The transfer mode of creditor's right under Peer-to-peer line will usher in the final exam

Peer-to-peer line of credit transfer mode or will usher in the final exam. "Economic reference newspaper," the reporter recently learned through a variety of interviews, because of the risk that the transfer of creditor's rights under the line is opaque, irregular or even misappropriated, the regulation has many worries about this model, and the forthcoming Peer-to-peer regulation may end the model.

"The overall attitude of regulators towards this model is negative or unacceptable." In the future, there may be a total denial of this model in the industry regulation rules, and some platforms operating in this mode may be required to rectify the deadline. "A peer-to-peer industry close to the regulator said that most of the offline platforms were insufficiently informative and opaque, and that regulators might be forced to disclose some data in the future.

The model of creditor's rights transfer is also called "intermediary" mode by insiders, or "professional lenders" mode, that is, Peer-to-peer platform online search for borrowers, evaluation of them, after the adoption of the recommendation to the professional lenders, professional lenders to lenders to the borrower, access to credit, and then transfer the creditor's rights to investors, investors get the interest income arising from the claim.

Offline Peer-to-peer lending usually takes the form of a transfer of creditor's rights. In our country, although the number of Peer-to-peer platform is small, but the volume is large. According to the data of the China peer-to-peer Lending Service Industry White Paper (2014), the total lending of the top 5 Peer-to-peer lending platforms in 2013 was 60 billion to 80 billion yuan.

However, unlike investors and borrowers through the network platform after the direct docking of the online model, the online Peer-to-peer platform for the transfer of debt model has been controversial, and even the industry believes that the model is not peer-to-peer. Many people in the industry believe that in this model, as a "professional lenders" of the natural person's risk, is one of the most difficult to avoid the risk of the model.

A peer-to-peer industry analyst says, in the online mode, loans to borrowers and transfer of credit to investors must go through professional lenders, so if the professional lenders themselves are having problems, do not say that a malicious run, even if the physical condition has changed, or marital status changes, can lead to uncontrollable risks.

While most offline platforms are now dealing with this relationship, it is stipulated in the contract that the management of the creditor's rights is held by a specialized company and appears to be out of contact with the professional lenders, but in practice, the companies that specialize in the management of the claims are themselves professional lenders, so there is at least a risk associated with them.

"In fact, in addition to the nature of the risks mentioned above, the regulatory level is most concerned about the poor transparency of this model." In other words, some of the platforms are doing things that regulators simply don't know. said the person. At present, China's top-ranked several creditor's rights transfer model platform such as the appropriate letter, the Crown Group Gallop, the Sino-Rong People's letter and other publicly disclosed information are relatively limited.

The person also said that because the transfer of debt is all online, there is the risk of misappropriation of funds, which is why some offline platforms will be questioned as "illegal fund-raising" or "pool of funds", because of its internal process is opaque, the operation of unknown.

An investor who had bought such a debt-transfer product on the online platform said that while the platform would inform the borrower of some of the information in the contract of creditor's rights, the information was very limited and authenticity was difficult to verify.

In addition to the above two risks, the liquidity risk caused by the fund lever in this model is also frequently mentioned by the industry insiders. "The Chinese peer-to-peer lending Service Industry White Paper (2014)" points out that in the model of creditor's rights transfer, professional lenders must lend their own funds and then transfer their claims. In order to make "own" funds to increase rapidly, professional lenders to extend the checkout cycle of the way to "activate" the collection of fees, to enhance the amount of loan funds. Due to a number of service charges on behalf of the borrower, management fees and other costs are higher, after a round of lending and the transfer of debt, professional lenders can control the funds can reach 1.3 times times the principal of the capital, or even higher, the formation of a lever of money, many times after the loan, the leverage repeatedly, but also formed a fund lever risk.

Last week, the State Council on the measures to alleviate the high cost of enterprise financing guidance, clear requirements, "as soon as possible to standardize the development of Internet finance related guidance and supporting management measures to promote fair competition." Previously, the central bank and the CBRC on different occasions have made it clear to delimit Peer-to-peer network lending platform business Operation Red Line: "Clear platform can not provide security, not to collect funds to engage in capital pool, not illegal to absorb public deposits, not to implement fund-raising fraud." ”

The domestic Peer-to-peer platform building Block Box co-founder Wei, in an interview with the economic reference daily, said under the offline creditor's rights transfer is under the offline mode the helpless choice, in the time is first has the fund to raise after the project matching, the fund transfers the project information unknown, therefore strictly does not meet the information disclosure request.

"This means to the normative platform is a last resort choice, but because a certain period of time formed a trading capital pool, easy to be used by nonstandard platform." We feel that this will be a tightly regulated operating model. "Wei said.

It is noteworthy that, given the direction of regulation, some platforms are now exploring paradigm shifts. For example, some offline Peer-to-peer lending platform will be the borrower information to the online Peer-to-peer platform to export their own credit resources, reduce the financial pressure of professional lenders, or directly build online platform, the loan project directly to the online sales.