Chapter 133 Financial Products
As they approached the third floor, Noah's smile gradually diminished, and his face became expressionless. Ethan, cautiously scanned the surroundings with his peripheral vision. He vaguely noticed many eyes watching them from the corners.
They soon arrived at the third floor. A young man stood at the staircase, welcoming them. He appeared to be in his twenties, and was dressed in a suit and glasses, giving off an air of politeness. A gentle smile hung on his lips, making it easy for people to trust him.
"Hello, gentlemen!" the young man greeted them. "I'm Amanda, the head of the Marketing Department at Reno Financial Corporation. You can just call me Mr. Smith."
With that, Amanda extended his hand to Noah and Ethan. After a brief handshake, he led them into the meeting room.
"Please have a seat, gentlemen!" Amanda said, gesturing for them to sit down.
Noah took the offer without hesitation and sat on the couch, while Ethan stood behind him, his hands crossed in front of him, silently surveying the entire meeting room.
Amanda raised an eyebrow briefly but quickly smiled, as if he had thought of something. But he didn't ask any further questions. Instead, he made tea for Noah.
"You seem unfamiliar and very young. May I know your name, sir?" Amanda said, still smiling.
"Noah."
"Nice to meet you, Noah!" Amanda continued to smile. "I heard that you’re interested in purchasing our company's financial products. To be honest, most of the customers who buy our products are older people. Our main target demographic is people in their fifties or sixties. It's the first time I've encountered a young customer like you, Noah."
Although it sounded like a statement, there was a hidden message within it. Noah, you're so young, how do you know about our financial products and the age group of our customers? It's not something you would typically know!
Noah naturally understood the underlying meaning and smiled, responding, "Nice to meet you too, Mr. Smith.
"I heard about your financial products from my father-in-law. He said that you can earn $5 million with an investment of $500,000 after one year. I thought that I had to seize this opportunity! So I immediately found your company's location and rushed over to purchase the financial products of Renault Financial Company."
"I see!" Amanda suddenly understood, and her alertness disappeared.
"Amanda, I have a question," Noah said.
"Go ahead, Noah, it’s my responsibility to answer customer questions," Amanda smiled slightly.
"I currently have $1 million, if I purchased all of your financial products and don't earn $10 million after one year, what should I do?" Noah asked hesitantly.
"Impossible! Don't worry about that, Noah, since Renault Financial Company dares to advertise this, we definitely have the confidence to deliver!" Amanda waved her hand with a serious expression on her face.
"Alright, let me explain to you the operational process of Renault Financial Company. After you understand it, you’ll definitely have great confidence in our financial products," Amanda said, luring Noah.
"Okay, go ahead," Noah took a sip of tea, looking expectant.
"The name of our financial product is called Trade Finance, which means interest rolling over continuously," Amanda explained patiently.
"The operational process is that customers purchase our Trade Finance product, and then we use the money to provide loans through various channels, whether online or in reality. The main target for these loans are university students and recent graduates."
He smiled brightly, "Noah, people in this age group have a characteristic that you should know. University students like to spend and pursue excitement, and in order to achieve this, they need money.
"But what kind of money does a student have? At most, they receive $2,000 per month for living expenses from their family. What can you do with $2,000 in today's society,? Just think, university students need money for buying clothes, digital products, going on dates, eating hot pot, and so on. $2,000 is completely insufficient!"
Noah nodded, "You have a point, please continue."
"If they don't have enough money, what can they do? They have to borrow money! University students are also prideful. It's very embarrassing for them to ask their parents for money for leisure activities while in university since they’re adults.
"Since that's the case, they have to borrow money from various platforms and financial institutions, both online and in reality. That's the reason why our Trade Finance product exists."
Amanda seemed a little thirsty, so she took a sip of tea and continued, "We take all the money that customers give us and lend it to these university students, earning interest. For example, if we lend $1,000 to someone for a period of seven days, after the maturity date, they will repay $1,300, so we earn $300."
"That’s some high interest."
Noah's eyelid twitched. "If they borrow one thousand dollars for seven days and have to repay one thousand three hundred dollars by the due date, isn't that a high-interest loan? Is it allowed by the law?"
"The law doesn't allow it, but we can find loopholes in the law!" Amanda gave Noah a knowing look.
"For example, if a college student borrows one thousand dollars, we can lend them seven hundred and fifty dollars, with two hundred and fifty dollars as a service fee. The service fee doesn't count as interest! And after seven days, they’ll repay one thousand and fifty dollars. By this calculation, the interest is only fifty dollars. It's not much, right?" Amanda explained.
Noah nodded. "If that's the case, it's not really a high-interest loan. But those students are not foolish, why would they borrow that money?"
"They definitely would!" Amanda said confidently. "They don’t think that the amount is not much, and they think they can repay it in a week. Even if they can't, they can repay it in installments. If they can't repay in installments, they can borrow from other financial institutions. They’ll keep borrowing to repay their debts. You shouldn’t doubt the spending and repayment abilities of college students, Noah."
She added, "Of course, if someone doesn't repay the money, we have other methods to deal with them, such as violent collection. We bombard the student's phone contacts, including relatives and friends, to shame them publicly.
"That's the ultimate move. College students care about their reputation. They wouldn't let their contact list be bombarded. In the end, they will obediently repay the money, even if it means taking out another loan to repay the previous one."
Noah furrowed his brows slightly when he heard that.
Most college students did fit Amanda's description – they care about their reputation but didn’t have much money.
However, Noah felt repulsed by Amanda's company taking advantage of this mentality to offer high-interest loans.
Amanda proudly said, "Our company has even established a collection department to deal with those college students who can't repay us. They bombard them with calls 24 hours a day, send legal letters, send third parties to their homes, and even contact school leaders directly. We use various methods to apply pressure. So far, not many college students have dare to not repay us.
"A few days ago, a student couldn't handle the pressure and jumped off a building. But what does that have to do with us? It was his own choice to borrow money, what does it have to do with us? Don't you think so, Noah?"
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