Innovative lenders give consumers more borrowing options

Almost everyone has a smartphone now, but not everyone can afford it.

Many Beijing suburbs are home to large communities of young migrant workers, for whom smartphones are a necessity, as they make daily life easier and evenings more enjoyable after a long working day.

But, first-tier city rent and living expenses eat away most of their salary, which is why consumer loans come in handy. For those who do not have the same purchasing power as the middle-income group, but still want expensive products - be it the latest iPhone or a formal suit for special occasions - a wide variety of loan products are emerging to lend a hand.