六十多岁的王先生一次偶然的机会在理财博览会上发现一款称为“人人贷”的投资产品。营销人员向他推介 “12%的年化收益率，投资门槛只有5万元”，诱人的收益率和低门槛一下子吸引了王先生的目光。然而，推介这款产品的既非银行，也不是常见的信托等机构，而是一家网络借贷平台公司。

More than 60 years old Mr. Wang a chance in the finance expo found one called"Everyone credit"Investment products.The marketing personnel to promote him "12% of the annualised rate of return,Investment threshold is only 50000 yuan",Attractive rate of return and low threshold suddenly attracted the eyes of Mr. Wang.however,Introduce the product both non-bank,Also is not common trust institution, etc,But a network lending platform company.

　　凶猛“人人贷” fierce"Everyone credit"

　　所谓“人人贷”是P2P（Peer to Peer）借贷的中文翻译。简单地说，就是有资金并且有理财投资想法的个人，通过中介机构牵线搭桥，使用信用贷款的方式将资金贷给其他有借款需求的人。它的命名来自2011年8月银监会办公厅的一份通知——《关于人人贷有关风险提示的通知》。

The so-called"Everyone credit"Is P2P(Peer to Peer)Lending Chinese translation.Simply said,Is to have the funds and financial investment idea of personal,Through the intermediary agencies pull wires bypass,Use credit loan way will fund loans to other borrowing needs of people.Its name comes from August 2011 general office of the CBRC a notice --[About all relevant credit risk prompt notice].

　　其实，这种P2P网络借贷操作模式是个“舶来品”，2005年起源于英国，2007年才开始在中国出现。受金融危机影响，银行纷纷收紧银根，中小企业、微型企业和个体经营者遇到资金周转困难，往往只能通过民间借贷融资。在此背景下，传统民间借贷和网络技术相结合产生的网络贷款蓬勃发展起来。2011年下半年以来，“人人贷”在我国进入高速发展阶段。

In fact,This kind of P2P network lending operating mode is a"Imported product",In 2005, originated in the United Kingdom,In 2007 began to appear in China.By the financial crisis,Banks are tightening monetary policy,Small and medium-sized enterprise/Miniature enterprise and individual operators meet capital turnover difficult,Often only through private-loan financing.In this context,Traditional folk borrowing and network technology combining produce network loan flourished.Since the latter half of 2011,"Everyone credit"In our country into high speed development stage.

　　有统计表明，在2011年上半年，通过网络实现的贷款额比2007年全年增加了300倍，达到60亿元人民币左右，今年还在进一步大幅上升。其中一家较为知名的人人贷网站的公告称，2012年上半年，该公司有1700名资金需求者向超过10000名理财者募集了资金，交易量达到1.3亿元。

Statistics show that,In the first half of 2011,Through the network realization of loan specified amount in the whole year of 2007 than increased by 300 times,Reach 6 billion yuan or so,This year also rise sharply in further.One of the more famous everyone credit web site announcement to say,In the first half of 2012,The company has 1700 capital demanders to more than 10000 financial person raised funds,Volume reached 130 million yuan.

　　人人贷的基本模式是建立一个类似于淘宝网的平台，平台一端由网贷公司找到优质的借款人，另一端是有闲置资金的出借人，平台把两端客户资金需求对接起来。网贷公司作为中介机构，负责对借款方的经济效益、经营管理水平、发展前景等情况进行详细的考察，并收取账户管理费和服务费等收入。以号称“中国领先的P2P信用贷款服务平台”的宜信为例，其资金流向主要是有还款能力、历史信用良好、还款意愿很强的人群；全部风控环节由网贷公司来把握，对借款人的信用审核、风险评估通过率控制在5%，并设立风险还款金来保障资金安全。

Everyone credit basic pattern is to establish a similar to taobao platform,Platform end by net credit company find high quality borrowers,The other end is idle money lender,The platform ends customer fund demand butt up.Net credit company as intermediaries,Be responsible for the economic benefits of borrowers/Management level/Development prospects by a detailed inspection, etc,And charge account management fees and service charges and other incomes.By claiming"China's leading P2P credit loan service platform"Of appropriate letter as an example,The capital flow is mainly a reimbursement ability/History credit good/Reimbursement intend to strong crowd;All wind control link by net credit company to grasp,To the borrower's credit audit/Risk assessment passing rate of 5% in the control,And the establishment of risk reimbursement'll security funds safety.

