Legal analysis: it is illegal for individuals to make a living by lending. It is ok to lend your own money to others, which is protected by law. However, if you borrow money from others in various ways, it is illegal, which may involve illegal fund-raising and illegal lending. In private lending, the lender's funds must be its own funds with legitimate income, and it is forbidden to absorb or absorb other people's funds in disguise for lending. China Bank, China Insurance Regulatory Commission and other four departments jointly issued a notice, clarifying that no unit or individual may set up an institution engaged in or mainly engaged in lending business or take lending as its daily business activities without the approval of the competent authorities according to law.

Legal basis: Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases Article 1 Private lending as mentioned in these Provisions refers to the financing behavior among natural persons, legal persons and unincorporated organizations. These provisions shall not apply to financial institutions and their branches engaged in loan business established with the approval of the financial supervision department, as well as disputes arising from loans and other related financial businesses.