As online cash loans gradually retreat following tightened regulations, a cash-out industry chain disguised as "consumer installment" plans, involving gold and electronics, is quietly emerging.
A single marketing text message, a shopping installment app, and a closed loop woven by the Bianli Kabao platform, recycling intermediaries, and multi-layered loan facilitation methods ultimately trap financially desperate consumers in a debt trap. Some consumers report that the prices of gold decorative items purchased on Bianli Kabao far exceed market prices at the time. Others use tens of thousands in shopping credit to buy gold, which is then sold at steep discounts through underground recycling channels, often receiving less than half the bill amount in cash, yet being required to repay the full credit amount in installments plus various service fees.
Furthermore, when consumers realize their rights have been infringed and attempt to retrieve contract information or order screenshots to negotiate reductions with the platform, they find their order history has been wiped clean and contract details are inaccessible, making complaints and rights protection extremely difficult.
Scenario-based installment plans were originally intended to help unleash genuine consumer demand but have now become a fig leaf for underground cash loans. While arbitrage maneuvers along regulatory boundaries and grey industries amass wealth, it is ordinary people trapped in debt who ultimately pay the price.
The 'Gold-Devouring' Trap
A marketing text message was the starting point for several consumers falling into this scheme. Chen Yang (a pseudonym), who urgently needed funds for周转, still deeply regrets casually clicking on a link.
Facing a significant资金缺口 at the time and with various online lending channels tightening, he received a promotional text. Seeing the "high available credit" mentioned, Chen Yang, hoping to alleviate his financial pressure, followed the external link in the message to download and register on a platform called Bianli Kabao, completing real-name verification and approval.
"The platform approved a dedicated shopping credit line, not directly withdrawable as cash. It could only be used to buy items like gold or phones in installments from their mall," Chen Yang recounted to a reporter. The platform's homepage prominently features gold decorative items. Gold's high liquidity, easily convertible to cash, precisely targets下沉客群 who cannot access正规借贷渠道. In early 2026, Chen Yang used his shopping credit twice to order gold items, channeled the goods to回收渠道, and used the变现 funds to fill his immediate缺口. He then began repaying the分期账单 pushed monthly. It wasn't until he passed a physical gold store one day that he realized he had been tricked. A similar product sold for around ¥16,000 in physical stores, but his total bill exceeded ¥20,000.
Chen Yang's case is not isolated. Searching for Bianli Kabao complaints reveals numerous users with highly similar experiences: not just gold, but also easily liquidated items like phones and tablets suffer from inflated pricing issues.
A reporter registered on the Bianli Kabao app for testing. Below the top search bar, the page is divided into two main sections: Shopping Credit and Cash Withdrawal Credit. The platform categorizes items into "Big Brand Phones, Hot-Selling Gold, Big Brand Electronics, Home Appliances." Taking the gold category as an example, on July 21st, products for sale included足金AU9999 gold sheets and gold decorative items. A 1-gram heart-shaped足金 product was priced at ¥1,282; a 2-gram heart-shaped足金 product at ¥2,583, equating to ¥1,291.5 per gram. The per-gram price for生肖马 gold ornaments fluctuated around ¥1,280-¥1,302, with lower per-gram prices for larger total weights. In comparison, the retail price for足金 jewelry at mainstream offline chain brands was集中在 ¥1,210-¥1,220 per gram, indicating Bianli Kabao's gold products are priced slightly above market rates. For electronics, a bundle of a 256GB iPhone 17 Pro Max phone plus Bluetooth耳机 was priced at ¥12,219 on Bianli Kabao, with the耳机 brand unspecified,仅标注 as "A500 Bluetooth耳机." On淘宝天猫's Apple Store官方旗舰店, the same phone (without耳机) was priced at ¥9,999.
The Hidden 'Cash-Out Facilitators'
It is understood that most consumers apply for shopping credit not to hoard gold but to obtain liquid funds through cash-out. The Bianli Kabao platform grants consumers shopping credit,支持直接 using it to buy easily liquidated goods like gold and electronics, but does not支持直接提现. Under these rules, consumers wanting to convert shopping credit into cash must rely on external channels, with recycling intermediaries serving as the crucial link for "credit-to-cash" conversion.
Another consumer, Wu Zhao (a pseudonym), admitted that to convert his Bianli Kabao shopping credit into cash, he purchased gold and then found a recycling intermediary for变现. During a period of rising gold prices,现货黄金回收价格 once surged to around ¥1,000 per gram. However, when Wu Zhao变现 through an intermediary, the offered收购单价 remained between ¥800-¥850,脱离实时市场行情. "I once used over ¥20,000 in shopping credit to buy gold. After deducting various fees and discounting for回收, I only received around seven to eight thousand in hand, but the platform still charges分期 interest on the full over ¥20,000 amount."
