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.” 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. 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. 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. Next on the list is for Eloan to expand its model across Southeast Asia
