WeBank, which is considered the first private Internet bank in China, launched its first loan product Weilidai for testing among a limited number of 50,000 selected users from Tencent’s IM tool QQ.

Weilidai offers personal loans up to RMB200,000 (US$32,000) free of guarantee or collateral. Supported by an online bank without brick-and-mortar branches, the service is available 24/7 via QQ wallet, a mobile payment service, and allows users to borrow and repay the money anytime with a daily interest of around 0.05%. The transaction can be processed within 15 minutes, according to the company.

Weilidai available at Mobile QQ

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.