You can borrow $280k today.

I used to use Jiebei to rotate funds and turnover. The highest annualized interest rate was as high as 15%. If you borrow $10,000, the monthly interest you have to pay is $120. I know a lot of people have had experiences like mine—this interest rate is really terrifying.
In contrast, when ordinary people deposit money in banks, the annualized rates for deposit terms ranging from 3 months to 5 years are 0.65%-1.3%. The bank takes people’s money, adds higher interest to lend it to capitalists, and then capitalists use small loans with high interest to lend to borrowers.
Although it’s “take from the people and use it for the people,” think about it—we’re all piglets being harvested by the capitalists 🐷
If you stop borrowing their money, they’ll call you and dangle all kinds of rate-cut benefits to tempt you. Just now Alipay Jiebei called me, asking why I haven’t been using their Jiebei lately. They even said that the funding institution behind them has become China Construction Bank, and that they can help me apply for an annualized rate of 3%, with interest paid first and principal later.
It’s really evil. Even in my head, I thought about whether to borrow it to do arbitrage: loan interest is 3%, and then get a comfortable annualized return of 10% in the crypto圈. That would mean arbitrage of 7%. Terrifying, isn’t it?