Abstract: The farmer group lending and P2P network credit have their own advantages and disadvantages in solving the problem of farmers′ loans, and the combination of advantages may innovate rural financial development model. This paper empirically studies the association between group-based lending and P2P network credit with quaternary Probit model according to 2016 survey data from farmers in Xinjiang. It shows that group-based lending and P2P network credit are complementary, which is testified by both observable factors and non-observable ones; the reason of complementary relationship is that both of them have a comparative advantage in “information collecting”,“social sanction” and “capital supply”，etc. The conclusion gives a new way to develop financial service pattern for farmers.

Key words: farmers, group-based lending, P2P, complementary relationship, quad element Probit model