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According to a rough calculation at the end of 2018, Hong Cheng has borrowed from more than 30 online lending platforms in less than a year, and the total principal and interest amounted to more than 200,000 yuan.

Also in 2018, Chen Dong, who had just graduated from high school, began to raise debts. He recalled to a reporter from Caijing about how he got into online loans. In June 2018, a netizen said that he had no money to eat, Borrowed money from him, Chen said that he had no money, and the other party sent an app download link called “Universal Wallet” and told him that he could apply for a loan on it.

“Everyone is greedy, and it is impossible to borrow him purely. He said he would give me interest, and I can’t stand the temptation.” In this way, Chen Dong borrowed 500 yuan, no “Cut-off interest”, the repayment is due after 7 days and an additional interest of 125 yuan will be charged. Chen Dong transferred the money to the netizen, but the netizen did not repay the money as agreed after the expiration. Chen Dong had no income, so he borrowed money from other platforms to repay the money, and later lent the netizen several times. Chen Dong said that he later reflected and suspected that this netizen might be a “fish bait” released by the online lending platform. He had interviewed the netizen and called the police, but he couldn’t stop it because there was no evidence.

In Chen Dong’s self-report, “It was just like this, and the scary thing about online loans is that once you get into online loans, just like dominoes, other things in your life are quickly drained away. “Chen Dong said that only a small part of the money he borrowed was used for his own use, and most of it was used to repay the previous loan.

Once online lending starts, personal information will be scattered, and various links and loan sharks will come to the door. Chen Dong said that before and after dozens of lenders called him and asked to add WeChat, he added 30 or 40 such friends to WeChat. Most of his loan interest is between 30% and 60%, and lenders who have a good chat sometimes “accommodate” and erase some of the interest.

In October 2018, when the debts on different platforms and lenders reached more than 200,000 yuan, Chen Dong realized that he owed too much debt. He became afraid, irritable, insomnia, and polyps grew in his stomach. But he did not dare to “confess” to his family.

Online loans are getting deeper and deeper. In the end, Chen Dong has no less than 80 lending platforms and lenders. According to his statistics, he has lent 30,000 to 40,000 yuan on various platforms of the “Department of Animals”.

From October to December 2018, Chen Dong faced high borrowings and repayments every month. The screenshots produced by Chen Dong show that only in the first ten days of November of this year, he borrowed 4 times a total of 45,000 yuan, which were 6,000 yuan, 7,000 yuan, 10,000 yuan, and 22,000 yuan. Sometimes there was only a gap between the two loans. 1 day; in the middle of the month, I borrowed 4 times for a total of 22,000 yuan; in the second half of the year, I borrowed more than 49,000 yuan.

And these are just the money he borrowed from individuals. The screenshot shows that Chen Dong’s loan period ranges from 7 days to 10 days. Most of the loans are returned on schedule. Two loans are overdue for 1 day, one is overdue for 2 days, and the last loan of the month is overdue for 58 days.

2. Why borrow?

Chen Dong and Hong Cheng both said that once they were caught in the quagmire of online lending, “dismantling the eastern wall to make up for the western wall” and “using loans to support loans” have become the practice of many people. The debts are getting bigger and bigger, I almost forgot why I borrowed money in the first place.

If you swipe your finger between different online lending platforms, you can no longer look back. The judgment document shows that the Lanzhou extraordinarily large “routine loan” case defrauded more than 475,000 people, of which more than 390,000 people were called by “soft violence.”

The Caijing reporter learned that few of these borrowers only borrow on one or two platforms or are limited to “animal” online lending platforms. Many have dozens of lending platforms, and some even count. Hundreds of platforms borrow money-the online loan app on the mobile phone is crowded with page after page on the screen.

Hong Cheng said that after getting online loans, when the repayment deadline comes one by one, “I just think about how to fill the hole, like a ghost.” In an interview, many people have Similar argument.

As for why we should borrow online loans, there are many reasons. The Caijing reporter learned that when victims reported to the police, the most common saying was that they had taken the Internet loan because of the need for capital turnover or the urgent need for money. Some people will mention specific reasons for borrowing, some are business needs capital turnover or start-ups need money; some are repaying credit cards, mortgages and other loans; some are just starting work, renting, and daily needs; a few people It is because of family accidents and illnesses of family members who are short of money; some are loaned to friends and relatives; others are lost because of gambling, gambling, stock trading, etc.

