The bill loan issued by Zhaocaibao platform is issued by a third party company, that is, the holder of the bill loan issues and sells his own bills in Zhaocaibao before the bill expires, and everyone invests and he gets cash. After the bill expires, everyone will pay the investors according to the bill. Bill loan is a term loan, which locks in the expected annualized expected income. The authenticity of the bill is verified by the bank, and some loan products are guaranteed by insurance companies, so the risk is relatively small. As of the "SME Loan" products released by Zhaocaibao Platform, all due products have fully paid the principal and expected annualized expected income, and there is no default. "Even if there is a default, it will not affect investors, because insurance companies that provide guarantee insurance (and financial institutions that provide other safeguard measures in the future) will pay the principal and expected annualized expected income to investors in full." Zhaocaibao said that its cooperation institutions are limited to financial institutions, and Zhaocaibao has not cooperated with any bill service intermediary companies. Moreover, the platform has strict access standards for institutions and products. Financial institutions that issue wealth management products must have corresponding financial qualifications, and financial institutions that provide risk protection must have corresponding support capabilities. A bill intermediary said that the default rate of the entire bill market is lower than the non-performing loan rate of the banking industry, but if the accepting banks are concentrated in city commercial banks, rural commercial banks, rural credit cooperatives and other institutions, the risk of maturity will rise. In addition, although there are electronic bills, the bills traded on the Internet bill business platform are all paper bills, so there is a risk of defective or even fake tickets. In order to ensure the authenticity of the acceptance bill, Zhaocaibao requires that the acceptance bill provided by the financing enterprise must be verified by the bank, and at the same time, relevant supporting documents of the bank should be provided. In order to protect the interests of borrowers, Lucky Treasure Platform has restricted the repayment of borrowers. If the Borrower fails to repay the loan as agreed in this Agreement, in addition to paying the interest as agreed, the Borrower shall also charge the Lender a penalty equal to the expected annualized interest rate of the loan 100% on a daily basis from the overdue date until it is paid off. Among them, the repayment guarantee clause stipulates that the borrower must apply for guarantee insurance with the lender as the insured to ensure the safety of the investor's principal and expected annualized expected income. If there is something wrong with this acceptance bill, the insurance company will compensate. However, the realization of the creditor's rights depends on the specific guarantee or other agreements. In addition, the bill financing products derived from the bill financing market belong to a new model and the mechanism is not yet mature, which may contain many risks.