Over 2000 online peer-to-peer funding services reportedly have processed 20bn Yuan ($323mn) worth of transactions in this year, twenty times of that in last year (report in Chinese).

PPDAI, founded in 2007, is the first one in this market, having received Series A  funding from Sequoia China earlier this year (report in Chinese). After registering to it, lenders put up money and bid for borrowers who have posted target figures. Borrowers, based on contracts, can borrow 3- 500 thousand Yuan and should repay in 6-12 months . No collateral or bank guarantee is required. PPDAI takes commissions.

The company, authorized as a third-party business on financial information and services, adopts Alipay to take care of capital and pledges not to receive or lend money themselves.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com