A decade ago, bank salespersons were seen at almost every street corner in Taipei. Apart from credit cards, they also offered unsecured micro-loans to ordinary people. As long as you didnt have a criminal record and could provide your basic information such as ID number, address and employment, you could get a cash card in just five minutes, even without guarantees. The card could be used for credit purchases just like a credit card,and offered a very convenient withdrawal service.The only difference between cash cards and credit cards was that the latter one didnt accrue interest until the end of a month, while the former started collecting interest right from the day after you used it.
Maybe you will ask: you mean whoever wa…
Read the full article at: http://www.crowdfundinsider.com/2016/04/83773-what-does-taiwans-cash-card-crisis-mean-for-consumer-finance-in-mainland-china/