A woman said that she received a loan call promotion at home, and she borrowed 1,000 yuan with an attitude of giving it a try, and the account was 700 yuan. After the repayment, someone asked her if she would borrow again, but she said that she didn’t need it. Soon, she wanted to buy gifts for her family, but she just had no money on her hand, and she had no choice but to borrow again. Because the online loan platform is very convenient to use, the woman borrowed money from hundreds of online loan platforms; a boy said that because his mother was ill, he had to spend more than 30,000 yuan a month. He had no money to buy medicine. Going to borrow online; another boy said that his girlfriend urgently needed money to repay the online loan, so he started borrowing…

To avoid the embarrassment and helplessness of borrowing in reality, borrowing on the Internet seems to be a breeze. Many people look at online loan platforms mainly because they lend moneyFlexible, low application threshold, fast review, fast loan, no credit, and the “low interest” claimed by almost all platforms. Many people said that they did not expect to end up in the quagmire of “routine loans”.

The initial borrowing amount ranges from 1,000 yuan to 5,000 yuan, and the amount is not high. However, after a dozen, dozens, or even hundreds of turnovers, the debt was rapidly swelled like a snowball. Some people borrowed more than 810,000 yuan and repaid more than 1.2 million yuan; some borrowed more than 700,000 yuan and repaid more than 800,000 yuan; some borrowed more than 390,000 yuan and repaid more than 500,000 yuan; some borrowed about 5 Ten thousand yuan, nearly 200,000 yuan in repayment.

Many people’s income is not enough to repay these usury. After some people were in debt, they found out that “it seems like they can’t pay it anymore.” In the end, they didn’t even have money to buy diapers for their children.

The reporter from Caijing learned that most of the people who fall into online loans are ordinary office workers. Their income is usually only a few thousand yuan. Some are engaged in public office, and some are drifting to work in a foreign country. Some of these people Office workers in various industries, and even pig farmers, police officers, etc.

The reporter of Caijing also found such a case in the interview. A bank employee was involved in an online loan. After her colleague and leader received a collection call, the bank employee was demoted from the supervisor to a general employee. In fact, a considerable part of borrowers do not have a job or income.

3. Unbearable debt

After the initial borrowing is convenient, the accumulated debt becomes heavy and becomes unbearable.

At the end of 2018, after accumulating more than 200,000 yuan in loans, Hong Cheng became scared as soon as he heard the phone ring or text message prompt, “100% is here to collect”, he even needed alcohol to fall asleep. Seeing that the hole in which money was transferred from the company to pay off the debt could no longer be plugged, Hong Cheng climbed to the top of the six-story building, preparing to jump off the building. Fortunately, he was rescued from the roof of the building by the police in time.

In the “last words” left by Hong Cheng, his father learned that his son owed an online loan and finally raised money to help him fill this hole all at once. Hong Cheng’s father is a public official. “He said he lived in his 50s and had never borrowed money. This is the first time he borrowed money from someone else because of his son bowing his head.” Hong Cheng said. After paying off the loan, Hong Cheng had a solid Spring Festival.

Also in December 2018, Chen Dong’s overdue debts increased. His father and many relatives and friends received a call from a collection officer about a loan.Love can no longer be concealed. Chen Dong said that after receiving a call from his father to let him go home, he stayed in the Internet cafe all night, and finally decided to “confess” and sort out the loan amount. His family is not wealthy, his father does renovations, and his mother works in a factory.

Chen Dong combed out a loan list and found that he had borrowed more than 400,000 yuan. Although his family complained repeatedly about Chen Dong, they still borrowed money from relatives and friends to help him pay off his debts. His grandmother, who loved him the most, put together more than 20,000 yuan for him. The family helped him settle the debt several times. Chen Dong said, “As long as you step into the pit of online lending, unless someone pulls it, you will be drowned in it.”

Many borrowers, like Hong Cheng and Chen Dong, had their parents helped to repay their debts after “confession”. Some parents even sold their houses for this. Others have no such opportunity. When reporting the case, some people mentioned that after being collected, they faced the dilemma of family disharmony, broken marriage, and loss of work.

In the Lanzhou extraordinarily large “routine loan” case, the Lanzhou City Procuratorate accused the criminal group of using “routine loans” as the basic method to trick victims into borrowing, charging super high interest rates, and “borrowing the new and repaying the old” through the platform. The method of “repayment of loans” maliciously increased debts, with more than 475,000 victims, and “soft violence” was used to collect illegal debts, and more than 390,000 people were collected. The judgment document also mentioned that after big data analysis, 328 of the victims of the Hangzhou Internet loan company loan involved in the case died abnormally. After verification, 89 of them had been forced to collect debts before their lives.

Among these 89 people, a 23-year-old girl committed suicide in early 2019. This girl is about to graduate from college and told her family that she has found a job, and she goes out during work hours and goes home at the end of get off work. After the girl died, her family checked her mobile phone and found out that she had borrowed an online loan and did not have a job.

