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Executives from Chinese companies specializing in offering consumers small, easy-to-get loans became something of a fixture on Wall Street this year.The numbers of those taking out cash loans from the lenders is growing at an unprecedented rate, according to the companies and the government.Online consumer lending in China, of which cash loans are a significant portion, dwarfs similar activity in the rest of the world combined, accounting for over 85 percent of all such activity globally last year, a recent report by the Cambridge Centre for Alternative Finance found.The online cash loan sector is projected to reach 2.3 trillion yuan by 2020, according to the research firm iResearch.PPDAI'S "handy cash loans," with maturities of one to six weeks, increased more than 10-fold year-on-year to 1.98 billion yuan in the second quarter, it said.
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