Sales drive aims to tap demand in P2P lending
Print Edition
MORE than 100 peer-to-peer lending platforms in China launched a sales campaign which has lured nearly 250,000 consumers who bought 1.1 billion yuan (US$177 million) in P2P products.
P2P firms including Lufax.com, Renrendai.com and Yirendai.com promoted P2P products which offer an annual rate of return from 10 to 24 percent, more than 3 percentage points higher than regular products on average, according to Online Lending House, a site that tracks the sector.
The campaign was the first of its kind in the booming personal finance sector.
The campaign, called “I want to get rich” in Chinese, carried out on Monday was a bid to tap investors’ interest in P2P lending which provides online channels for individuals to lend to other individuals without going through the traditional banking system. In April, a record 55.1 billion yuan were lent out by more than 2,421 active platforms, Online Lending House said.
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