There is also a boy born in the 90s who committed suicide twice after falling into an online loan. After being rescued by the police for the first time, he sent a pennant to the police to express his gratitude, but not long after, he lost hope again and was not rescued the second time he committed suicide.

There is almost no threshold for online lending, because the “killer” in the hands of the platforms-mastering the lender’s address book. The borrower must provide his true identity when logging into the online lending platform, allowing the platform to obtain information such as his mobile phone address book and call history. After the repayment date expires, if the debt collection officer reminds the debt and still does not repay the debt, relatives, friends and acquaintances in the address book will receive debt collection calls and text messages. Some collectors will use a software commonly known as “death to you”, constantly “bombing” through phone calls and text messages; some collectors will use insulting collection remarks and pictures to force debts.

Hong Cheng’s relatives and friends used toI received a debt reminder text message saying that Hong Cheng was suffering from advanced lung cancer and needed money for surgery, but Hong Cheng did not want to die, and said that he would be a cow and a horse to repay the money in his next life.

During the trial, Wang Tao and his lawyers defended against the allegations of suicide by 89 people due to collection, most of the victims did not only borrow from the animal-based online lending platform, but at the same time on dozens of online lending platforms. Borrowing, while facing the collection of many collection companies. On the other hand, collection actions are implemented independently by relevant collection companies, and are not organized, led, instructed, or instructed by Wang Tao and others, so Wang Tao and others should not be responsible. After several days of trial, the court did not approve the defense opinion.

The Caijing reporter learned that of the 89 people who committed suicide after suffering collection, they were collected by multiple platforms during their lifetime. It is difficult to say which call or text message was “the last straw that crushed the camel.” “. However, the oppression and humiliation brought about by online loan collection are real and unavoidable. Some victims even suffer from depression.

Many people’s relatives and friends have received a collection message, which is often a picture that has been censored with insulting words. Some collection text messages stated that the borrower had unfortunately got gonorrhea, syphilis and AIDS, and was unable to repay the loan due to the loan, but he could provide on-site service. There were also text messages saying “repay the money quickly, or send a wreath to your home!”

Among the 89 suicides, some left a suicide note: some confessed to their family that they were in the process of borrowing, but “woke up too late”; some made it clear that they were “harmed by online loans”; some said, “online There are more and more loans like a snowball, and they can’t hold on anymore.”

Four. Why are it mainly young people?

The Caijing reporter learned that in the Lanzhou mega “routine loan” case, most of the people who were caught in the quagmire of online lending were young people. The majority were born in the 80s and 90s, and a few were born in the 60s. “Post-70s”.

Peng Ya, a lawyer practising in Hangzhou, once worked for a formal small loan company. According to his observations, online loans are aimed at younger groups. The main service targets are those around 30 years old. They have just started working, and some are college students. The income of these people is generally not high. Some can only solve the problem of food and clothing. Some belong to the “Moonlight Clan”.

Many young people borrowing money from dozens of online lending platforms, some have the habit of high consumption, some are caught in online games, gambling, and some are “removing the east wall to make up the west wall”. He received many online loan consultations, all of which mentioned that his children owed more than 100,000 yuan in online loans just after graduating from college. “Ask me what should I do?”

On many social networking platforms, some people have left questions such as “how to quit online loans”, “how to confess to my family”, “how can I get ashore if I owe too much online loans”, and some even organize “landing studies” Internet communities like “Suo”. A community organizer who did not want to be named told the Caijing reporter that the number of applicants for the community is about 300, all of whom are university students or young people who have just graduated. The organizer himself was in debt. He previously lost more than 300,000 yuan due to P2P thunderstorms. The money was mainly his savings and a small amount of cash from credit cards. Fortunately, the organizer finally paid off all the debts.

He Xu, Ph.D. from the Department of Anthropology of Fudan University and a partner of a Shanghai Cultural Development Co., Ltd., engages in research and market consulting for the consumer culture and identity definition of different groups. According to He Xu’s analysis of Caijing reporters, the four generations of “post-90s”, “post-80s”, “post-70s” and “post-60s” are the most concerned objects in the consumer market.

The adulthood of “post-90s” and younger “post-00s” has caught up with China’s fastest economic growth period, and they have lived in the Internet age since childhood. For them, the Internet is the world, online and offline The boundaries are blurred, even without boundaries. “For the’post-80s’ and’post-70s’, the offline identity is more important, such as whose husband, wife, children, and which company employees are, but for the’post-90s’, perhaps the online identity More importantly, it can show his true self or self.” At the same time, the “post-90s” are facing more fierce competition, and the differentiation of social classes is more intense. They mature earlier and even more sophisticated, which may also partially affect their consumer behavior.