According to multiple consumers, when using Bianli Kabao shopping credit to order gold, the收货地址 is directly filled with the物流地址 provided by the intermediary. The consumer never personally signs for or handles the physical item. After signing a simple online回收协议, the回收商 deducts the price difference and settles cash with the consumer. Subsequently, the consumer still needs to repay the full分期本息 to the platform monthly. Throughout this entire process, the consumer never sees the physical gold.
Information provided by one consumer shows that after approval on Bianli Kabao, they received a total of ¥14,000 in shopping credit, which was then used to purchase a phone and翡翠黄金 items. After分期 and叠加综合服务费, the total repayment amount exceeded ¥15,000. The related goods were not actually delivered to the consumer but were handled by a recycling intermediary, with the consumer ultimately receiving only slightly over ¥9,200 in actual funds.
Within just a few days of registering on Bianli Kabao, a reporter also received multiple marketing texts from intermediaries. During this period, the reporter never provided contact information to any third-party intermediary or recycling merchant, having only completed real-name registration and手机号 binding on the platform. The text messages directly pointed out the变现路径: "Bianli Kabao, shopping credit can be变现出来" and "Bianli Kabao mall credit秒取现, same-day到账."
To understand the intermediary's完整操作套路, a reporter contacted several intermediaries. One revealed that Bianli Kabao offers online shopping credit, with its内置商城 listing quickly liquidated goods like gold and phones. Using gold as an example, a product标价 around ¥1,200 per gram would have a收购价 of ¥820-¥830 per gram.
An industry insider stated that from an行业标准 perspective,黄金回收定价锚点 is the Shanghai Gold Exchange's AU9999 real-time大盘金价.合规渠道 normal回收价差 is the大盘价下调 by ¥3-¥15 per gram;连锁专业回收机构 maintain a stable价差 of ¥3-¥8 per gram; offline正规品牌金店回收 non-store足金首饰 with a reasonable deduction of ¥10-¥15 per gram,对应正常回收价区间 of ¥860-¥870 per gram. In comparison, the黄金回收收购价 offered by intermediaries is明显低于行业标准.
Facing质疑 about the significant价差, some intermediaries explained that their报价确实比市面正规回收价偏低. The difference of several tens of yuan per gram mainly covers various costs like仓储保管 and贵金属流转.
To cater to急用钱 consumers' demand for "快速到账," intermediaries also designed two回款方案. One involves资金结算采用先打款、后收货模式: after the consumer completes the商城下单 on Bianli Kabao, the intermediary pays the折价资金 upfront. Both parties sign a买卖协议, agreeing that the user cannot退款 or退货 within 3-7 days. The goods are eventually统一寄送至 the intermediary for交割. The other is线上拦截: the intermediary directly contacts the courier to intercept the goods en route,省去仓储物流周期, but the回收金价 is大幅压低.
The intermediary直言, "The整套操作本质 is using platform shopping credit to置换现金, but后续仍需按期偿还平台全部分期本息."
An analyst noted that the rapid proliferation of分期套现模式 is mainly due to: such institutions attempting to "变形"求生 and规避监管 after the助贷新规文件落地; the巨大利润空间 from高溢价 and低回收价 provides strong动机 for profit-driven entities; this模式瞄准被传统金融服务排除在外的下沉客群, using "低门槛" and "快速变现" as诱饵. The真实利率核算 for this模式 is关联着各环节如何分润并形成利益链条. The first part involves the platform profiting through商品溢价 and分期服务费. The second part involves回收商 profiting through低价回收 and高价转卖商品. The user's资金成本 is关联 with the价差 between buying and selling, as well as various fees like服务费 and会员权益费,已触及套路贷相关的认定标准.
From a legal perspective, after监管加码整治纯线上现金贷业务,常规借贷路径 for those with征信瑕疵 are compressed, creating a存量市场空白 for临时性资金周转需求. This模式借 "消费分期"外衣规避现金贷禁令,依托黄金, electronics, and other高流通品类 as套现载体,叠加中介精准获客与地下回收链条配合.
Multi-Layered Nesting of Loan Facilitation and Offline Intermediaries
Scenario-based分期, which should serve small, genuine消费, has沦为回收中介收割资金需求者的工具. Beyond the套现产业链, digging deeper into Bianli Kabao's信贷底层逻辑 reveals a multi-主体, multi-层级 nested助贷链条隐藏其中.
The operator of Bianli Kabao is Beijing Zimuyunchuang Technology Co., Ltd., wholly owned by Beijing Yanding Zimou Technology Co., Ltd., with the current法定代表人 and实控人 being Wu Zhuang.
