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China’s new lenders collect invasive data and offer billions

Source: Alexandra Stevenson & Cao Li, N.Y. Times (Paid Registration)

Mr. Bai, a 30-year-old Beijing deliveryman, has borrowed heavily from China’s growing ranks of online cash lenders. In a country that lacks reliable ways to tell who might be a good borrower, these lenders use artificial intelligence and oddly personal data — like tracking how fast prospective borrowers type on their phones — to determine who will pay them back.

With more than $100 billion worth of loans and rising worries among Chinese consumers about privacy, Beijing is moving to rein in a freewheeling, well-funded boom in online personal loans.

Read Full Article: China’s new lenders collect invasive data and offer billions