Core Viewpoint - The implementation of the new regulations for the lending industry on October 1 marks a new starting point for the standardized development of the sector, aiming to clarify the comprehensive financing cost range and address existing issues in the market [1][4]. Summary by Sections Issues in the Lending Industry - The lending industry has seen various problems arising from profit-driven motives, including excessive charges disguised as consultation and guarantee fees, leading to inflated comprehensive financing costs [1][2]. - The "dual guarantee" phenomenon is prevalent, where the actual annualized interest rates for lending products range from 24% to 36%, with part of the fees hidden under different service charges [2][3]. Market Response to New Regulations - Following the new regulations, many lending platforms have ceased offering products with annualized interest rates exceeding 24%, and several institutions have begun to clearly display their interest rate ranges on their platforms [3][4]. - The new regulations require a clear delineation of comprehensive financing costs, prompting lending institutions to prioritize compliance and reduce interest rates [2][3]. Industry Transformation - The lending industry is undergoing a significant transformation, with 31 licensed consumer finance companies disclosing their lending partners in compliance with the new regulations [4]. - According to a report by iResearch, the growth rate of lending businesses with annualized interest rates above 24% has dropped from 34.1% to 8.6%, indicating initial effects of compliance rectification [4]. Future Directions for the Lending Industry - The future of the lending industry lies in focusing on loans with comprehensive annualized interest rates below 24% and transitioning towards comprehensive financial services [5]. - Competition in the lending market is expected to shift from mere scale and traffic to a focus on risk management capabilities, financial technology strength, and refined customer operations [5].

Core Viewpoint - The implementation of the new regulations on internet lending by commercial banks is prompting regulatory bodies to investigate the "24% + rights" model, which has raised concerns about its impact on borrowers' overall financing costs [1][3][4] Group 1: Regulatory Changes - The new regulations require lending institutions to include guarantee service fees in the comprehensive financing costs, effectively lowering the annualized interest rates in the lending industry to below 24% [1][3] - Regulatory bodies have issued questionnaires to several licensed consumer finance companies to understand the operational details of the "24% + rights" model and its implications for borrowers [1][2] Group 2: Industry Response - In response to the regulatory changes, consumer finance companies are exploring the "24% + rights" model as a way to cater to high-risk borrowers while remaining compliant [3][4] - The model involves adding value-added services linked to membership rights, which may inadvertently lead to increased costs for borrowers if not managed properly [3][4] Group 3: Consumer Complaints - There have been over 5000 complaints related to the "loan + rights" model, primarily concerning default selections for rights services and complex refund processes [4] - The complaints highlight two main issues: consumers being charged for services they did not knowingly opt into and the difficulties in obtaining refunds for these services [4]