　　根据网贷第三方网站“网贷之家”的统计，各大“人人贷”网贷平台的平均借贷年利率从8%至30%不等。从中不难看出，出借人获得的年化利息收益普遍高于10%，远超存银行或买理财产品的收益。这是“人人贷”的吸引力所在。

According to the net credit third party web site"Network home of the credit"statistics,Each big"Everyone credit"Net credit platform average lending annual interest rate from 8% to 30% in.It is not overly difficult to see,Lender get annualised interest income generally higher than 10%,Far above deposit bank or buy financial products income.This is"Everyone credit"Appeal in.

　　随着在国内的快速发展，“人人贷”已从单纯的个人对个人的信贷中介平台发展为线上和线下两种模式，业务也从个人借贷发展到理财、信托等多种综合业务。市场上“人人贷”产品随处可见，数不胜数。一位业内人士介绍，“人人贷”理财产品的门槛有的低至１万元，年化收益率可达到8％以上；还有一些门槛稍高的“人人贷”产品的年化收益率更是在12％左右，门槛则在5万～10万元不等。比如，宜信自主研发的固定收益类产品，期限在3个月、6个月、1年不等，年化收益率约10%。

With the rapid development in China,"Everyone credit"Already from the pure personal for personal credit intermediary platform for the development of online and offline two modes,Business is from personal loans to finance development/Trust and so on the many kinds of integrated services.market"Everyone credit"Products can be seen everywhere,Too numerous to.A personage inside course of study is introduced,"Everyone credit"The threshold of the financial products have low to 10000 yuan,Annualised rate of return can achieve 8% above;There are some slightly higher threshold"Everyone credit"Product annualised rate of return is around 12%,The threshold is in 50000-100000 yuan.For example,Appropriate letter independent research and development of the fixed income products,Period in 3 months/Six months/1 years,Annualised yield about 10%.

　　“小额”江湖 "small"runescape

　　股市、基金低迷，信托产品门槛过高，银行理财产品收益偏低，投资者在市场上找不到好的投资品种，钱不知道该往哪里“放”。于是，“人人贷”的高收益、低门槛吸引了不少有闲置资金的个人投资者。

Stock market/Fund downturn,Trust products high thresholds,Bank financing products low income,Investors in the market can't find good investment varieties,Money does not know what to where"put".so,"Everyone credit"High income/Low threshold attracted many have idle fund individual investors.

　　张先生是一位金融理财师，关注人人贷市场已有两年多时间了。为了练练手，他的初始投资额度仅1万元。

Mr. Zhang is a financial services division,Everyone pay attention to credit market for more than two years of time.In order to practise hand,His initial investment quota only 10000 yuan.

　　于是，张先生每天下班后就多了一件事，逛网贷论坛和QQ群，看网友的调查报告，分析比较借款人的信誉资质，寻找合适的借款人。“这个圈子就像江湖，各种规则还在建立之中，处处隐藏着风险。”张先生说，借出去的都是自己的血汗钱，资金安全是第一位的。

so,Mr. Zhang after work every day is much the thing,Mischievousness credit BBS and QQ group,See a net friend report,Analysis and comparison the borrower's credit qualification,Looking for the right the borrower."The circle is like runescape,All kinds of rules still built,Everywhere hidden risk."Mr. Zhang said,Lend out is their hard-earned money,The safety of fund is the first.

　　网贷平台撮合的是陌生人。为了分散风险，每个借款人需要的钱往往是向多位出借人募集；而出借人的钱也往往会分散借给多个借款人，借钱和出借之间因此形成多向交叉。

Net credit transaction platform is a stranger.In order to spread risk,Each borrower need money is often more than to raise lender;And the lender money also tend to spread more than lend borrower,Borrow and lend between formed accordingly change cross.

