Yirendai is a person-to-person online loan service platform launched by CreditEase in 2012. Lenders post loan applications online. After passing the credit evaluation, the lender obtains credit loan funding support from the lender. The lender receives the economic expected annualized return. Yirendai is mainly a credit loan with an expected annual interest rate of around 7%-12% and an average expected annual return of 12%. The investment period is more than 6 months, but there are guarantee companies and risk guarantee funds to ensure the safety of its principal and interest. And investors can transfer their claims 3 months after investing. After submitting the application, the result should be available within three working days. If the loan is successful, it depends on the level of your annual interest rate. If it is high, there will be more lenders and you can get the money faster.

First of all, borrowers need to apply through the Renrendai client. Secondly, there are also restrictions on the location of the borrower. Currently, the Yirendai express mode only supports borrowers located in Beijing, Fujian, Guangdong, Hubei, Hunan, Jiangsu, Liaoning, Shandong, Zhejiang, Hebei, Sichuan, Chongqing, and Heilongjiang to apply. Finally, the borrower needs to meet the following four conditions to apply: 1. The borrower holds a valid credit card and receives credit card bills through a fixed email address; or holds a personal credit report issued by the central bank. 2. The borrower’s age is between 22 years old (exclusive) and 55 years old (inclusive). 3. The borrower has a Taobao account with real-name authentication in his or her own name. 4. The borrower has a real-name certified mobile phone number in his or her own name. Yirendai Express Mode Application Process 1. Scan the Yirendai QR code with your mobile phone to register for an CreditEase loan account, and then conduct various identity verifications such as mobile phone number and ID card. 2. Enter the email address bound to your credit card to authorize the system to read the consumption bill. 3. Authorize to read records of e-commerce and social networking sites. 4. Enter your bank card information to complete the loan application. 5. Set the loan amount and loan time (it is recommended to choose 36 months and 48 months, which is easier to approve). 6. Pass the qualification review and wait for the loan. (The review time is usually about 10 minutes) The system will automatically calculate the monthly and total payment amount to facilitate users to check the monthly rate of the platform. Currently, the provinces and cities supported by the speed mode: Beijing, Zhejiang, Guangdong, Jiangsu, Fujian, Hubei, Shandong, Chongqing, Hebei, Heilongjiang, Hunan, Liaoning, and Sichuan, so borrowers must check whether their area supports it before applying for a Yirendai express mode loan. Although the Yirendai Express mode has fast review and can help borrowers solve small fund gaps, all review procedures are completed by the system, and there is a certain degree of uncertainty. Borrowers should pay special attention to this.