Speaking at the World Internet Conference (WIC), Eloan CEO Wang Sicong explained his version to become the UBER of peer to peer lending;
“We see ourselves as a sharing platform like Uber. Eloan has about 1,600 local partners who manage and oversee lending in their township.” Â Speaking with the China Daily, Wang explained, how his P2P platform was going to leverage its rural roots to provide access to capital in smaller communities across China. Â Small business and farmers are his target customers and Eloan has a network of approximately 1600 local partners to provide a face to face experience for borrowers. The local partners keep 80% of any profits 
while Eloan banks the rest. Legend Holdings (Lenovo) announced a strategic investment in Eloan back in November of 2014. Â Loan volume at that time was said to be only 30,000 yuan. This has helped the 8 year old lending platform to now top 20 billion yuan in lending – mainly from smaller rural communities.
Before an individual may borrow from the Eloan platform they must have a family sponsor. “Chinese are concerned about their face-saving, which is why it will turn out an effective check,” stated Wang. Borrowers must also record a two-minute introductory video as part of the verification / validation process to reduce risk.
While Legend is not a majority holder in the company, Want apparently would embrace the move. Â Next on the list is for Eloan to expand its model across Southeast Asia