Personal loan interest and fee transparency to eliminate "confusing accounts"
Loan institutions intensively deploy business adjustments

Reporter recently learned from within the industry that after the State Administration for Financial Regulation and the People’s Bank of China jointly issued the “Provisions on Clear Disclosure of Comprehensive Financing Costs for Personal Loan Business,” various lending institutions have moved to closely deploy business adjustments to address the problem that personal loan interest and fees are “not clear to see and not clear to calculate.” Under the requirements, comprehensive financing costs must be “clearly disclosed in one table,” bringing financing costs that are scattered across different items such as interest, service fees, and installment fees into a single table. This will not only clarify the “confusing fee accounts” but also help promote fair competition in the market. Industry insiders generally believe that from now on, borrowers will no longer be “seeing through the fog,” and competition in the personal loan market will shift from extensive customer acquisition to transparent pricing and improving service efficiency. (Shanghai Securities News)