Think twice: PRC targets bad lenders

Author: | Published: 26 Jan 2018

China has been stepping up its efforts to tighten regulations to rein in financial risks. The latest moves include strengthening lending regulation for online microloans by banning unlicensed operations and setting borrowing limits. These cash loans typically charge high interest rates and are targeted towards those with limited access to credit, poor credit history and/or who need access to funds quickly. There are over 2,500 online platforms providing short-term loans to 10 million users in China with loans in this sector totalling in excess of RMB1 trillion ($155 billion)....