Qifang

Qifang was a Chinese peer-to-peer lending website focused on student loans. It directly connected borrowers and lenders, who then paid the money directly to colleges and universities. Borrowers had to provide both personal and family details, which increased social pressure to make good on the loan.

Founded in late 2008, in its first six months, Qifang arranged 2,500 loans averaging US$400 (RMB 2732.57); by that point in its history, there had been no defaults. Loans lasted between one and three years and had interest rates between 5–15%. The interest rate depended on the "perceived trustworthiness of the borrower".

Qifang was founded by Calvin Chin, who became its CEO. He is a Chinese American and a former ABC employee. With two friends, Qifang's operations were "basically doing a pure lending model focused on Chinese students wanting to go to school".

Mr. Tingbin Tang, a serial entrepreneur, later on joined Qifang as COO and then CEO.

As a grown up from a small village in Hunan province of China, Tingbin understood how hard it is for a family to afford for their kids' tuition. So besides the lend to help model, he also introduced donate to help. For those college students who are able to pay back they can raise a P2P loan from Qifang; for those primary and/or middle school students who are not able to pay back, they can also raise a donation. Besides, Mr. Tang also introduced shop to help, game to help and ads to help business model to Qifang.

In April 2013, Qifang ceased operations.