The "king of lending assistance" Feiluan is underwriting the cooperation of state-owned banks, and the comprehensive annualized rate is as high as 36 percent.

Last month, the self-media "Technology Finance Online" reported that the Tang Man founded the flying loan financial technology, access to the construction bank several billion yuan of credit for the development of lending business. It is not strange to carry out lending business, but it is very difficult to get a credit from the construction bank, because of this, the report has attracted the attention of the "mutual fund circle". According to the report, the reason why the fly loan can get the credit of the construction bank, or its founder has served in the construction bank for 13 years.

Recently, the detective read the financial note, "Wuhan Zhipintang Legal Consulting Services Co., Ltd. and Jin Xuehua borrowing contract dispute of the first instance of the civil judgment," shows that the fly loan financial science and technology in the construction of the Bank of billions of dollars of credit at the same time, but also as early as 2014, and the Bank of China to start the business cooperation. According to the judgment, on April 15, 2014, the defendant (borrower: Jin Xuehua) applied for a loan from Bank of China Shenzhen Shangbu Sub-branch, and Flying Loan (Shenzhen Zhongxing Flying Loan Financial Technology Co., Ltd.) was commissioned by Bank of China Shenzhen Shangbu Sub-branch to sign a Personal Loan Contract with the defendant, agreeing to a loan of 110,000 yuan for a loan period of 24 months. After the signing of the above contract, the bank of China shenzhen on the step sub-branch to the defendant's account lending 110,000 yuan. As the defendant fails to pay the principal and interest according to the contract, has constituted a breach of contract, fly loan to the bank of china shenzhen on the step branch on behalf of the payment, and then to the defendant unsuccessful recovery, fly loan to the defendant's claim to the plaintiff (wuhan zhi pintang legal consulting services co., ltd), the plaintiff in order to safeguard the legitimate rights and interests of the plaintiff to the court. The court ascertained that the defendant signed the "personal loan contract" agreement, the loan may charge the defendant loan handling fee and management fee. Among them, the loan handling fee is 2% of the amount borrowed, this loan handling fee is 2200 yuan; Each period of management fee = loan amount × 2.3% - each period of return loan interest. The defendant repaid the principal and interest of the loan since May 16, 2014, *** repaid 10 periods, accumulated repayment of 82,941 yuan, of which the handling fee of 2,200 yuan, the management fee of 16,889 yuan, the principal amount of 50,421 yuan, the interest of 10,857 yuan. after March 20, 2015, the defendant did not reimburse the loan, the Flying Loan on behalf of the defendant in the Bank of China in Shenzhen Shangbu Sub-branch on October 22, 2015 Settlement of the loan principal and interest owed 62155.76 yuan, of which the principal amount of 59579 yuan, interest 2576.76 yuan. Also ascertained that the plaintiff because of this case and hubei hecheng law firm signed a legal service contract, and actually pay the lawyer fee of 2000 yuan.

