A "provincial" user exposed the loan record, showing the first service fee.
Card loans charge membership fees.
I haven’t paid off the credit card debt I bought on Double Eleven, but Double Twelve is here again. Xiaoxiao paid her bill with credit card compensation last month. However, many people are not as lucky as Xiao Xiao. They may not take advantage of credit card reimbursement, and the interest they pay may be higher than banks.
Recently, Gaoliang revised the conviction and sentencing standards for malicious overdrafts on credit cards, clarifying that "knowing that there is no ability to repay, and a large overdraft that cannot be returned" is for the purpose of illegal possession and may constitute a malicious overdraft. In fact, in reality, many cardholders spend blindly in the early stage, only to find that they are unable to repay until the credit card bill comes out. At this time, "credit card compensation" is regarded as a "life-saving straw" by these people.
There are currently many platforms on the market that provide credit card reimbursement services. There are two main models: the platform reimbursement model is to borrow money from the reimbursement agency to repay the bank's money. In the end, the cardholder still has to repay the reimbursement agency. The "cash loan" model is to use the amount of the current period's bill to repay the money of the current period, and the cardholder still has to repay the money of the next period.
Experts believe that the credit card reimbursement business does meet the needs of some people and can alleviate the short-term liquidity pressure of cardholders. However, the risks involved cannot be ignored, such as possible credit card cash-out, unclear rates, information leakage, etc.
The annual interest rates of many compensation platforms are higher than those of banks.
"This way I don't have to worry about credit cards. And the interest is only over 98 yuan a month. It feels lower than the installment interest of a credit card." Xiao Xiao said.
Demand from people like Xiao led to the creation of credit card reimbursement products. Credit card reimbursement, simply put, means that the reimbursement agency pays off the credit card loan in one go for the credit card holder, and the credit card holder repays the loan in installments to the reimbursement platform according to the new interest rate.
Save Money is just one of many credit card compensation platforms. Many Internet financial companies have similar products, as well as products from consumer finance companies and commercial banks.
Based on Xiao Xiao’s borrowing data from “Save Money Bar”, the principal is 16,770 yuan, divided into 12 installments, and the repayment in each installment is 1,496.09 yuan, with an annualized interest rate of 13.55, which is lower than the bank’s credit card overdraft interest rate (18.25) .
Borrow RMB 20,000 in 12 installments on WeChat Jinke’s “WeChat Card Loan” platform. The monthly repayment amount is 1976.67 yuan, and the calculated annualized interest rate is 38.11. Borrow 30,000 yuan from "Xiaoying Card Loan" and repay it in 12 installments, with each repayment amounting to 3,002.2 yuan, and the annualized interest rate is as high as 41.50.
If the loan amount is smaller and the number of installments is smaller, the interest rate will be higher. For example, if you borrow 4,600 yuan from "Kakadai" in three installments, you need to repay 1,648.33 yuan every month, and the calculated annualized interest rate is 54.74.
Samoye, the operating entity of "Shengbei", claims to be the only credit card bill installment service agency with an annualized interest rate lower than 18.25. According to data disclosed in its prospectus, the weighted average annualized interest rates of credit card bill installment business in the whole of 2017 and the first half of 2018 were 15.1 and 15.5 respectively. In the first half of 2018, the annualized interest rates of the two users with the highest risk levels were 21.50 respectively. and 24.00, both exceeding the bank's 18.25.
The official annual interest rates announced by several other listed credit card compensation companies are all higher than 18.25. According to WeChat Jinke’s prospectus, the average effective annual interest rate of its credit card balance compensation products in the first four months of 2018 was 34.4. The prospectus of Xiaoying Technology shows that the annualized interest rate of its credit card reimbursement business was between 19.69-25.44 in 2016, between 19.69-49.44 in 2017, and between 9.98-36.00 in the first half of 2018. Ying Technology admitted that before the promulgation of new regulations on China’s consumer finance industry in December 2017, the annualized rate of some loans exceeded 36, and some loan service fees were deducted from the loan principal in advance.
"Beheading" reappears?
In addition, “Kakadai” also charges insurance premiums from some users.
