Update: Unbelievable, the product below was so popular that it sold out in just 2 minutes! Only in China, finding lenders for 3 million RMB (about US$ 500K) in 2 minutes. I love it!
Last week Grace and I visited the offices of Dianrong.com (formerly SinoLending) in Shanghai, a p2p lending company where I’m a board member. They have some innovative products coming up and one of them will launch today.
In a cooperation with Sina, Dianrong will now offer lenders a 10% guaranteed annualized return on their investments in a new product that they offer. Anybody can join, the minimum amount that you need to lend out is RMB 500 for a period of 6 months. However, the offer is only available until Monday or until 3 million RMB has been lended (whatever comes first). You can check the progress here: https://www.weicaifu.com/v/p2p/detail/30004
I think this will be a very popular product, because the principal and interest are guaranteed and because it’s offered in cooperation with leading portal Sina. The product will introduce more people to the concept of p2p lending in China, where the savings rate is traditionally quite high and banks like anywhere give low interest rates on deposits.
Dianrong is growing extremely fast and I am proud of the strong team that comes up with these new products and implements them quickly. Expect some more innovative products over the next couple of weeks.