The court held that the plaintiff claimed that from the next day on behalf of the defendant, the defendant paid 6% per annum standard interest loss on occupied funds, with factual and legal basis, be supported. Finally, the court ruled that the defendant Jin Xuehua should pay the plaintiff Wuhan Zhi Pintang RMB 62,155.76 yuan within seven days of the effective date of the judgment, and the interest (to 62,155.76 yuan without the base) calculated at the standard of 6% per annum; the other defendant Jin Xuehua to the plaintiff Wuhan Zhi Pintang to pay the attorney's fee of 2,000 yuan. Provide backing for the cooperative financial institutions According to the referee documents, the borrower Zhang Xuehua after 7 months overdue, fly loan to the bank of china shenzhen Shangbu sub-branch on behalf of the principal, and then unsuccessfully pursue the debt, and then will be on Zhang Xuehua's claim to wuhan zhipintang transfer. However, it is worth noting that FeiLoan completed the repayment on October 22, 2015, but it was not until August 12, 2019 that Wuhan Zhipintang filed a lawsuit against Zhang Xuehua. Apparently, FeiLoan made several debt collection efforts against Zhang Xuehua, and eventually even assigned the claim to Wuhan Zhipintang at a very low discount. Because of this, Wuhan Zhipintang only asked Zhang Xuehua to repay the principal and 6% interest on the funds occupied. Public information shows that Wuhan Zhipintang Legal Consulting Service Co., Ltd. was established on December 19, 2012, with a registered capital of 500,000 yuan, legal representative Yu Hongbo, and shareholders Yu Hongbo (50% shareholding), Wang Jian (30% shareholding), Guo Jian (20% shareholding). Detective read the financial note, involving "Wuhan Zhipintang" referee documents show that, in addition to the Bank of China Shenzhen Shangbu Sub-branch, fly loan also with foreign trade trust, China Resources Trust has a similar cooperation, that is, fly loan for the cooperation of financial institutions to provide assistance and underwriting, when the borrower defaults on the loan, fly loan and then transfer the claim to Wuhan Zhipintang. It is presumed that Wuhan Zhipintang is a company that disposes of non-performing assets. However, the enterprise search information shows that Wuhan Zhipintang had claimed to be a legal service provider for small and medium-sized enterprises. Public information shows that the mainstream lending model *** there are four, respectively, the margin model, financial guarantee model, trust model, and joint loan model. (1) margin model: the lending platform to financial institutions to provide margin guarantee (usually 5% -10%, conversion leverage of 10-20 times, if the bad debt is too high, then additional margin); default, the financial institutions directly deducted the margin, lending platform for post-loan collection, initiating litigation or arbitration. (2) Financing guarantee model: the lending platform introduces a financing guarantee company to provide joint and several liability guarantee to the financial institution; in the event of default, the financing guarantee will pay compensation to the financial institution on behalf of the financial institution, and the financing guarantee company will carry out post-loan collection, initiate litigation or arbitration. (3) Trust mode: the funders entrust the trust company to set up a trust plan; the lending platform contributes by itself or through its affiliates, at which time the trust plan becomes a pooled fund trust plan, and the trust end can design a level structure or structured arrangement as needed. (4) joint loan model: network microfinance for the borrower approved credit limit, through the loan distribution mechanism, matching external funders and complete the credit review, by the network microfinance and external funders **** with the borrower to issue loans. Benchmarking the above case is not difficult to find, fly loan and bank of China shenzhen branch of cooperation for the margin mode, that is, the borrower default, by zte fly loan to bank of china shenzhen branch of the loan principal and interest on behalf of the owed. Flying loan comprehensive annualized fee rate as high as 36% According to the above referee documents, the borrower Jin Xuehua has repaid 2% of the handling fee (110,000 principal) in the first 10 periods. This also means that the $2,200 handling fee charged by Fly Loan was not collected in 24 installments, but at most in 10 installments or even in one go. In addition, the first 10 installments also repaid 50,421 yuan loan principal, 16,889 yuan management fee, and 10,857 yuan loan interest. According to this calculation, the loan interest and fees repaid by borrower Jin Xuehua in the first 10 periods accounted for as much as 59% of the loan principal. How high is the combined annualized fee rate of Fly Loan? According to the information provided by the netizen's complaint, the borrowing of $75,000, the 1st period to repay $6,902.6, the 2nd-3rd period to repay $4,349.68 respectively, and the 4th-24th period to repay $4,277.6. Accordingly, using the IRR formula, Fly Loan's combined annualized rate is 36%. It is worth noting that, although the integrated rate of the fly loan does not exceed 36% red line, but the first phase of the fly loan deducted borrowing fees by the netizens complained that "cut-off interest". Another netizen posted three "loan contract" are shown, fly loan disclosure loan annualized comprehensive cost of funds rate of 36%, of which the loan annualized interest rate of 8.1%. According to this calculation, as a lending institution fly loan, its service fees, management fees, etc. in the name of charging interest rates up to 27.9% annualized. This also means that if the borrower has not defaulted, the fly loan earns a profit of 3.4 times the partner financial institutions.

