Core Viewpoint - A new lending model called "Yuexi Rongdan" is rapidly spreading through hidden channels after the implementation of new lending regulations, targeting high-risk individuals previously rejected by formal institutions, with effective annual interest rates often exceeding 300% [3][5][6]. Group 1: Overview of "Yuexi Rongdan" - The "Yuexi Rongdan" platforms offer small loans of 3,000 to 5,000 yuan with a one-month term, specifically targeting high-risk customers who have been discouraged by major lending platforms [5][6]. - An example from a platform named "Sensenhua" shows that a borrower taking a loan of 4,000 yuan must repay over 6,000 yuan within a month, including a significant guarantee fee, resulting in a monthly interest rate of 36.9%, exceeding the regulatory cap of 36% [5][6]. - Over 200 complaints related to "Yuexi Rongdan" have been found on third-party complaint platforms, indicating widespread issues across various platforms including "Sensenhua" and "Lanhai Yihua" [6][7]. Group 2: Regulatory Response - The China Internet Finance Association is organizing an industry self-inspection to identify involved enterprises, product names, and operational behaviors, urging institutions to conduct self-correction [3][6]. - Regulatory authorities have begun discussions with high-risk institutions involved in public complaints, indicating a proactive approach to address the emerging risks associated with "Yuexi Rongdan" platforms [7]. Group 3: Hidden Channels and Marketing Strategies - The investigation reveals that "Yuexi Rongdan" platforms utilize various hidden channels for customer acquisition, including loan supermarkets and SMS promotions, making it difficult to trace the actual lending entities [10][28]. - Many platforms employ similar names and marketing strategies to create a matrix of online lending options, complicating the identification of legitimate services [10][12]. Group 4: User Experience and Complaints - Users report that the only operational feature in certain apps is the loan application section, which requires extensive personal information for processing [12][33]. - Complaints indicate that users are often charged exorbitant guarantee fees alongside high-interest rates, with some reporting total repayment amounts significantly exceeding the original loan [15][33].

Core Insights - A new lending model called "Yuexi Rongdan" is rapidly spreading through covert channels after the implementation of new lending regulations, targeting high-risk individuals who have been discouraged by formal institutions, with annualized interest rates often exceeding 300% [1][2] Group 1: Industry Overview - The "Yuexi Rongdan" platforms offer small loans ranging from 3,000 to 5,000 yuan with a short repayment period of one month, specifically aimed at high-risk customers who have been turned away by major lending platforms [2][3] - The China Internet Finance Association is currently organizing an industry self-inspection to identify involved enterprises, product names, and operational behaviors, urging institutions to conduct self-corrections [1][2] Group 2: Case Studies - An example from a platform named "Sensenhua" shows that a borrower taking a loan of 4,000 yuan must repay over 6,000 yuan within a month, including a 700 yuan guarantee fee, resulting in a monthly interest rate of 36.9%, exceeding the regulatory cap of 36% [2][3] - Complaints regarding "Yuexi Rongdan" platforms have been reported on third-party complaint platforms, with over 200 complaints linked to various platforms including Sensenhua, Yingyingji, and Lanhai Yihua [2] Group 3: Regulatory Response - Regulatory authorities have begun discussions with high-risk institutions involved in public complaints to further understand the situation [3] - Some platforms have claimed that they are not directly related to the high-risk lending activities, citing name similarities as the reason for confusion [3] Group 4: Hidden Channels - The investigation reveals that many lending platforms operate under similar names and descriptions, likely due to keyword bidding in online advertising, creating a "matrix" of platforms [4] - Borrowers are primarily exposed to these high-interest platforms through SMS promotions and "loan supermarket" platforms that list various high-interest products [19][20] Group 5: User Experience - Users reported that after submitting personal information on certain apps, they were matched with multiple "Yuexi Rongdan" platforms, indicating a network of interconnected lending services [7][10] - The process of accessing these loans often involves multiple registrations and agreements, with some platforms requiring extensive personal information before revealing loan amounts [22]