POS online loans are aimed at small and micro business owners and individual industrial and commercial households with short-term capital needs, lacking the conditions such as guarantees and collateral that traditional banks need, and financing is difficult.

There is a precedent in the banking industry to use POS machines to make loans and use transaction flow to exchange loans for credit.

Different from mortgage loan and secured loan mode, POS merchant online loan is a kind of credit loan. Applying for loans according to credit records and POS transaction records is unsecured and unsecured, and the stable POS transaction records of merchants are the main basis for loan approval.

The maximum loan amount of online loan for POS merchants is 500,000 yuan. For the quota of 500,000 yuan, banks generally do not do less than 500,000 yuan, and the first product of CITIC Bank does less than 500,000 yuan.

The more the transaction flow of POS funds, the more the loan amount, and the longest loan period is 90 days. It is not difficult to find that the online loan of POS machines has obvious characteristics of "small amount and short term".

POS online loans are aimed at small and micro business owners and individual industrial and commercial households with short-term capital needs, lacking the conditions such as guarantees and collateral that traditional banks need, and financing is difficult.

The prerequisite for these groups to apply for loans is that the applicants must be Chinese mainland residents, aged between 20 and 60, hold the second-generation ID card of People's Republic of China (PRC), have a good credit record, be legal representatives of enterprises or individual industrial and commercial operators, engage in production and operation according to laws and regulations, have no record of violation of laws and regulations, and have been operating continuously for more than two years, and be POS merchants providing services for UnionPay business, and hold online banking UKEY of CITIC Bank or Unionpay business UKEY.

Applicants who meet the above conditions submit loan applications through bank online banking interface or bank partner platform; Banks review loan applications online; After the loan is approved, the applicant signs a credit loan contract with China CITIC Bank online; After the bank lends money to the loan account specified by the applicant in the contract, the online full loan process is completed.

As for the loan interest rate, "For POS online loans cooperating with UnionPay business, the payment account of POS settlement funds is CITIC Bank, and the annualized financing cost is 13%, while the payment account of POS settlement funds is other banks, the annualized financing cost is 15%.