Click into some of China’s most popular apps these days and you’ll soon be drowning in adverts for loans.
“Borrow up to 200,000 yuan ($28,590) through Meituan’s special loan service with a daily interest rate of less than 0.02%”…. “Important reminder! The interest rate on a Didi loan is lower than what you’re paying on your credit card payments. Click here for more …”