If the borrower is overdue, the loan will also charge a high late penalty interest. According to a previous report by TechFinance Online, the late fee rate is as high as 72%. Half a year to Tiantu investment dividends 41.85 million Enterprise search data show that Shenzhen ZTE Flying Loan Financial Technology Company Limited (referred to as "Flying Loan") was established on January 20, 2012, the registered capital of 10 million yuan, the legal representative of the Tang Man, the main shareholders for the Tang Man (ultimately benefited from the shares of 37.77%), the Tiantu investment (ultimately benefited from the shares of 28.54%). The main shareholders are Tang Man (the ultimate beneficiary share is 37.77%), Tiantu Investment (the ultimate beneficiary share is 28.54%) The Inspector notes that the reason why the company name of Flying Loan contains the word "ZTE" is related to the fact that ZTE Corporation was once its main shareholder. Industrial and commercial change records show that on September 23, 2015, Shenzhen Zhongxing New Communication Equipment Company Limited entered the list of shareholders of Feilun, and on November 1, 2016, Shenzhen Zhongxing New Communication Equipment Company Limited withdrew from the list of shareholders of Feilun. In addition, on July 18, 2018, Shenzhen Zhongxing Microfinance Company Limited changed its name to Shenzhen Research Credit Microfinance Company Limited. The official website profile of Tiantu Investment shows that the company was founded in 2002, and it is one of the earliest professional organizations engaged in equity investment in China, and its investment cases include Zhouheiduck, Baiguoyuan, Ziru, Guazi Used Cars, Xiaohongshu, and Homework Help, etc. In addition to Feilu, the financial technology cases also include BOE Finance, 51 Credit Card, Tongdun Technology, and Shallow Orange Technology. The scout reads finance and notes that the half-year report of 2019 of Tiantu Investment (New Third Board Code: 833979) shows that the dividend payment of 41.85 million yuan for the current period of the flying loan (the 2019 annual report has not been disclosed for the time being).

The official website of Fly Loan shows that the cooperative institutions include financial institutions and technology companies such as Construction Bank, Bank of China, Huaxia Bank, Bank of Beijing, Bank of Nanjing, Bank of Weifang, Qiqihar Agricultural and Commercial Bank, China Resources Trust, Foreign Trade Trust, Ping An Trust, Yunnan Trust and so on.

According to previous media reports, the net profit of China Resources Trust, Foreign Trade Trust, Ping An Trust and Yunnan Trust in 2019 is 2.876 billion yuan, 1.790 billion yuan, 2.652 billion yuan and 403 million yuan, respectively. Accused of "violent collection" and overbearing privacy terms In October 2019, 21 Finance published a report stating that the regulation is strictly investigating the cooperation between trusts and fintech platforms. As a result, trusts will verify whether the cooperating fintech platforms have the qualification of financing guarantee and lending; in addition, trusts will verify whether the cooperating fintech platforms have stolen, abused, illegally traded, or leaked borrower information, as well as violently called for collection, and other behaviors. Inspector Reading noted that Feilan holds licenses for online microfinance (Shenzhen Research and Trust Microfinance Co., Ltd.) and financing guarantee (Shenzhen Zhongzi Lian Financing Guarantee Co., Ltd.). Penetrating the equity found that both companies are 100% owned by Feilun. Although the fly loan has network small loan and financing guarantee license, but the fly loan due to interest charges, collection and other issues frequently complained. As of press time, fly loan in the black cat complaint platform ***66 pieces of complaint volume, in the poly complaint platform ***322 pieces of complaints. For example, on March 15, the netizen in the black cat complaint posting, due to the epidemic period no source of income, temporarily unable to repay, has been and customer service communication, fly loan collection non-stop phone and SMS, a variety of threats and intimidation, resulting in its physical and mental harm, request to stop such collection, and apologize to it.

January 8, the Ministry of Industry and Information Technology released the second batch of infringement of the rights and interests of users 15 App list, fly loan APP listed among them, involving the issue of "do not give permission not to use". According to the requirements of the Ministry of Industry and Information Technology, the relevant APP should be implemented before January 17, 2020 rectification, overdue rectification, the Ministry of Industry and Information Technology will be organized in accordance with the law to carry out the relevant disposal work. The Inspector notes that the Flying Loan APP is no longer involved in the issue of "not giving permission to use", but the Flying Loan APP requires users to agree to its Privacy Policy and User Registration and Use Agreement, or else they can't use the APP. According to the agreement, when users apply for a loan or service using the platform, the Flying Loan APP will collect users' identity information, cell phone number and biometrics, bank account number, property information, precise location, device MAC address, login IP address, and permission to make and manage calls. In addition, the Fly Loan APP also asks for access to the address book and related contact information for the collection of overdue loans. In the view of the Inspector reading finance, if you don't agree to the privacy agreement, you can't use it, and the Flying Loan APP is a typical overbearing clause.