Loan companies are mostly small companies, with black loans and no corresponding qualifications. You'd better go to the bank for a loan. The detailed rules for the supervision of cash loans were issued on February 0, 2007+2007+65438+2007, which clarified the overall supervision and rectified the online microfinance. The CBRC said it would curb the disorderly development of cash loans as soon as possible and ban unlicensed institutions.

The supervision department of microfinance companies suspended the establishment of new online (Internet) microfinance companies; Suspension of a new batch of microfinance companies to carry out microfinance business across provinces (autonomous regions and municipalities). Suspend the issuance of online micro-loans without specific scenarios and designated purposes, gradually reduce the stock business, and complete the rectification within a time limit. No organization or individual may engage in loan business without obtaining the qualification for loan business according to law.

Require borrowers to hold relevant lending business licenses, and severely crack down on unauthorized illegal lending businesses and institutions; All kinds of institutions shall strictly implement the interest rate regulations of the Supreme People's Court on private lending for the comprehensive capital cost charged to borrowers in the form of interest rates and various fees, and prohibit the issuance of loans that violate the relevant interest rate regulations.

At present, the cash loan products on the market are all high-yield products, and the average annualized interest rate is as high as 150%, which is obviously higher than the legal interest rate range of private lending in China. Therefore, many people ridicule that cash loans are legal "usury" among the people.