In terms of consumption characteristics, He Xu observed that compared with the elderly , the “post-90s” people are more likely to earn and spend, and grew up in the Internet era, and they are a generation more empowered by consumption. For example, the online sub-cultural circle, and the online communities based on clothes, shoes, rap, and fun have brought more consumption opportunities to the “post-90s” than the previous generations. Online loans correspond to the relatively strong consumption desires of young people. The “post-90s” may not have the strongest consumption ability, but the strongest willingness to consume.

He Xu also said that this does not mean that the “post-90s” are a selfish and consumerist generation. Some young people create more value and expand their social circles through consumption, “even to explore the entire world, Discover more possibilities for oneself.” In addition to the individual drive of people, the penetration of various credit products is also related to various factors such as the business expansion of Internet companies, the use of technologies such as big data, consumer policies, and financial supervision.

Alipay released the “Report on Young People’s Consumer Life” in 2020, showing that of China’s nearly 170 million “post-90s”, 65 million have opened “Huabei”. Earlier in 2019, Nielsen Market Research Company also made a similar report, claiming that the penetration rate of young people’s credit products has reached 86.6%.

He Xu said that in the early traditional consumer market research, young people were usually not regarded as potential consumers because of unstable income and low absolute value of income. “Since 2018, almost all brands have changed their tone, that is, my age has to drop, drop, and then drop. This trend is swept over like a tsunami. Even classic luxury brands are facing such a problem. The question-how do we approach young people.” In He Xu’s view, young people have become more valuable. This is not entirely based on the actual funds in their hands. Their time, attention, influence and communication power all constitute judgments. A measure of consumer spending power.

Returning to the Lanzhou extraordinarily large “routine loan” case, many people mentioned that when they first came into contact with online loans, they happened to receive promotion text messages or phone consultations from online loan platforms or lenders. Only a few people said that it was because of the shortage of funds. Actively search for loan software.

Fifth, life still has to go on

Chen Dong experienced an online loan nightmare. He was depressed and blamed himself for a period of time. The grandmother who loved him the most said, “A good flower will wither when it encounters a drop of rain.”

Chen Dong hopes to make up for his parents, but he doesn’t know what he can do besides working hard to make money. When his father is under pressure, he will be aggressive on the phone. Chen Dong didn’t have much contact with his mother who went out to work, and online loans made the trust between mother and child reach a critical point.

Due to the epidemic, Chen Dong’s job has changed again and again, and now he has a monthly salary of four to five thousand yuan. He often works overtime. In terms of food and use, try to save as much as possible, eliminating the cost of renting a house, water and electricity, “I have saved nearly 10,000 yuan now, and the speed of saving money is a bit slow.”

Because of the epidemic, some relatives and friends are financially tight. Some people urge Chen Dong and his father to pay back the money as soon as possible. The father and son are under great pressure. Chen Dong quit the online lending platform, turned off Huabei, and thought twice about everything. He said, “I can only go forward. Look forward to see a little light, and I can’t look back.”

Recalling the past experience of getting caught up in online loans, Hong Cheng thought of spending money to buy a lesson, “This kind of thing happens once.” He said he would remind the young people around him not to touch online loans. In January 2020, when a reporter from Caijing posted on the social platform to find the victims of the Lanzhou extraordinarily large “routine loan” case, Hong Cheng and Chen Dong took the initiative to share their experiences.

The good news is, Data shows that all P2P platforms operated in China will be cleared to zero at the end of 2020. On November 2, 2020, the Central Bank and the China Banking and Insurance Regulatory Commission jointly issued the “Interim Measures for the Management of Online Small Loans (Draft for Comment).” The Ministry of Education recently stated that microfinance companies are not allowed to issue Internet consumer loans to college students. Online microfinance is ushered in strong supervision. Unqualified online loan platforms and “routine loan” groups have been severely cracked down in the special fight against evil.

The final judgment of the Lanzhou extraordinarily large “routine loan” case mentioned that the seizure and freezing of more than 1.02 billion yuan of funds in the case and 227 million Hong Kong dollars will be returned to the victim in accordance with the law.

But many victims are still struggling in the whirlpool of life. Some victims have formed communities to share information about the case at any time. Many people are eagerly looking forward to the return of the funds involved in the case. Recently, some people have called the case handlers to inquire about the progress after a day or two. They said they were waiting for the money to be used urgently.

Compared with the days of worrying about online loans, Hong Cheng believes that he is now a thousand times happier than before. Now, he works in a friend’s company, doing small business with his brother in his spare time, “earn a little money to honor his parents, and sometimes go home from get off work at night, and drink a little wine with his father, light, happy, and comfortable.”

(At the request of the interviewee, Hong Cheng and Chen Dong are pseudonyms in the text) article from the micro-channel public number: FINANCE method E (ID: CAIJINGELAW) , author: Lina < /span>