　　张先生投资额度中的1万元分拆成几百至几千元不等，分别借给6名借款人。这些借款人来自天南海北，有大学生，有个体户，也有公务员，借钱的目的也是五花八门。在张先生看来，要想当“稳赚不赔”的债主，先练就火眼金睛，善于发掘优质的借款人。张先生说，网贷平台在发布借款人的借款请求时，事先都会对其个人信息、还款能力等进行审核。网贷平台会将借款人的基本信息、财产情况、借款用途等一起发布，供出借人判断。他的原则是，哪怕利息低一些，但只选择资料翔实并且有抵押或担保的借款人。

Mr. Zhang investment quota of 10000 yuan split into several hundred to several thousand dollars,Lend six borrowers respectively.These borrowers from all over the country,College students have,Have the soho,Also have civil servants,The purpose of borrowing is multifarious also.In Mr. Zhang seems,To be a"Stability earn not to compensate"creditors,First practice sharp eyes,Good at excavation quality borrowers.Mr. Zhang said,Net credit platform in the announcement of the borrower loan request,Prior to the personal information will be/Reimbursement ability of audit.Net credit platform will the basic information of the borrower/Property situation/Loan applications released together,For lender judgment.His principle is,Even if interest rates lower,But only choose full and accurate information and have a mortgage or guarantee the borrower.

　　张先生也根据自己的经验给出一些建议：其一，利率并非越高越好，越高的收益通常隐含更高的风险；其二，100%保障本金不等于无风险，即使承诺100%的本金垫付，但如果网站对坏账规模控制不力，仍会导致公司破产；三是不能只看收益率，要看借贷用途，因为无正当用途的借款风险非常高。

Mr. Zhang also according to your own experience, some Suggestions are given:one,Interest rate is, the higher the better,The high earnings are usually implicit higher risk;The second,The principal is not equal to 100% guarantee no risk,Even if the commitment to 100% of the principal disbursements,But if the web site to bad debt scale lack of control,Still can lead to the company went bankrupt;Three is not only look at rate of return,Want to see borrowing purpose,Because there is no proper use loan risk is very high.

　　对张先生这样的投资者来说，最大的担心还是平台的风险。“选择一家运营管理比较正规、资金供应充足的平台非常重要。”张先生说。他还提醒借款人，那些成交金额波动巨大、其中的单个借款人累计借款金额巨大且不断重复借款的网贷平台，极可能属于“烂账”公司。“目前这个圈子风险比较大，只有等行业逐步规范，才敢投入更多资金。”他说。

To Mr. Zhang such investors,The biggest worry is the risk of platform."Choose a operation management is normal/Money supply plenty of platform is very important."Mr. Zhang said.He also reminded the borrower,Those clinch a deal amount great fluctuation/One of the individual borrower loan amount accumulated large and repeating the loan and credit platform,Pole may belong to"Accounts in a mess"The company."The circle risk is bigger,Only gradually standard, etc,Will dare to spend more money."He said.

　　平台大战 Platform war

　　“人人贷”这一新兴融资模式在一定程度上对传统银行业务带来了冲击，但同时也吸引了越来越多的金融机构进入这一阵营。2012年3月19日，平安集团下属上海陆家嘴(600663,股吧)国际金融资产交易市场股份有限公司（简称“陆金所”）的首款网络借贷产品“稳盈-安e贷”上线，人人贷市场的“巨鳄”现身江湖。

"Everyone credit"This new financing model in a certain extent, to the traditional banking brought impact,But at the same time also attracted more and more financial institutions into the camp.March 19, 2012,Peace group subordinate Shanghai lujiazui(600663,guba)International financial assets transaction market co., LTD(Referred to as"LiuJin have")The first network lending products"Steady surplus - Ann e credit"online,Everyone credit market"croc"Appeared runescape.

　　业内人士表示，网贷平台成功的关键在于开发优质借款人、控制坏账以及资金安全保障的能力。“开发优质借款人，控制坏账是民间借贷机构日常工作的根基所在。而资金安全保障能力跟主办方的先天实力和后天运营情况密切相关。”

The personage inside course of study says,Net credit platform is critical to the success of the development quality borrowers/Control bad debt and capital security ability."The development of high quality,Control bad debt is folk lending institution daily work in the foundation.And the safety of fund support capacity and host of the innate strength and the day after tomorrow is closely related to the operation condition."

　　陆金所作为金融巨头平安集团开办的网络借贷平台，正是因为主办方强大的实力得到认可，在市场上一呼百应。产品每天10点开售，一分钟不到便告售罄。心有不甘的投资者只能第二天继续“秒杀”。据业内人士透露，7月起陆金所开始加大放标量，目前周成交额已达千万级别。相对于其它网络借贷平台，陆金所的放贷人群体已经接近银行理财产品、信托客户群体。

As LiuJin financial giant peace group set up network lending platform,It is because the strength of the strong recognition,In the market responses to a call.Products sold every 10 PM,Less than a minute and against sold out.The heart has not resigned to investors can only continue to the next day"Seconds kill".According to industry insiders revealed,July LiuJin have started to increase put scalar,At present week turnover has reached must level.Relative to other network lending platform,The LiuJin FangDaiRen group is close to bank financing products/Trust customers.

