Yirendai Ltd., incorporated on September 1, 2014, is engaged in online consumer finance marketplace business in China. The Company conducts its business in China, through Yi Ren Heng Ye Technology Development (Beijing) Co., Ltd. (Heng Ye) and its consolidated variable interest entity, Heng Cheng Technology Development (Beijing) Co., Ltd. (Heng Cheng). Heng Cheng operates its Website, www.yirendai.com, and has an Internet content provider (ICP) license as an Internet information provider. The Company's online marketplace facilitates standard loan products, express loan products and vertical loan products to borrowers. Uses for these loan products include home remodels, durable good purchases, travel and continuing education.
To apply for a standard loan, a borrower needs to complete an online application providing information, such as their People's Republic of China (PRC) identity card information, a bank statement with proof of monthly income and credit report from the People's Bank of China (PBOC), as well as the desired loan amount and term. FastTrack loans are an expanding product that is only available through its mobile applications. To apply for a FastTrack loan, a borrower completes an online application providing their PRC identity card information, e-commerce account information, mobile phone number and a credit card statement, as well as the desired loan amount and duration. This product offers near instantaneous credit approval, allowing borrowers to receive an initial decision in approximately 10 minutes. It offers vertical loan products to information technology (IT) professionals. IT professional loans are unsecured. To apply for an IT professional loan, a borrower needs to provide information, such as their employment information, PRC identity card information, a bank statement with proof of monthly income and a credit report from the PBOC, as well as the desired loan amount and term.
The Company's online marketplace provides investors with various investing tools, such as automated investing tool and self-directed investing tool. With its automated investing tool, an investor agrees to invest a specified amount of money to borrowers through its marketplace for a specified period of time. Once an investor commits funds using the tool, his funds are automatically allocated among approved borrowers. Its automated investing tool automatically reinvests investors' funds, as soon as a loan is repaid, enabling investors to speed the reinvestment of cash flows without having to continually revisit its Website or mobile application. The Company's self-directed investing tool enables investors to personally select among the hundreds of lending opportunities to approved borrowers that are posted on its marketplace every day. After selecting a desired loan, the investor then agrees to lend a specified amount of money to a specific borrower through its marketplace for a specified duration, which must match the tenure of the borrower's loan. Its platform provides investors using its self-directed investing tool with the ability to use filters based on credit and application data, such as term, amount and interest rate, to screen loans on its platform for review.
The Company maintains a secondary loan market on its marketplace where investors can transfer the loans they hold prior to maturity at the fair value of the remaining loans. This secondary loan market is liquid, with loans typically exchanging hands within the same day it is posted. This liquidity offers investors the opportunity to enter and exit their investments without waiting until maturity.
The Company competes with Ren Ren Dai and Lufax.
BEIJING BEJ 100022
The company trades on NYSE exchange. The company headquarter is located in China. The company was established in the 2012.| Ticker | YRD |
| Long Name | Yirendai Ltd. |
| Short Name | Yirendai |