Following the implementation of the &#34;Notice on Strengthening the Management of Internet Loan Business by Commercial Banks to Improve the Quality and Efficiency of Financial Services&#34; (hereinafter referred to as the &#34;New Loan Regulations&#34;) on October 1 last year, regulatory measures in the industry continue to intensify in the first half of 2026.
On March 15, the National Financial Regulatory Administration and the People's Bank of China issued the &#34;Regulations on the Explicit Comprehensive Financing Costs of Personal Loan Business&#34; (hereinafter referred to as the &#34;New Personal Loan Regulations&#34;), aimed at addressing the issues of non-standard and non-transparent disclosure of interest and fee information in personal loan business, better protecting the legitimate rights and interests of financial consumers, facilitating the transmission of financial benefit policies, and promoting the standardized and healthy development of the industry. This regulation will take effect on August 1, 2026.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ON8IIujdjl_B29_uaJY48u0huouUZ04trXEDoiynHa70QAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ON8IIujdjl_B29_uaJY48u0huouUZ04trXEDoiynHa70QAA/641"/>
According to the regulations, &#34;Comprehensive Financing Costs of Personal Loan Business&#34; refers to all interest and fees related to the loan borne by the borrower, including but not limited to loan interest, installment fees, credit enhancement service fees, and other normal performance costs, as well as contingent costs such as overdue penalty interest in the event of default. The new regulations further require that when handling personal loan business online, a comprehensive financing cost disclosure form must be displayed to the borrower through a pop-up window, with a mandatory reading time, which must be confirmed by the borrower before signing the loan contract or processing installments.
While the New Personal Loan Regulations impose regulatory requirements on lenders, they also set specific requirements for cooperating institutions. For example, in addition to the explicitly stated cost items, lenders and their cooperating institutions shall not charge borrowers any other interest and fees related to the loan; lenders will be held legally accountable and take corresponding regulatory measures against cooperating institutions that lose control or cause significant risk losses due to cooperative actions, while working with relevant departments to crack down on illegal intermediary activities in the loan sector.
The Southern Metropolis Daily noted that the regulations clearly state that cooperating institutions refer to third-party institutions that collaborate with lenders to conduct personal loan business in areas such as marketing, customer acquisition, and credit enhancement.
In fact, since the beginning of 2024, when the China Internet Finance Association organized self-examination and rectification of disguised high-interest &#34;cash loans&#34; and &#34;trap loans,&#34; the industry chaos has significantly decreased. However, to this day, there are still some platforms with numerous complaints about &#34;head-cutting fees&#34; and &#34;disguised deductions.&#34;
For example, recently, many users complained about a platform called &#34;Jin Lizhi,&#34; which, under the guise of &#34;travel cards&#34; and &#34;travel products,&#34; has been issuing high-interest loans in disguise.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Opieo54lXlQt_fRIHnDt_Gtqss0wUpF3b4BOM_6Cty96wAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Opieo54lXlQt_fRIHnDt_Gtqss0wUpF3b4BOM_6Cty96wAA/641"/>
(The above image is taken from the Black Cat Complaint platform)
On March 31, on the Black Cat Complaint platform, a user claimed that they purchased a travel card for 3,408 yuan on the Jin Lizhi platform, which needed to be repaid within 15 days, and only 2,500 yuan was actually credited, showing obvious characteristics of head-cutting fees and high-interest loans
On March 23, a user reported that they purchased a payment red envelope worth 2,688 yuan and a so-called travel voucher worth 688 yuan on the Jinlizhi platform. It was discovered that the travel card code could not be used, and only the 2,000 yuan payment red envelope was usable, resulting in a deduction of fees. Since the beginning of this year, multiple users have reported encountering similar issues on this platform. The operator of Jinlizhi is Ningbo Fangyi Garden Information Technology Co., Ltd.
Coincidentally, on March 28, a user complained that the Yuexiang Purchase platform provided loans under the guise of shopping funds and pocket money, but the actual amount received was far lower than the nominal loan amount, resulting in a deduction of fees. Another user indicated that Yuexiang Purchase required shopping first before disbursing loans through bundled sales, which is a disguised deduction of fees. The operator of Yuexiang Purchase is Shangrao Tuowei Data Technology Co., Ltd.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Owy-stpuj4dOU_Y-0JKTNsPkbC1d5_fA8j9kNwC8CRn3EAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/Owy-stpuj4dOU_Y-0JKTNsPkbC1d5_fA8j9kNwC8CRn3EAA/641"/>
(The above image is from the Black Cat Complaint platform)
On February 21, a user purchased a mobile phone on Xinmi Youxuan, paying a signing fee and notarization fee of 436.94 yuan. However, after paying, the order was canceled, and the funds were not refunded. On February 23, another user paid a signing fee and notarization fee of 731.54 yuan, only to have their order canceled as well. The operator of Xinmi Youxuan is Haikou Zhusheng Network Technology Co., Ltd.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ObqbfjjsGvnO8rdoyIYL7TB0G8vABGspRjL1TK2R0x7iUAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/ObqbfjjsGvnO8rdoyIYL7TB0G8vABGspRjL1TK2R0x7iUAA/641"/>
(The above image is from the Black Cat Complaint platform)
On February 26, a user was unknowingly signed up for a membership on Aiyong Mall, with a deduction of about 300 yuan. The operator of Aiyong Mall is Shenzhen Qiaoke Technology Co., Ltd. On March 20, a user was charged 999 yuan under the pretext of signing up for a membership on Yuegou Youxuan, with the operator being Shanghai Ruijie Smart Network Technology.
Nandu reporters sent interview requests to Shangrao Tuowei Data, Shenzhen Qiaoke, and other companies, but had not received a response by the time of publication.
Previously, Nandu's article &#34;The Fierce Installment Mall: Implicit Loan Fees as High as 60%, Well-Known Platforms Intend to Enter the Market&#34; analyzed that to circumvent interest rate red lines, some platforms have begun to issue loans under the guise of &#34;installment shopping&#34; and &#34;buy now, pay later&#34; by inflating product prices and selling gift cards, gold, and brand-name mobile phones.
Moreover, some of the platforms mentioned above have exhibited characteristics such as &#34;ultra-short repayment periods,&#34; &#34;disguised deductions,&#34; and &#34;direct fee deductions.&#34;
It is worth noting that most of these platform operating companies are relatively small, and after encountering large-scale complaints, they may change their names and start anew. Additionally, these platforms have introduced new tricks for disguised deductions through travel cards, notarization fees, etc. Therefore, Nandu reporters will continue to monitor this situation
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Written by: Nandu N Video Reporter Miao Lingyun

The new personal loan regulations will take effect on August 1, 2026, aiming to enhance the transparency of personal loan services and protect consumer rights. The new regulations require borrowers to confirm the comprehensive financing costs and prohibit lenders and their partner institutions from charging undisclosed fees. Although the chaos in the industry has decreased, there are still complaints about "head-cutting fees" and "disguised deductions" on some platforms

腾讯新闻 - 财经

The new personal loan regulations are about to be implemented, but the phenomena of "head-cutting interest" and "disguised deductions" still exist on lending platforms