The customer service said that this is personal accident insurance. There will be a prompt when taking out a loan, and the insurance cost will be automatically matched by the system. Some users claimed that they were charged 299 yuan.
There are also some platforms that are suspected of "deliberately" allowing customers to overdue their payments. On the "Card Loan" Baidu Post Bar, many users reported that the balance in the bound savings card was sufficient, but the payment was not automatically deducted on the repayment date, and the user's voluntary repayment failed. The "UnionPay Transaction Result Processing" pop-up page was always displayed, eventually leading to overdue payment.
If the loan on the repayment platform is overdue, there will also be penalty interest. According to the terms of "card-to-card loan", the borrower needs to pay additional overdue penalty interest. The total amount of penalty interest = the total amount of overdue principal and interest, the corresponding penalty interest rate, and the number of overdue days; the penalty interest rate is one thousandth/day; the number of overdue days is calculated from the number of times overdue on the repayment date. Calculated from date. This penalty interest rate is higher than the bank's 0.5 per day.
In addition, on the monthly repayment day, if the deduction fails due to insufficient balance in the borrower's account, the borrower shall pay 0.5 of the loan amount as a penalty for failure to debit. For less than 50 yuan, the minimum is 50 yuan and the maximum is 200 yuan. This means that people who use reimbursement platforms in order to avoid overdue credit card costs will face the risk of overdue loans from the reimbursement platforms.
In Tieba on other platforms, some users also reported similar "overdue" situations.
The "cash-out loan" model such as Bebeka Manager may be suspected of illegal cash-out.
Mainstream platforms such as "Zhuqianba", "Kadai" and "Xiaoying Kadai" adopt the platform compensation model, while some other platforms adopt the "cash loan" model.
During this process, "Bebeka Butler" charges a handling fee of 0.75, which customer service said will be deducted when the withdrawal is returned to the user's credit card. "The repayment fund is your credit card limit next month. The fund will not stay on our platform. We will only deduct a handling fee of 75 yuan after cashing out."
In addition to BeibeiKaGuanJian, there are several platforms that adopt similar "cash loan" models, such as Beston, Snail Smart Butler, Wanyouer Smart Butler, Paid Credit Card Butler, etc. The promoted selling points include “low repayment” and “smart card maintenance”.
pgt; Xiao Sa, a partner at Beijing Dacheng Law Firm and a director of the Bank of China Law Research Association, said that the nature of the credit card reimbursement business is still unclear. Once the cardholder is discovered by the bank to have committed credit card arbitrage, he may Measures such as reducing the credit limit, stopping payments, and entering relevant information into the credit reporting system and the shared fraud information database established between banks will be taken.
“Tear down the east wall to make up for the west wall”, the risk of compensation business cannot be ignored
For credit card holders, the compensation business is actually “knock down the east wall to pay for the west wall” : The platform compensation model is to borrow the money from the compensation agency to repay the bank, and the cardholder still has to repay the money from the compensation agency in the end; the "cash loan" model is to use the amount of the next period's bill to repay this period. The cardholder still has to pay back the money in the next installment.
However, Xue Hongyan reminded that the development of the balance compensation market may easily cause all parties to ignore the risks of the credit card products themselves. On the one hand, it may cause banks to make wrong decisions and blindly pursue the growth rate of card issuance volume. On the other hand, the decline of the credit card customer base also makes it easy for credit card holders to become dependent on repaying loans with loans. If things go on like this, risks will easily accumulate in the market.
Xiao Sa, a partner at Beijing Dacheng Law Firm and a director of the Bank of China Law Research Association, said that the existence of compensation business will interfere with banks’ risk control. After credit card holders use agents to pay off their credit cards, it is difficult for banks to judge whether these card holders have the true repayment ability. Therefore, banks cannot accurately profile customers, which will have a certain negative impact on the bank's future risk control.
There are similar implications for regulators, especially when it comes to credit reporting. Xiao Sa pointed out that once the cardholder was unable to repay the credit card, he had to file a credit report. Now that there are reimbursement agencies to help him repay the credit card, there is no need to file a credit report. This has a negative impact on the entire credit reporting system, as regulatory agencies cannot grasp the true credit status of these people. At the same time, "compensation" is unfair to a wider range of financial consumers, because the real credit and repayment data may not be exposed to financial institutions, but transferred to private lending institutions that are more difficult to supervise.
