Sofi has developed in the US for nearly 30 years, but in China, these companies are now gradually rising with the development of financial technology, starting much and later which will develop rapidly in the near future. In China, the short loan business is targeted to foreign students, the middle and low-income users etc.
SmartCash（www.smartcash99.com） is an online network financial service company located in Beijing, China. It was founded in 2016. Its founder studied and now living in China for the past 5 years, and a graduate student from the top Chinese law university. In the beginning, the main business was to provide financial support for international students in China, and this business is gradually expanding its horizons into supporting other businesses and workers living in china financially.
SmartCash CEO Mr. Kels, Photo credit at Beijing office
The development model of SmartCash:
A. To select potential business people as the loan object, Kels, founder and CEO said: “To open the door to lending to foreigners in China, to achieve a fair and open” true at the same time and to designed an industry for University students with which require sand must go through very strict selection processes.
B. Makes full use of the pricing strategy of interest rate marketization. Before the establishment and development of SmartCash, China’s services of loan support to overseas students were almost zero, foreign exchange policies continued to tighten and Chinese banks strictly control lending to foreign students, resulting in almost no student’s access to the financial service successfully. For SmartCash, how to manage and serve the vertical population of foreign students is the core competitiveness is our goal. SmartCash insists that students with higher credit levels get lower interest rates, and students with lower credit levels should get higher interest rates. According to the student’s school, professional background, family background, social relations in China, consumption records etc., we also provide students with the loan quota, interest rate level, reimbursement period and amount.
C. Reloan to reduce repayment pressure. The applicant only needs to apply, and SmartCash will decide the loan interest rate within 24 hours.
D. Improve the wind control measures to ensure the ability of the students to repay the credit system and to describe consumers letter / character and ability to pay the index, then the index is divided into several grades and each grade score, and then calculate the weighted of each index, and finally get the total score of consumers.
SmartCash is the one and only to provide loans to foreign students in Colleges and universities, and now it is beginning to provide rent/housing loans for foreign nationals. Now it is the largest company in China for foreign consumer loans.
The SmartCash customer group deals with people who are with fixed income or salary in China and is not rich yet and have a bright, highly educational ambitions now or in the future according to their social relationships, school performance, job performance refining market, high credit, low default rate can get low interest loans, different credit, unified pricing model to break the traditional financial institutions, will give rewards to high credit users. To connect all colleges and universities, the reputation of the student will be may ask their guarantors for help or to apply for an extension.
SmartCash helps students expand their connections. That is to say, SmartCash first talks about money with you, then talks about relationships and feelings, and then talks about future careers, forming a very stable regional community relationship.
In the future, SmartCash will continue to provide more services to foreign students in China. Most students can apply for loans in addition to life loans, including student and business loans.
The CEO Mr. Kels still believes that the loan business still plays a major role in the financial sector in China and is on a prepared A round of funding recently.
Powered by WPeMatico