1, policy change
In the case of major changes in industry regulatory policies, the platform must follow the policy orientation to make changes in order to maintain stable operation. If the response is not timely and effective, the business may be greatly impacted and the turnover will drop sharply.
As we all know, cash loans and campus loans have high profit margins, and at the same time, they can rapidly expand the transaction volume. Platforms that mainly do these two types of business in the early stage often earn a lot of money.
However, with the rapid enlargement of trading volume, various negative events appeared constantly, and then the regulatory authorities issued relevant policies. Some platforms were extremely passive in the later stage due to insufficient preparation. For example, the introduction of campus loan policy has greatly reduced the transaction volume of listed companies' fun shops.
2. Compliance issues
After the turnover increased, some platforms issued non-compliant targets to solve the problem of fund outlet, such as splitting large-scale targets into small-scale targets, stock market fund allocation, real estate projects and so on.
Although this method temporarily solves the problem of the number of platform targets, if a project is overdue, there will be a large-scale overdue. It has a great impact on the operation of the platform.
3. Mode of operation
The operation mode directly determines the robustness of platform operation. One of the reasons for this year's thunderstorm is the problem of operating mode: maturity mismatch.
The so-called maturity mismatch means that the target published by the platform does not show the actual borrowing period of the borrower, but only shows the locking period of the target, and in most cases the locking period is shorter than the actual borrowing period.
Under the normal circumstances of abundant market funds, investors can recover their funds after the target lock-up period. However, if there is no new funds to buy creditor's rights, the creditor's rights held by investors cannot be transferred, and the direct feeling of investors is that the creditor's rights are overdue.
This business model is prone to large-scale overdue in the case of tight funds or industry crisis.
4. Operating ability
In order to increase the transaction volume and loan balance data, some platforms invest a lot of money in advertising, or the platform gives high discounts to the target.
Although this approach can greatly improve the transaction data in a short time, its cost far exceeds the platform's affordability, resulting in a shortage of funds.
With the expansion of the capital gap, if there is no new capital injection, it will easily lead to the break of the capital chain in the later period. Tang is a very typical case.
5. Risk control ability
Loans are easy to collect, and risk control capability is one of the core capabilities of a platform for healthy and sustainable operation.
The poor risk control ability of some platforms makes the bad debt rate higher than the platform's affordability, which will lead to unsustainable operation in the long run.
For example, a car loan platform issued a total of nearly 654.38 billion yuan in vehicle loans, of which 70 million were defrauded by gangs and finally ended in cash withdrawal.
Generally speaking, if the risk control department of an online lending platform is not doing well, it will be a matter of time before something goes wrong.
6. Risk of extortion
For online loans, many people can't conduct field visits, and all the information they know is obtained through online channels.
To this end, some extortion gangs in the market deliberately discredit the platform, with the aim of extorting the benefits such as "post deletion fee" of the platform. If the disposal is not timely or appropriate, it may have a great impact on the operation.
7. Risk of self-financing
Due to various factors, the average profit rate of most online lending platforms is low. However, due to the huge capital flow of the online lending platform, some actual controllers of the platform misappropriated funds for the operation of related projects.
Because most self-financing projects need relatively large funds, and the funds are relatively concentrated. If there are problems with related projects or funds are tight, it is easy to have payment problems.
Typical today's gold loans, grassroots, etc. , all invested in related real estate projects, and there was a redemption crisis in the later period.
In addition, the actual controllers of some platforms set up platforms or shared platforms for the purpose of transferring funds to related projects, which can easily lead to redemption crisis.
The risk of self-financing belongs to the moral hazard of the actual controller of the platform, which is difficult for ordinary investors to detect. However, professionals can find clues by analyzing their bids.
In short, although the online lending platform will face various risks, if the company's senior management team is experienced and has a stable business model, it will have a strong ability to resist risks.
Under the current market background, the rookie financial risk control team suggested that investors should establish the principle of not only redemption but also taking risks when investing in P2P online lending platform, and give priority to products with small scattered assets, matching funds and asset maturities.
In the choice of time limit, it is still recommended to invest in short-term projects to improve their own liquidity. For investors who hold money and wait and see, they can gradually enter the market in small quantities, and set a stop-loss line and a limit on the proportion of funds.