Aixuedai raises $40 million to help loan money to students for iPhones

The problem with being a college student is that you want all of these hip gadgets that everyone else seems to have, but more often than not, you don’t actually have the money to get them. Fortunately for Chinese students, Aixuedai wants to solve this issue by granting you loans for your iPhones, iPads, or whatever gadget you want to buy, and the startup just raised $40 million to help with that goal. 

Chinese startup Aixuedai has just completed a US$40 million series A round of financing, according to QQ Tech. The company was founded in December 2012 and officially launched in August last year. Aixuedai allows college students to purchase items like phones, tablets, laptops, and cameras using monthly installment plans. Customers need only need two photo IDs, one of them a student ID, to apply for a loan. They just find the item they want on an ecommerce site, such as JD or Tmall, and paste the URL into the application. They can then choose the number of months over which they want to pay the money back – up to two years – and their optional desired down payment.