WeChat is a rising star in the messaging app platform. Last we checked, the company was boasting 355 million active users and this was in 2014. We can only imagine that those numbers have since risen today. While the app is primarily known as a messenger app, it would seem that Tencent, the company behind the app, wants to add personal loan services to it as well.
This is according to a report from The Wall Street Journal in which their sources have informed them of Tencent’s plans. Apparently the service will be called Weilidai, which when translated literally means “a tiny bit of loan”. This will reportedly allow users who qualify to borrow as much as 200,000 yuan (~$31,350 after conversion).
Interestingly enough it won’t even need the user to offer up a guarantee or collateral, which we have to say is a little odd and potentially open to abuse. The loan is said to be offered by WeBank which is an internet bank launched by Tencent and other financial firms in China. We’re not sure if getting personal loans through your messaging app is such a great idea, but apparently analysts are on board with it.
It seems that by offering personal loans, it encourages customers to eventually start looking at other potential financial products and services as well. We’re not sure if this will kick off a trend from other messaging apps, but for now it looks like the service will be limited to China.