Opening the Bianli Kabao app homepage, the top prominently displays a maximum综合卡包额度 of ¥200,000, split into ¥50,000购物额度 and ¥150,000现金取现额度. A reporter clicked the application入口, uploaded complete身份证材料 for授信申请, but ultimately did not pass the platform's额度审批.
However, the授信流程 did not end there. During testing, the page推送了一款第三方借贷产品 "Fenzi Borrow Money."
The product interface显示 that "Fenzi Borrow Money" is operated by Jiamusi Fenzi Mofang Small Loan Co., Ltd., positioned as providing贷款咨询,撮合,担保服务, and has a合作 with Bianli Kabao. Following the page指引, the reporter clicked to sign the Third-Party Institution Agreement, Contract and Related Agreements, and Personal Information Sharing Authorization, and verified facial recognition, successfully passing "Fenzi Borrow Money"授信. The page displayed an授信额度 of ¥28,000,标注年化利率7.2%起. However,值得注意的是, the借款审核通过界面显示 that the贷款服务提供方 was Beijing Yituoda Business Consulting Co., Ltd.
National Enterprise Credit Information Publicity System显示 that Beijing Yituoda Business Consulting Co., Ltd. was established on February 8, 2025, with a注册地址 in Beijing,经营范围包括商务代理代办服务,企业形象策划,软件开发,数据处理服务等.
Comparing with正规助贷资质 enterprises reveals that助贷机构经营范围 typically列明 items like "investing with自有资金" and "accepting financial institution委托从事金融信息技术外包,金融业务流程外包." Furthermore, Beijing Yituoda Business Consulting Co., Ltd. was deregistered on June 1, 2026,远早于 the reporter's testing time.
With疑问, a reporter visited the enterprise's登记注册地址 for实地核查. On the floor of the登记地址, only one company was operating normally, with no trace of the mentioned company. On-site物业工作人员 also confirmed that Beijing Yituoda Business Consulting Co., Ltd. had previously operated on the 11th floor but had since搬离.
Even more存疑 was the subsequent贷款流程. In常规流程, after online审批, funds are disbursed directly by the institution. However, after submitting the application, the reporter received a call from someone自称银行客户经理, a贷款中介推销电话. The person cited the reporter's recent high number of征信查询次数 and inability of网贷渠道 to disburse funds as reasons,主动推荐 offline bank低息信贷产品,宣称对接多家银行, and会依据用户个人资质差异化匹配信贷方案, with不同申请人对应银行产品各不相同.
The客户经理 further推销称 that this time they could对接 Beijing Rural Commercial Bank and others, with a product月利率仅0.35%. When the reporter returned to the Bianli Kabao app to复核, the previously successful "Fenzi Borrow Money"审批入口 had been下架, with no records留存.
Regarding such第三方中介宣称的银行代办渠道, on July 1st of this year, Beijing Rural Commercial Bank issued an公告指出 that all its金融业务 are自主办理 by the bank,从未委托或授权任何第三方机构或个人开展业务代办,营销推广等合作, and不存在 "内部渠道" or "合作代办"等情形.
Beijing Rural Commercial Bank stated in an interview that it has no合作关系 with Bianli Kabao or related intermediaries, and such口头表述 are不实. All信贷业务 must be processed through the bank's官方渠道, with specific information subject to官方公告. Regarding第三方冒用 the bank's brand for违规宣传, the bank表示 it will一方面持续强化官方渠道信息公示,明确告知 consumers正规办理路径;另一方面积极开展核查取证,处置 verified违规主体 through platform complaints, warning letters, etc., and按规定向监管部门反馈相关情况. The next step involves further加大消费者风险提示力度,畅通咨询举报渠道,切实维护消费者合法权益.
Apart from第三方网贷导流 and offline中介导流路径, Bianli Kabao itself also对接小额贷款机构 as its own放款主体. In the Bianli Kabao服务协议, the platform's资金放款方 is Yingtan Xinjiang Guangda Small Loan Co., Ltd. After开通, users can use分期 and取现两类贷款服务.消费分期 involves the user授权平台向放款方同步分期金额,期数,息费,个人及授信信息; after审核通过,放款 is用于商户购物, and the user repays本金,息费及其他费用 in installments.取现服务 involves the user授权平台提交借款金额,期限,账户,个人及资信信息; after放款方审核通过,发放现金借款, and the user repays本金,息费及相关费用 as agreed.
