Total number of problematic P2P credit platforms in China 2015-2020
In 2020, the total number of problematic P2P lending platforms in China amounted to 2,590. Offering significantly higher interest rates and guaranteeing easier access to loans than traditional banks, online P2P lending platforms became increasingly popular for borrowers and lenders alike. From 2015 onward, government regulators addressed the lack of regulation for this industry. The resulting pressure of tightening regulation unveiled the dubious business practices of many platforms. In over 40 percent of cases, the recorded issue was that the website operator ran away.
