Alibaba Financial Announces 3-day Interest-free Loan Return Policy

Sohu IT, 12/20/12

Alibaba Financial, the operator of Chinese e-commerce company Alibaba Group's SME financing arm, yesterday announced that beginning tomorrow it will refund all interest owed on loans returned by first-time recipients within the first three days for any reason. Alibaba Financial claims its "Three-Day No Questions Asked Interest Refund" policy is the first in mainland China.

When asked whether companies might exploit the policy as a three-day short-term loan, an Alibaba Financial representative explained that by restricting the policy's application to only first-time loan recipients, this can only be the case one time.

As of December 2012, Alibaba Financial had provided loans to over 200,000 small businesses, up from 130,000 in June. Alibaba Financial spokesperson Simon Hu said that the company is refunding interest in order to build trust with small and medium-sized enterprises.

Keywords: financing Internet Alibaba Financial Simon Hu

Feedback

Sending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily