News finally started to emerge about Ant after this incident. It turns out, Ant is more of a loan shark, and giving out loans at 15% interest. However, Ant is

News finally started to emerge about Ant after this incident. It turns out, Ant is more of a loan shark, and giving out loans at 15% interest. However, Ant is operating as a financial company, but without the regulations of a financial company. Meaning that Ant was only keeping 2% of money to back up their loans, and lending out at a 50-to-1 ratio. Whereas financial companies had to keep 30% available. And there were other news that Ant was merely acting as a finder, and routing the customers to the banks, who took on the financial risk of giving out the loan. All of it sounds rather risky. Things are good when the good times roll, but what happens when the wheels fall off the car? Ant’s premise was that they were smart enough to know who were good credit risks, and who wasn’t, by using their AI system to monitor things on your phone, like your battery life, and how quickly you paid your bills. Things that quite frankly sounds superficial and irrelevant in the greater scheme of things. The basic question is: What happens when the music stops? Who will be left to pick up the pieces if Ant fails?