58 financial loans are not real. 58 Finance, a subsidiary of 58.com, publicly advertised its down payment loan business and faced numerous complaints about illegal car installment charges. 58 Finance is an Internet financial service platform under 58.com, which provides financial products and services under 58.com. The officially launched products include 58 Money Cabinet, 58 Monthly Payment, 58 Car Loan, 58 Credit Loan, and 58 Consumer Loan.

58 Finance involves suspicions of "cutting off interest rates", "false propaganda", and "loan sharking". The platform promises not to charge additional fees such as intermediary fees, handling fees or service fees, but it charges additional fees during the transaction process on the grounds of "purchasing GPS" and "archiving data fees".

Extended information

The official website of 58 Finance can no longer be opened, and the jump link to "58 Finance" on the 58 Qiangui web page has changed to 58 Haobor.

58 Finance promises that “58 Car Installment” requires no deposit or handling fees. According to the official website, the maximum credit limit is 3 million yuan, which can be borrowed and repaid in three steps. The interest is 0.04%/day, and the interest is calculated on a daily basis. The loan period is 7-90 days, and there are no other fees. "58 Car Installment" only provides installment services for second-hand cars. Users can pay 30% down and apply for installment services with a maximum amount of 500,000. The application interface displays the application within 30 seconds and the car will be picked up on the same day.

A user said that 2,000 yuan was deducted from his loan under unknown circumstances, and the staff said that part of the amount was used to purchase a GPS. During the transaction process, additional fees will be charged on the grounds of "Purchase of GPS" and "File Creation Data Fee".

Reference materials: China Economic Net-58 City Auto has not yet had success, but routine loans have caused a wave of complaints