Simultaneously, the platform's Personal Credit Report Authorization also披露了一长串合作机构名单, covering banks,消费金融 companies, trusts, and各地小额贷款公司, including Xiamen Jinmeixin Consumer Finance, Bohai International Trust, Shenzhen Fulong Small Loan Co., Ltd., Chongqing Liangjiang New Tongtong Small Loan Co., Ltd., etc.
However, after逐一查询, a reporter found that in the对外公示的官方渠道 and助贷合作名单 of institutions like Xiamen Jinmeixin Consumer Finance, there were no traces of Bianli Kabao or its developer, Zimuyunchuang.
An analyst emphasized that the助贷新规 establishes a "白名单" and总行集中管理等机制 from the持牌机构角度, with两道防线共同发力, aiming to强化持牌机构主体管理责任 while堵住助贷领域主体层层嵌套的合作关系. Such多层嵌套的助贷模式模糊了互联网助贷中的权责, and users'个人信息也遭到层层流转, posing危害 to user权益.
From普惠 to 'Harvesting'
消费场景分期 was originally a合规工具 for拉动真实民生消费 and普惠大众小额信贷. However, under灰色运作 involving流量共生 and主体嵌套, some platforms have早已偏离消费金融本源,演化出一套借购物分期之名,行违规套现之实的灰色产业链.
During the investigation, multiple users反馈 that when意识到自身权益受损 and wanting to追回被抬高的商品溢价差价 or协商减免不合理分期本息, they found that upon logging into the app to查询历史订单 or授信合同, the pages were全部空白, with无任何交易记录留存, and even历史订单入口 had been关闭. The app仅剩余 other platform推广广告, making it难以举证, and投诉,协商均无门. One consumer told a reporter that when沟通查询合同 with Bianli Kabao, the平台方 required sending an申请邮件写明调取合同原因 and等待15天. The consumer表示 the邮件 had been sent a week prior with no合同 received yet.
"多层嵌套助贷存在无资质机构违规撮合,跨主体随意跳转授信,未经授权共享个人信息,线下导流等情形," a legal expert pointed out. Additionally, the platform清空订单与授信记录致用户无法获取关键证据,侵害知情权与举证权,本质是规避监管追溯.监管应强制留存交易数据,建立可追溯电子存证机制保障消费者权益.
Regulators have also关注ed "分期商城"类变相高息借贷. The National Financial Regulatory Administration's Hubei Bureau previously issued a Risk Warning on Guarding Against New Online Loan Schemes,提醒 "分期商城"类变相高息借贷. Such platforms use "e-commerce分期" or "credit租赁" as names, utilizing high-liquidity goods like phones, gold, and shopping cards as媒介,诱导消费者下单购买溢价极高的商品. The platform并不实际发货 but uses内置 "回收"通道 to低价折现 the goods to consumers, who must按商品原价分期偿还本息. This模式将贷款本息包装为商品溢价, with实际综合年化利率远超法定上限,本质是以商品交易之名行高利放贷之实,以此规避利率监管红线.
A case disclosed by the National Financial Regulatory Administration's Qinghai Bureau also拆解了这类套路: Mr. Lu was attracted by a分期商城's "高额度," "低利息," and "快速放款," and下单了 a brand phone priced at ¥7,599 on the商城 without真实购物需求, applying for消费分期业务. The商城引导其无需收货,直接回收即可变现. The same model phone sold for ¥5,810 on主流电商平台. After 12期, the贷款本息合计高达 ¥8,529, while the回收价格 was仅 ¥5,130. Mr. Lu later因无力偿还,遭受平台高频催收,严重影响正常生活的同时,个人征信也面临逾期污点.
"For platforms exhibiting高溢价,隐性收费,销毁交易记录,多层违规助贷, regulators have issued风险提示,提醒消费者警惕 '分期商城'类变相高息借贷," the analyst further指出. Additionally, they have指导支付机构开展自查,清理分期商城等合作商户. Currently,持牌支付机构's风控审查 for分期商城类商户 is还不够精准. For持牌金融机构 with放贷资质, besides关注客诉情况, they同样需要穿透审查合作平台的真实业务模式, including but not limited to定价合理性审查,费用结构穿透核查, and资金流向追踪等重点内容. They also need to establish持续动态的管理体系 for助贷合作机构,淘汰不合规合作方 through "优进劣出"的方式.
"For users, they have the right to know借款的真实情况, including利率,费用,期限等关键信息. Platforms like this refusing to provide contracts or setting obstacles to obtaining them单方面剥夺了用户核实合同内容,进行平等协商的机会, besides侵害用户知情权外,还涉嫌侵害用户的公平交易权," the analyst stated.
Regarding consumer投诉的问题, a reporter attempted to采访 the operator of Bianli Kabao, Zimuyunchuang, but had not received a reply by the time of publication.
Comments