent on the appropriate letter of the ground network and push the team

The cost of the line is very high, especially the asset side. But the current pleasant loan only need to be 5 of the loan amount as a customer referral fee paid to the appropriate letter, from 2016 began to increase to 6 of the loan amount. It can be said that the letter should be delivered to the low cost of high-quality credit to the pleasant loan, reducing the cost of a pleasant loan and the overall cost of the. At the same time, the cost of the current P2P online is rapidly rising.


Although the Internet has brought the financial industry

At present, the logic of domestic P2P credit is this: first consider the user's data puzzle where the need to get information on the electronic, can not be done, let the user to upload, and then through other online or offline means to verify. And in China's credit system, as Club Lending, the same as the letter through the online trial and wind control is not an ideal way. Original Club CTO Lending Su Haide for the LC to establish a credit pricing model, but he founded the point of financial network, the amount of a slightly larger project also uses the line under the audit of wind control.

To see a pleasant loan. You can see from the prospectus of the historical data, through the letter should obtain customer line channel loans overdue rate has been lower than the online channel loans can think by the letter should be the line of wind control system is still better than pleasant loan online review, screening of qualified borrowers ability stronger. In addition, from the beginning of 2014 and pleasant loan through the line under the line of bad debt rate is generally lower than online. In the post loan, pleasant loans also should be believed by the line team to achieve collection.

But to control the line of wind although more reliable, but faced with the problem of high cost, difficult to realize economies of scale in expanding the scale of business process. In the long term, with the data capabilities of Internet financial companies, online credit and wind control is still a trend based on big data.

While Downing stressed the importance of line of risk control, but also has been pleasant credit data in large credit line and rapid lending attempt. For pleasant loans, in addition to the basic information to get users to fill out, you can also access their various accounts in the Internet after the authorized by the borrower, the borrower's credit situation through transactions and social class data, and cross validation.

At the same time, letter should also set up a large data center of innovation to cultivating high credit data, and this is an open platform, will also support pleasant loan business. Zhang Xiaopei, head of the big data innovation center will be described as the direction of this exploration

3, the use of classified loans to achieve profit and risk of the game

Dividing claims into different risk classes is a common practice for P2P platforms. Club Lending will be divided into seven risk levels on the platform, the rate of return on investment between 6 to 25. However, the service fee charged by the platform is unchanged, high returns and high risks are borne by the investors themselves.

And pleasant loan is not such a thought. Lending platform on the loan is divided into A, B, C, D four categories, borrowers need to bear the borrowing rates were 16.9, 27.4, 33.5 and 39.5, while investors regardless of investment assets, which are 10 to 12.5 of the proceeds, which is the difference between the pleasant loan to the different class of borrowers. It can be said that pleasant loans bear the credit risk behind the asset, and through high profits to cover the risk of possible. This is also a common practice of financial institutions.

Pleasant loans in 2014 increased a lot of D grade loans. For the outside world on the high cost of borrowing D loans questioned, Downing said in an interview:

4, risk reserve under the risk of security

Pleasant credit and lending club mode difference lies in the former has their own risk reserve, is through the provision of risk reserve to provide protection for lenders in the safety of principal and interest. At present, the pleasant loan risk reserve ratio is set to 8.9.

In this regard, Downing's argument is that:

Three, pleasant loan of the Internet

In 2015, China's Internet financial sector showed a clear trend, that is, the scene of financial services. If you put in the personal loan business with pleasant loans, it is based on a large number of different scenarios of consumer credit.

On the one hand, the consumer credit market start fast, more likely to form a scale, consumer loans small, dispersed, easy standardization, the ability to generate structured products is also stronger; on the other hand, personal credit to a variety of consumer scene penetration has become a trend, the user acceptance of this process is also getting higher.

More and more P2P companies are eyeing consumer credit assets. For example, favorable net said that in the past year, there are nearly ten thousand financial claims on the platform. And some consumer financial platform in order to achieve the closed loop of funds, they also through the P2P platform to obtain low-cost funds, such as interest in the division of the golden eggs, the division of the orange financial.

Pleasant loans in the road show that they are

It can be seen that the pleasant loan is actively working with the Internet Co, or to the layout of the consumer scene. Downing said pleasant loan in the future will be precisely positioned in the future of urban white-collar workers, the other is an important growth point is to cooperate with the Internet Co. Among them, Baidu as a cornerstone investor in the pleasant credit IPO project, in the pleasant loan will subscribe for 10 million yuan before the listing of new shares. And the reason why the choice of Baidu is also because in the BAT, Ali has ants King service, Tencent micro public banks, only Baidu is still not temperature. And Baidu's active layout in terms of O2O can also provide a variety of pleasant credit consumption scenarios.

Fang Yi Han also said that the Internet company flow, scene, but in risk control, credit and collection, does not have the advantage, and these

It can be said that in addition to the credit of consumer finance into the platform, the pleasant loan would like to form a greater depth of cooperation with the Internet Co, or related to the development of consumer scenarios, financial product design, user data sharing, data value realized, etc.. In fact, the letter should be a big data innovation center has started cooperation with the electricity suppliers and O2O companies. Although a variety of ways of cooperation, but mostly by the Internet Co to provide data, should be provided by the Internet Co to provide users with credit assessment, loan funds and other services. With the P2P industry reshuffle and the gradual formation of industry norms, competition yields and subsidies to the era of the past. In the future, the platform of technological innovation and product innovation capability will become the core competitiveness.

中美中美 P2P 对比研究:宜人贷是中国的 Lending Club 吗

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