China’s Problem-Beset P2P Lending Platforms Continued to Rise in October

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A new report points to ongoing increases in both P2P transaction levels and problem-afflicted online lending platforms in China.

The “2018 October National P2P Online Lending Industry Rapid Report” (2018年10月份全国P2P网贷行业快报) released by Diyi Wangdai (第一网贷最) indicates that in October China’s P2P transaction volume rose by 11.48% compared to the preceding month to hit 94.852 billion yuan.

The consolidated annual interest rate was 8.78%, for an on-month decline of 0.37 percentage points, hitting its lowest level since the start of the year.

The average loan term was 9.69 months, for an increase of 0.62% compared to the previous month, while the average daily participation rate was 563,300 people for an on-month rise of 15.23%.

In October the number of P2P platforms that saw problems arise was 66, for an increase of 25, or 60.98%, compared to the previous month, bringing the total number of problem-affected P2P platforms to 4096.

These problems included active closure, withdrawal difficulties, or contact issues and absconding.

As of the end of October China was host to 1421 “fundamentally normal” was 1421.

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