It is difficult to distinguish between people with "good credit" and people with "bad credit". Everyone enjoys the same level of financial services, which will harm the interests of people with truly good credit.
At present, the regulatory authorities do not have clear regulations on the supervision of credit card reimbursement business. Some people believe that this business belongs to private lending, and the lending entity only needs to meet the regulatory requirements for private lending. Xiao Sa believes that compensation business is a financial business and cannot be simply equated with private lending. The General Principles of Civil Law and Contract Law of our country allow private lending, but set upper limits of 24 and 36. However, as financial institutions, compensation agencies are engaged in professional lending. They are different from occasional private lending activities and may cause different financial risks. Therefore, it is necessary for regulatory agencies to manage this type of industry.
Xue Hongyan believes that with the improvement of big data risk control capabilities of bank card issuers, the decline of credit card limit increase and bill installment products is the trend, which will continue to compress the business space of credit card reimbursement platforms. Credit card balance compensation products, if their scale and market impact can be reasonably controlled, can alleviate the short-term liquidity pressure of cardholders and effectively reduce the bad risks in the credit card market. It can be regarded as a small but beautiful installment product; if the penetration rate is too strong and the scale is too large, If it is too large, it will easily be counterproductive and will increase the risk of the entire credit card market.
There is also the risk of leaking personal information when using a compensation platform. Most platform operations require customers to complete identity verification, credit card binding and other processes. For example, on "Bebeka Manager", users also need to provide ID number, mobile phone number, savings card number and other information during the identity verification process; to bind a credit card, users need to provide card number, bank affiliation, CVV code, validity period and other information. Among them, the CVV code is called the "second password" of a credit card. In offline credit card transactions, there is no need to swipe the card or verify the password. You only need to provide the card number and CVV code to complete the payment. Once leaked, credit card theft is likely to occur. .
So, how should ordinary users use credit card reimbursement services?
Xiao Sa said that relying on an agent to pay off credit card debts in the short term may reduce the legal risks of cardholders, because owing money to the bank may constitute credit card fraud and is a criminal liability; and repayment makes the debt The transfer of the relationship becomes money owed to the lending institution, which is more of a civil liability. However, the public also needs to pay attention to other risks of compensation services during use, including whether it constitutes a cash-out of a credit card. In addition, the interest rate calculation rules of compensation platforms are unclear and unclear, and not all compensation platforms save money. Compensation platforms operating in a market-oriented manner tend to be cryptic in their interest rate calculation rules. In fact, the actual interest rates of compensation platforms are not much more affordable than bank installments.
Xiao Sa suggested that credit card holders should live within their means and carefully choose a credit card reimbursement service platform. It is best to choose the bank's installment repayment business to extend the repayment period and reduce repayment pressure. When necessary, on the basis of clear cash-out risks, choose a platform with better qualifications to ensure the security of personal information and clear interest rate calculation rules.
Xue Hongyan also said: "After all, income is the fundamental factor that determines the borrower's repayment ability, and reimbursement products can only save temporary emergencies." Related Q&A: I want to ask Kakadai for review How long does it take to review a credit report
The credit review process of Kakadai generally does not take too long, usually only taking about five minutes. The current credit report review process of Kakadai is automatically verified by the system. The entire review of Kakadai is very fast. They have an intelligent loan review system. Users can complete credit approval within 1 minute and disburse loans in as fast as 15 minutes.
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The credit review process of Kakadai does not take very long, generally only takes about five minutes. Because it is automatically reviewed by the system, all you need to do is submit the credit report.
The steps to review your credit record are:
1. Log in to your online personal credit account;
2. Answer 5 questions related to your credit record Question/Bank Card Verification;
3. The Credit Information Center of the People's Bank of China will review the answers to the above five questions or the bank card information. After passing the review (24 hours at the latest), the inquiry verification code will be sent to the customer. Mobile phone;
4. Enter the query verification code to query the personal credit report.