Uncle NB "Zeng Qinghui is going to a third tier city this time. Unlike conducting in-depth investigations through exchanges, he is here to recruit. And for this job fair, several "customer loan friends" have taken the initiative to help apply for classrooms, distribute flyers, and post posters. They affectionately referred to Zeng Qinghui as "Uncle NB", and their relationship evolved from a credit institution and borrower to a friend and even colleague.
The college student credit market full of unknowns
The famous school loan behind Uncle NB is the first brand of consumer credit service for domestic college students created by Maizi Financial Service, a mobile Internet financial service group. Renowned university loans have been deeply involved in the segmented market of college student loans, occupying 63% of the undergraduate cash lending market and being the hidden champion in this field. Recently, due to its parent company Maizi Jinfu's acquisition of Haitong Innovation Investment, the prestigious school loan has been further pushed into the public eye.
As early as the establishment of prestigious universities, Zeng Qinghui was well aware that risk control was more important in the financial industry than profitability. For a platform that has just narrowly escaped the nationwide steel trade crisis, starting to explore the group of college students who are already not favored by the industry and even banks have stopped issuing credit cards, the prestigious school loan cannot make any mistakes.
In December 2013, the loan service for college students, Mingxue Loan, was officially launched. After three months of promotion, there are still less than 100 borrowers. In March 2014, this number suddenly exceeded 500 people, and in April it exceeded 2000 people. As the head of a prestigious school loan, Zeng Qinghui is more concerned than excited, because the big data in the background reflects that about 50% of the surging 1500 people come from the same region. As more and more people applied for loans, Zeng Qinghui, who was still apprehensive about regional systemic risks, became even more anxious. He decided to go to this place to take a look.
An unexpected business boom
Zeng Qinghui once again set foot on the land of Hohhot, Inner Mongolia, recalling the investigation two years ago, which is still vivid in his mind.
After arriving in the local area, Zeng Qinghui conducted an investigation into the current situation of college student loans by contacting several students who initially borrowed money. The students in this school are mainly from ethnic minorities, who are hospitable, generous and generous. As the number of people he came into contact with increased and his understanding deepened, Zeng Qinghui was invited by them multiple times to eat and sing, which made him realize that consumption is still the main purpose of borrowing.
At the same time, he learned that the income of local nomadic minority families is very uneven throughout the year, and most of the time they spend on purchasing production materials, with a large amount of money during the harvest season. Therefore, during the period of family investment, some students, after overspending on their living expenses, do not want to open their mouths to their families, nor do they want to bear too much personal debt to borrow money from classmates. Therefore, they choose to borrow money from prestigious schools to solve their urgent needs.
Of course, some students have more economic acumen. The dairy products and beef and mutton specialties in Inner Mongolia are popular among the people across the country, so some college students have seized the opportunity and opened Taobao and Tmall stores to specialize in these agricultural and sideline products. In addition, there are also many festival businesses, such as selling water specifically during the traditional Mongolian festival of Nadam. Besides investment from parents and partnerships with classmates, borrowing from prestigious schools is also another option for entrepreneurial capital.
It was also during the communication among classmates that the idea of Maizi Jinfu's prestigious school loans, with low interest rates below 50% of credit cards, lending to undergraduate and above students began to spread word of mouth and became more widely known. As mentioned earlier, there has been a surge in borrowers in the same region.
The survey by Uncle Zeng Qinghui of NB also made these college students know that behind the virtual web page, it is not a fraud usury trap, but a real Internet financial company willing to provide loan services for college students. Zeng Qinghui was also affectionately called "Uncle NB" because he helped these college students solve the problems of the operation of the Internet financial platform and the employment of college students.
The Eighteen Palms of Dragon Slaying Behind the Hot Lending
This investigation in Inner Mongolia has given Zeng Qinghui a lot of inspiration and also provided Maizi Jinfu School Loan with a more accurate positioning. He was acutely aware that in order to expand the market for prestigious school loans, risk control was the foundation of all business operations. It is like the "Eighteen Dragon Subduing Palms" in Jin Yong's novels, without solid internal skills, one cannot master this unparalleled martial art that dominates the world; For this, he set the simplest and strictest requirements for front-end risk control. Firstly, give priority to borrowers who start small and micro businesses, provided their credit is guaranteed; Secondly, only after the first loan repayment is completed, can one apply for a loan again; And after filling out the application information, a 15 minute detailed reading of the loan instructions should be given, and questions should be asked to clarify each other's responsibilities and obligations, especially regarding the mutual verification steps related to the harm of breach of contract to personal credit.
It is precisely because of the strict implementation of the above regulations that after nearly 2 years of development, Maizi Jinfu Famous School Loan has provided loan services for more than 80000 college students, with an average loan amount of about 7500 yuan per person and a total loan amount of over 600 million yuan. It has firmly established its position as the top borrower in the market for undergraduate and above college students.
Our platform's target users are over 14 million undergraduate students, over 1 million master's and doctoral students, totaling a student population of 16 million, "said NB uncle Zeng Qinghui, estimating the total capacity of the college student lending market. He is confident in using his well-trained" 18 Dragon Subduing Palms "to make a name for himself in the market.
Chinese version of SoFi Maizi Financial Service School Loan
Similar to prestigious school loans, there is also a P2P platform called SocialFinance (SoFi) in the United States that focuses on student loans. In February this year, Sofi completed the D-round financing and plans to go public this year. The company's valuation is up to 3.5 billion dollars, which is expected to become another Internet financial enterprise after LendingClub!
Recently, Maizi Jinfu received funding from Haitong Innovation, which also indicates that the future of the prestigious school loan, which has a similar business model and development path to SoFi, is immeasurable! Compared to the United States, China has a larger credit base and market for college students, so we have reason to believe that the future of the Chinese version of SoFi school loans is also worth looking forward to.
Responsible Editor: Zhang Di
