Loans for bad credit and no bank account

A man cycles past a building bearing the logo of MYbank, an online lender that is an offshoot of Alibaba Group Holding, at the Ant Financial Services Group headquarters in Hangzhou, China. (Reuters photo) Sign up for Next China, a weekly email on where the nation stands now and where it's going next.Using real-time payments data and a risk-management system that analyses more than 3,000 variables, Ma’s four-year-old MYbank has lent 2 trillion yuan ($290 billion) to nearly 16 million small companies. Borrowers apply with a few taps on a smartphone and receive cash almost instantly if they’re approved. The whole process takes three minutes and involves zero human bankers. The default rate so far: about 1%. The financial-technology boom that turned China into the world’s biggest market for electronic payments is now changing how banks interact with companies that drive most of the nation’s economic growth. As MYbank and its peers crunch reams of new … [Read more...] about Jack Ma’s $290bn loan machine changes Chinese banking