24%是红线！“风暴眼”中的助贷，危局还是转机

Core Viewpoint - The introduction of the "Loan Assistance New Regulations" marks the first time that "assistance loan" business is explicitly included in the regulatory framework, establishing its legal status and reflecting a more flexible and operable regulatory approach aimed at boosting consumption while balancing risks and growth [1][3]. Regulatory Framework - The new regulations emphasize a 24% interest rate cap, which is seen as a critical measure to prevent high-risk clients from entering the financial system, with a warning that clients in the 36% interest rate category may have default rates exceeding 60% [3][4][5]. - The regulations aim to eliminate the phenomenon of "bad money driving out good" and prevent platform arbitrage, ensuring a healthy market clearing process [5][10]. Impact on Industry - The 24% interest rate cap is expected to significantly impact the profitability and business scale of all loan assistance platforms, particularly those relying on high-interest rates to cover high-risk clients [5][9]. - Institutions will need to reassess and adjust their business models to comply with the new regulations, focusing on a more sustainable risk-reward balance [5][11]. Compliance and Operational Changes - The regulations require that banks and loan assistance platforms ensure that all fees are transparent and that the total financing cost remains below the 24% threshold [6][9]. - A "not compliant, then banned" principle is introduced, allowing for innovation as long as it adheres to regulations, with strict penalties for any structures that increase client burdens without proper disclosure [7][10]. Future Outlook - The new regulations are expected to lead to a reduction in the number of loan assistance institutions, particularly those unable to meet compliance requirements, thereby increasing industry concentration [11]. - The focus will shift towards compliance management, consumer protection, and the development of products that align with regulatory expectations and market demands [11].