ByteDance, owner of short video app TikTok, has started offering micro loans on its news aggregator Jinri Toutiao, 36Kr reported on Friday.
Users can borrow up to RMB 500 (USD 71) via a mini program on Jinri Toutiao called Beiyongjin, which they need to repay within seven days, or they will be charged penalty fees. Only after paying back a single loan can a user apply for another, and borrowing fees cost up to RMB 1.96 (USD 0.28) per loan.
Ant Group’s mobile payment platform Alipay offers similar loans but charges up to RMB 2.29 (USD 0.33) for each borrowing.
ByteDance declined to comment on when contacted by KrASIA on Friday.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.