An analysis of data from 11 of the top platforms shows the average loan term since the start of this year at 144 days, or just under five months, while the average size of each loan was just under Rmb150,000, reflecting the popularity of the platforms for securing car loans. Buying a car was the second most popular reason for borrowing after home renovation, while the third was tuition fees, our survey found. Just 30.3 per cent of platforms said their customers were borrowing to buy a home, suggesting that a regulatory clampdown on illicit funding for buying real estate has been effective.

https://www.ft.com/content/9fe5391e-470b-11e8-8ae9-4b5ddcca99b3