Hello everyone, today I would like to talk to you about Huabei and Borrow, two consumer credit products that we often use in our daily life. Recently, the shutdown standards for them were updated in February, and I believe many friends still don't know much about it, so let's talk about it in detail today, after reading this article, to ensure that you can step on the thunder less when using these two services in the future! 
We have to be clear about what Huabei and borrowing are. To put it simply, Huabei is a credit payment method of "spend first, pay later", while borrowing provides small cash loan services. Both are tools launched by Alipay to facilitate users' daily consumption and emergency needs. But there are many netizens who said that it doesn't matter if it's closed, anyway, the amount given is not high, and now many people have used Jinbei on WeChat*** to replace Huabei to borrow, and the amount given is high and convenient. 
But as with all financial services, fair use is crucial, and if you violate the rules, you can face the closure of the service. So, what are the latest shutdown standards that we need to pay attention to? The first point is the overdraft limit. Whether it is Huabei or borrowing, there is a certain line of credit. If a user overdraws for a long time or spends beyond their ability to repay, the system will consider that the user has a high credit risk, and may take restrictive measures on the account, and in severe cases, it may even lead to account closure. 
The second point is late repayment. Timely repayment is the foundation of the credit system. If there is an overdue phenomenon, not only will late fees be charged, but it will also affect the individual's credit history. According to the new regulations, if the user overdues for three consecutive times or exceeds a certain time limit, the services of Huabei and Borrower may be suspended or closed. The third point is arbitrage behavior. Some users may try to extract cash through fake transactions, which violates the rules of the platform and can have serious consequences if discovered. Not only may the account be frozen immediately, but also bear the corresponding legal responsibility. Fourth, apply for loans frequently. Frequently applying for a loan in a short period of time will be judged by the system to be a problem with the user's capital chain, which will trigger the risk control mechanism. 
Fifth, information falsification. Providing false information when applying for the service, or failing to notify the information in a timely manner of significant changes in the information during the use of the service, may result in the suspension of the service. The above are some of the shutdown standards released by Huabei and Borrowbei this time, I hope you can pay attention to it. Remember, financial instruments are good, but smart use is key. Only by following the rules can we make these convenient financial services better for us. Do you have a deeper understanding of these new shutdown standards? If you still have doubts, or want more tips about financial management, please leave a message in the comment area, let us become more savvy together and avoid stepping on the road of finance. Remember to see you next time! That's it for today, and I hope it helps. Don't forget to like and share it, and we'll see you next time!