　　人人贷和宜信是2012年5月首批入驻温州民间借贷登记服务中心的四家借贷中介之一，同样受益于其平台具有较高的知名度和社会认可度，审核通过的借款人标的，在踊跃的放贷人、充足的资金量面前仍显得“狼多肉少”，一露面就被抢光。

Everyone credit and appropriate letter is in May 2012, the first in wenzhou folk loan registration service center of one of the four lending intermediary,The same benefit from its platform have a higher visibility and social approval,Audit through the borrowers mark,In the FangDaiRen enthusiastically/There is plenty of front still appear"The Wolf much less meat",A appearance was gone.

　　对网络借贷平台来说，利率低说明资金供应充足；借款周期的长短则反映了网络借贷平台开发优质借款人的能力。一般来说，优质借款人的借款周期会比较长，因此开发优质借款人的能力越强，其成交标的平均的借款周期也就越长。比如“稳盈-安e贷”的年化利率按照中国人民银行同期贷款基准利率上浮40%，大约为8.6%，在所有“人人贷”产品中最低；借款周期也较长，为12、24或36个月。行业声誉较好的人人贷网站目前的平均年化利率大约为12%，均高于平安集团陆金所；借款周期则平均约为8个月。

On the network platform for lending,Low interest rates that funds in abundant supply;The length of the loan period, reflect the network lending platform development quality the borrower's ability.Generally speaking,High quality borrowers loan period will be longer,Therefore the development quality borrowers ability is stronger,Its deal mark average loan period is longer.For example"Steady surplus - Ann e credit"The annualised rate of the people's bank of China in accordance with the benchmark lending interest rate rise 40%,About 8.6%,In all"Everyone credit"Products in the lowest;Borrowing period is longer,For 12/24 or 36 months.Industry reputation good everyone credit website the current average annualised rate is about 12%,The peace group were higher than LiuJin;Borrowing period is about average for 8 months.

　　随着市场的壮大，关于P2P网络借贷平台的第三方机构随之出现，如网贷之家、网贷天眼等。网贷之家创始人徐洪伟表示，目前网贷行业内的公司有二百多家，其中正常经营的有二三十家，更多网贷平台都面临坏账严重，利率高企，“拆东墙补西墙”的局面，经过市场的筛选，存活不了多久。网贷之家重点关注其中的15家公司，基本上可以满足投资者的需求。另一家第三方机构网贷天眼也重点关注了人人贷、红岭创投、盛融等11大网贷平台。

Along with the market expanding,About the P2P network lending platform of the third party institution appears,Such as network home of the credit/Net credit, such as the inner.Net credit home XuHongWei founder said,At present in the industry and credit of the company more than two hundred,The normal operation of twenty or thirty home,More net credit platform are faced with serious bad loans,High interest rates,"Robbing Peter to pay Paul"situation,After the screening of the market,Live long.Net credit home focus on one of the 15 companies,Basically can satisfy the demand of investors.Another third party institution and packing credit also focus on the everyone credit/Red hill vc/ChengRong etc and net credit platform.

　　监管存疑 Supervision dubious

　　在网贷业快速增长的同时，发展水平良莠不齐和监管空白的问题也逐渐暴露出来。实质上属于民间借贷范畴的“人人贷”一直处于监管的灰色地带，市场进入门槛低，鱼龙混杂。目前，这一行业尚缺乏行业规则和准入标准，“花千把块钱买个网站模板，租个服务器就能上线。”一位业内人士如是说。

In the net credit industry rapid growth at the same time,Good and bad are intermingled development level and supervision blank problem also gradually exposed.In essence belongs to the folk loan category"Everyone credit"Has been in the supervision of gray area,Market enters the threshold low,Good and evil people mixed up.At present,The industry is still lack of industry rules and access standard,"Spend one thousand dollars buy a website template,Rent a server can on-line."A personage inside course of study says.

