The “Provisions on Clarifying Comprehensive Financing Costs for Personal Loan Businesses” will be officially implemented on August 1. As the implementation of the new regulations enters the countdown, the credit market has ushered in both directions: on the one hand, this should have been interpreted by some loan aid agencies as a “final window period” for business sprint, taking the opportunity to aggressively solicit customers; on the other hand, banks and other institutions are stepping up compliance reforms such as system iteration, contract revisions, and interest rate disclosure to actively adapt to the new regulatory requirements. This transition game of switching between old and new rules in the industry also indicates that the original loan aid market model is about to be completely reshaped.

The “Provisions on Clarifying Comprehensive Financing Costs for Personal Loan Businesses” will be officially implemented on August 1. As the implementation of the new regulations enters the countdown, the credit market has ushered in both directions: on the one hand, this should have been interpreted by some loan aid agencies as a “final window period” for business sprint, taking the opportunity to aggressively solicit customers; on the other hand, banks and other institutions are stepping up compliance reforms such as system iteration, contract revisions, and interest rate disclosure to actively adapt to the new regulatory requirements. This transition game of switching between old and new rules in the industry also indicates that the original loan aid market model is about to be completely reshaped.