Behind the soaring P2P debt: liquidity exhaustion, investor panic and redemption

Behind the soaring P2P debt: liquidity exhaustion, investor panic and redemption

Source: Sina Financial Research Institute

Wen / Zhao Ziniu

With the continued explosion of P2P platform, the industry redemption tide intensified. Under the thunder tide, and credit, point melting net, patting loan, you and I loan and many other network loan platform have appeared the debt scale soaring, the user application of debt can not return the phenomenon.

Spot financing network debt transfer difficult to repay and credit, pat loan and other applications for a number of platforms soaring.

Recently, some investors have said on micro-blog that they want to redeem hundreds of thousands of online investments on the net loan platform, but have not received a return due to the congestion of the platform's debt service. "Point melting net last week will update the platform countless times, the terms have been hooligans are not good, the withdrawal of cash must be picked up, no one to pick up you can not come out." In the community, there are also many investors who say they are investing their money in the net. They can't return the money after applying for the creditor's right, few weeks, and more than half a month.

In fact, dot fusion is not the only P2P platform with debt congestion. In the evening of July 23rd, the IPO platform and credit announcement announced the upgrading of the platform business, and the loan transfer mode was upgraded from automatic transfer to the user. As soon as the announcement was issued, it immediately triggered users'unease. Official website debt swap zone, investors launched more than 2700 pages of debt swap applications.

And the debt transfer area of the credit official website, the investor initiated debt transfer applications exceeding 2700 pages.

And the pat loan, which is famous for its small, scattered and transparent, has not been spared. According to the relevant statistics, there are more than 50 thousand marks on the loan platform at present; you and I have 12 thousand and 800 loans in the transfer, and the data are only about 2000 in half a month ago.

What is the transfer of creditor's rights

The so-called transfer of credit business, that is, the P2P platform in the loan of the borrower when the loan standard agreed, the loan mark will be transferred through the platform after a certain period of time, the borrower flexibly withdraw money from the profit withdrawal.

For example, A invested a certain target on a P2P platform with an investment period of 3 months. Subsequently, due to the urgent need of working capital, A wanted to redeem the money ahead of schedule, but because the loan period was not yet reached, it could not be refunded. At this point, A transfers the creditor's rights to B who is willing to take over the offer through the platform. The transfer of creditor's rights in exchange for principal and interest is the transfer of creditor's rights.

The main purpose of the original debt is to solve the short-term liquidity arrangements of the lenders, strengthen the flexibility of the lenders' funds, improve the user experience, and attract more funds to expand the platform business. However, in today's net loan industry, there is an unprecedented high willingness to redeem investors. The increase in the number of applications for the platform debt is insufficient, which greatly reduces the success rate of the platform debt, and further exacerbates the investor panic mentality, thus affecting the potential flow of wait-and-see funds and forming a vicious circle.

Debt is slow and hard to get back: market confidence is low, platform liquidity is exhausted.

According to the daily eye data of Internet lending, the transaction volume of Internet lending industry in July was 78.761 billion yuan, down 36.5% from the previous month, and the net outflow of funds reached 41.665 billion yuan.

After the management of the new regulations to the ground, due to the clear prohibition of rigid cash supervision, and the P2P platform fund pool model, some of the original funds pool for the user to compensate for the repayment of the platform is unsustainable, the platform liquidity risk continues to upgrade. In this context, some of the platforms, in the name of the regulatory policy, change the model of the original automatic debt after the original target is due to the investor's initiative to carry out the debt operation, and once the fund is not paid, the model can not be paid back. In some sense, the investor's panic is aggravated in some sense. And investors in the panic atmosphere to increase cash, so that the mobility of the platform even more exhausted.

"The speed of transfer of creditor's rights is closely related to the activity of the lenders and market confidence of the platform. In the environment of the current platform explosion, investor confidence is generally at a low tide." Xue Hongyan, director of the Internet Financial Research Center of the Suning Institute of finance, said that, on the one hand, the stock lenders wanted to return funds and fall bags as soon as possible through debt. On the other hand, the potential lenders were afraid to enter the field based on fear. The result was that the supply of debt was too much and the success rate fell sharply.

"Only by focusing on improving market confidence can we solve the problem of debt transfer in turn. In order to improve the market confidence, we should start with the reform of compliance, information disclosure, record raising, the establishment of long-term mechanism for investor protection and even changes in the macroeconomic situation. "

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