　　从2011年9月至今，不止一起网络借贷平台“卷钱跑路”事件发生。曾自称“中国最严谨网络借贷平台”的哈哈贷关闭，使网络个人贷款服务的风险开始暴露，对行业声誉造成了极大的负面影响。一旦网贷平台因经营不善亏本倒闭或者负责人卷款潜逃，出借人将血本无归。投出去的钱会不会“肉包子打狗”——有去无回？这也是投资者最为担心的问题。

Since September 2011,With more than network lending platform"Roll money to run road"events.Have claim to"China's most rigorous network lending platform"The ha ha credit closed,Make personal loan service network risk of exposure to start,Reputation for industry caused great negative impact.Once the net credit platform because of poor management of closed at a loss or person in charge volume of lam,Lender would lose everything.Throw out money will be"Meat dumplings dozen dog"- not get it back?This is also the most investors worry about the problem.

　　除了行业混乱的整体影响外，公司自身运营风险也不能忽视。公司成立前期，在客户资金尚不充足的情况下，一旦运营资金无法周转，迟早会被拖垮。哈哈贷关闭的原因就在于此。此外，由于国内个人信用审核体系缺位，网贷公司无法真实、完整地掌握借款人身份信息、商业计划和资金使用，且多数从业公司均缺乏完善和有效的审核体系，因此很难避免其中产生的信用风险。

In addition to the industry of the whole chaos outside influence,The company own operation risk also cannot ignore.The company was founded,In the clients' money is not enough cases,Once the operation fund can't turnover,Sooner or later will be dragged down.Ha ha credit closed reason lies in this.In addition,Due to the absence of domestic personal credit audit system,Net credit company cannot be true/Fully grasp the borrower identity information/A business plan and the use of fund,And most from the company are lack of perfect and effective audit system,So it is difficult to avoid including produce credit risk.

　　这一行业还存在债权转让风险。中国小额信贷联盟秘书长白澄宇表示，因个人债权的转让比例无人监管，如果公司投资人把转债权得到的资金继续用于放贷，然后再转债权，则杠杆率可无限扩大，风险就加大了。对此类风险目前争议最大的网贷平台中，宜信位列其中。

The industry still exist creditor's rights transfer risk.China microfinance league secretary general BaiChengYu said,For individual creditor's rights transfer ratio no supervision,If the company investors turn the creditor's rights to get funds continue to used for lending,Then turn creditor's rights,The leverage ratio can be enlarged unlimitedly,Risk is increased.For such risk at present the most controversial net credit platform,Appropriate letter among them.

　　白澄宇强调，P2P信贷平台是一种金融创新，满足了金融市场的需要，应该加以鼓励。但是，所有金融创新都存在风险，也应该对风险给予重视。

BaiChengYu emphasize,P2P credit platform is a kind of financial innovation,To meet the needs of the financial markets,Should be encouraged.but,All financial innovation risks,Should also pay much attention to the risk.

　　金融界当前对此的看法普遍较为宽容。监管机构此前对这种金融创新所持的态度属于“不鼓励、不禁止”。在刚刚结束的2012年夏季达沃斯的“未来金融”分论坛上，马蔚华等海内外银行高管均对“人人贷”这一金融现象给予高度关注。中国投资有限责任公司副总经理谢平最近也在《互联网金融模式研究》报告中指出，人人贷已成为互联网金融的重要发展趋势之一。“目前以人人贷为代表的互联网金融模式为个人提供了新的投融资渠道和便利，满足了普通民众的金融需求，手续简便、方式灵活，是现有银行体系的有益补充，有经济学上的合理性。其在发展初期遇到一些问题在所难免，不能因为出现问题就将其扼杀在襁褓之中”。

The current financial this opinion generally more tolerant.Regulators to this kind of financial innovation after the attitudes to belong to"Don't encourage/Don't banned".At the recently ended the 2012 summer davos"The future financial"Points on the BBS,MaWeiHua both at home and abroad, such as bank executives to all"Everyone credit"This financial phenomenon give high attention.China investment co., LTD., deputy general manager XiePing recently in[The Internet financial model research]The report pointed out that,Everyone credit has become the Internet financial important one of the development trends."At present to everyone credit as a representative of the Internet for personal financial model provides a new financing channels and convenience,To meet the financial needs of the ordinary people,Procedure is simple/Flexible mode of,Is the beneficial supplement of the existing banking system,Have the rationality of economics.In the development initial period meet some questions unavoidable,Can't because of the problems the killing of in swaddling clothes".