Company Overview

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Founded:
August 1, 2007
Founders:
Calvin Chin
Headquarters:
Shanghai
Funding:
$200k
Categories:
Finance

Qifang is a Chinese peer-to-peer lending online community focused on student loans.

Description

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Qifang is a stealth P2P lending site for Chinese student loans. Most college education in China is financed by group borrowing associations rather than bank loans. Qifang is trying to bring that group lending dynamic online.

The company expects interest rates on most Qifang loans to be between 8 to 12 percent. The interest rate will be based on how many lenders bid on each loan. The site will recommend that lenders invest in a portfolio of loans to reduce their risk, but if they choose, each one can put all their money in a single loan. Since there is very little credit history on individuals in China, the site will use other proxies to calculate risk. Each borrower must scan in their national ID cards to verify who they are, and list their school, major, grades, hometown, parents ID cards and income. Chin is creating partnerships with the schools directly, so that the information students supply can be verified and so... See More

Current Team (1)

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Products (1)

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  • Cb default image

    Qifang

    Qifang was added to CrunchBase in 2008

Funding Rounds (1) - $200k

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  • $200k

    Investors Unknown
    2007 -Angel

Offices/Locations (1)

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  • Office

    Shanghai,

    CHN

Competitors (5)

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