WeChat, China’s largest messaging app, to enable instant loans up to £20K

Type in how many yuan you want, hit the blue button… and you’re done! (Tencent’s QQ app is shown here; it’s coming to WeChat soon.)

WeChat, one of China’s most popular messaging applications, is getting a personal loan feature. Users will be able to borrow up to 200,000 yuan (~£20,000) without guarantee or collateral, according to The Wall Street Journal. Dubbed Weilidai, or “a tiny bit of loan,” the new function is a service offered by WeBank, an Internet-based bank that Tencent—WeChat’s creator—helped launch. WeChat, with around 500 million monthly users, is one of the world’s largest messaging apps.

After providing personal data such as bank information, it may be possible for WeChat users to receive money in as little as a few minutes. The Wall Street Journal writes that the credit assessment process, which reportedly includes assessing individual loan status information from the People’s Bank of China, could take less than a minute. Though interest rates can vary depending on individual credit levels, the average daily rate is believed to be 0.05%, while the terms for loans could stretch up to 20 months.

WeBank actually launched Weilidai in Maybut loans were, until now, only available through QQ, another Tencent messaging system. As of late July, an undisclosed number of users have collectively taken 800 million yuan (~£8.1 million) in personal micro-loans through Weilidai.

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