Alipay borrowing renamed as Credit Loan

The latest information for Weibo informed the Alipay borrowing has been retitled ass a Credit Loan. However, rest specifications and working method of the service haven’t shown any adjustment yet.

The information points, the Credit Loan is a consumer credit service independently provided to users by a financial institution cooperating with Ant. Here, the users can find the info of the consumer credit service providers.

Moving ahead, the user’s quota and interest rate are the results of the independent approval of the financial institution. The user applies for it. Loan funds are also issued by the financial institution.

Let’s check the frequently asked question related to this change-

Alipay borrowing Credit Loan: Queries

Que: What services do the financial institutions that I see on the page provide?

Ans: The displayed financial organization on respective pages are the credit service providers for consumers. The allowance, interest rate, and others are the results of the independent approval of the credit service providers. In addition, the applied loan amount will be also approved by the financial organization itself.

Que: Will my service be affected?

Ans: The new adjustment won’t be affecting the consumer credit services. The previous executions such as borrowing, checking accounts, and repayment will work as same. There isn’t any change in the operation process.

Que: Will my credit investigation be affected?

Ans: No, the credit records will not be affected by this new adjustment. Furthermore, the financial organizations will continue to report on your credit records, thus it’s important to keep a good record and repay the loan before the timeline.

Besides, the other reports show that only the specific users are receiving the changes, it isn’t released for everyone at the moment. In addition, the Ant Group has benchmarked the regulatory requirements under the guidance of the financial management department.

(Via)