Legal analysis: Whether the Wagonbang loan is a formal loan depends on whether the establishment of the Wagonbang company complies with the provisions of the "Loan Company Management Regulations".

Legal basis: "Provisions on the Administration of Loan Companies"

Article 8 The establishment of a loan company shall meet the following conditions: (1) Have a charter that meets the regulations; (2) The registered capital shall not be low It is paid-in monetary capital of RMB 500,000 and is paid in full by the investor at one time; (3) There are senior managers with professional knowledge and business experience; (4) There are senior managers with corresponding professional knowledge and work experience personnel; (5) having the necessary organizational structure and management system; (6) having business premises, safety precautions and other business-related facilities that meet the requirements; (7) other conditions specified by the China Banking Regulatory Commission.

Article 9 To establish a loan company, its investors shall meet the following conditions: (1) The investor is a domestic commercial bank or a rural cooperative bank; (2) The asset scale is not less than 5 billion yuan; (3) ) The company has good corporate governance and sound and effective internal controls; (4) the main prudential supervision indicators meet regulatory requirements; (5) other prudential conditions prescribed by the China Banking Regulatory Commission.