Finance Apps in Hot Water for Trading Loans for Phones
A central-bank-backed group in charge of monitoring risks in the internet finance industry has called for increased supervision over businesses trying to skirt online lending regulations that cap the cost of borrowing.
Regulators are targeting platforms that have found ways around the annualized cap of 36% for interest rate and fees charged on a loan, which some platforms have been able to ignore by charging membership fees or setting up “leaseback” agreements, according to a document from the Leading Group on Internet Finance Risk.
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