When Mr Cheng (not his real name) needed a 10,000 yuan (S$1,970) short-term loan last year, he decided to borrow from a Chinese app-based lender instead of a bank because of its lower interest rates.
This was a decision he came to regret deeply when he missed one of his scheduled repayments.
Please or to continue reading the full article. Learn more about .
Enjoy unlimited access to ST’s best work
- Exclusive stories and features on multiple devices
- In-depth analyses and opinion pieces
- ePaper and award-winning multimedia content