JD users will be granted up to 15,000 yuan (roughly USD2500) credit. Consumers can choose to pay in full within 30 days or make monthly installments in 3-12 months.
Credit rating is based on users’ profile and purchase history. After ten years of operation, JD has had a large amount of data about users. As of September 2013, there had had 35.8 million active customer accounts and approximately 247 million product reviews on JD platform, as disclosed when the company filed with the US Securities and Exchange Commission recently.
The granting process, according to JD, can be completed within one minute and online. The fees JD charges are half of what have been collected by traditional banks.
JD isn’t alone working on consumer credit lines. Sina has released it. But Sina’s only allows small amounts that can only be enough for purchasing virtual items in games or other services on Sina platform. Alibaba, the largest e-commerce marketplace operator in China, said long ago they’d offer consumer-facing credit lines but hasn’t yet. Both JD and Alibaba have been offering credit lines to retailers on their platforms.