On August 1, the “Provisions on Specifying Comprehensive Financing Costs for Personal Loan Businesses” officially came into effect, requiring lenders to show borrowers an explicit comprehensive financing cost statement. The reporter noticed that a number of small loan companies have disclosed comprehensive financing cost limits for personal loan businesses. Many of these institutions have set the upper limit at 24%, while others have kept the upper limit within 12%.

On August 1, the “Provisions on Specifying Comprehensive Financing Costs for Personal Loan Businesses” officially came into effect, requiring lenders to show borrowers an explicit comprehensive financing cost statement. The reporter noticed that a number of small loan companies have disclosed comprehensive financing cost limits for personal loan businesses. Many of these institutions have set the upper limit at 24%, while others have kept the upper limit within 12%.