高息借贷“换壳”潜行： 马甲矩阵、分期场景与退费中介的隐秘博弈

Core Viewpoint - The article discusses the emergence of new high-interest lending models in the context of tightening regulations on loans with annualized interest rates above 24%, highlighting the challenges in identifying true borrowing costs and the rise of complaint-driven intermediaries [1][6]. Group 1: High-Interest Lending Models - New lending products such as "monthly financing guarantees" and "installment malls" have emerged, featuring short borrowing cycles and high fees, targeting individuals with poor credit histories and urgent funding needs [1][3]. - A specific case illustrates a borrower taking a loan of 6,000 yuan with a total repayment amount of 8,318.7 yuan, resulting in an annualized interest rate of 464% [2]. - The "monthly financing guarantee" products typically have short terms of around 30 days and involve small loan amounts, often between 3,000 to 10,000 yuan, with additional high fees that inflate the effective interest rates [3][4]. Group 2: Regulatory Environment - Regulatory measures have intensified, with the China Internet Finance Association conducting inspections on mobile financial apps, leading to corrective actions by several institutions [6][7]. - The People's Bank of China has introduced a classification rating system for non-bank payment institutions, which will impact their operations and regulatory scrutiny based on compliance with lending regulations [7]. - The regulatory focus is shifting towards the entire supply chain of online lending platforms, with recent actions targeting payment institutions that facilitate high-interest loans [6][7]. Group 3: Industry Challenges - The high-interest lending industry operates through a complex and organized structure designed to evade regulatory scrutiny, complicating the tracking and accountability of transactions [4]. - The rise of intermediaries offering to assist borrowers in recovering high fees and interest reflects the growing consumer dissatisfaction and the challenges in navigating the lending landscape [5]. - Payment institutions face difficulties in monitoring the true costs of funds due to the layered nature of partnerships and the obscured characteristics of high-interest products [7].