Nickel Bitcoiner
Nickel Bitcoiner
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Overview of Micro-credit Loan in China

Wed Nov 21, 2018 11:26 am

Since the creation of currency, micro-credit loan has never been interrupted. However, due to the difficulty of supervision, the trust relationship between people is often vulnerable to money, and the performance of lending behavior is not guaranteed, which causes endless social problems.

In the last 20 years, with the big rise of the Internet and the advancement of mobile payment technology in China, micro-credit loan has begun to break through geographical restrictions, the scope of influence is more extensive, and the types also differ, and the social impact is even worse. Campus loans and bare loans have received the most attention from the society and the media because of the student group and the porn industry, and plastic loans, training loans, and rental loans have also surfaced.


In practice, micro-credit loans often have many ways to raise their actual rate. For example, the "cutting interest", the contract will be 10,000 RMB but you will only receive 7,000. Another example is, although the interest rates is not high, the overdue management fee is horrible. Once the overdue period occurs, the loan amount will increase at a speed that you can't imagine.


The reason why micro-credit loan has been growing for a long time even if it caused many problems is that the demand does exist. Therefore, although the irregular loan is not a good thing for both borrowers and lenders, it still has a huge market.

It is difficult for ordinary borrowers and ordinary investors to judge the platform qualification. Therefore, the best way is to believe in a well-known big platform, and not to believe in small platforms that provides abnormal high interest or low cost.

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So, it has become a question of trust in third-party platforms. When it comes to the trust of third-party platforms, of course, we will think of blockchain technology, and finance is the best landing scenario for blockchain technology. If blockchain technology can be used to protect micro-credit loan, it is believed that it can provide greater convenience and guarantee for the implementation of regulatory policies.

All along, the financing of individuals and small and micro enterprises can be regarded as a difficult problem in China and many countries. How to make micro-credit loan standard, transparent and convenient to provide financing services for individuals and small and micro enterprises is a concern of many researchers and individuals who seek financing. Nowadays, the emergence of blockchain technology and its application in the financial field is undoubtedly a symptomatic solution to such problems.

Let micro-credit loan can truly solve the funding needs, which will be another mission of blockchain technology. Vena is working hard for this mission, whose financing product allows miners to make full use of the bitcoin in their hands to finance and improve their capital use efficiency. For details, join our telegram group @vena_network.

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