Core Viewpoint - The article discusses the emergence of a new lending model called "24%+ equity" in response to regulatory changes that lower annual interest rates from 36% to 24% for lending institutions. This model allows platforms to bundle additional services or memberships to circumvent interest rate limits, raising concerns about compliance and consumer complaints [1][4][17]. Group 1: Regulatory Changes - The new lending regulations, effective from October 1, require commercial banks to clarify service fees and include them in the total financing cost, effectively capping interest rates at 24% [4][17]. - Many lending institutions have begun transitioning to comply with these new regulations, with significant changes noted since May [4][5]. Group 2: Emergence of "24%+" Model - The "24%+" model has two main forms: small equity products, which charge monthly fees for limited services, and large equity products, where fees are tied to loan amounts and can exceed 1,000 yuan in a single charge [5][9]. - The small equity products offer various financial and lifestyle services for a monthly fee, while large equity products charge higher fees based on the loan amount, often without explicit consent from borrowers [6][9]. Group 3: Profitability and Business Dynamics - Platforms can profit from financial equity products and by purchasing third-party services at a discount, allowing them to sell at a higher price [11][12]. - The rise of third-party equity suppliers has created a competitive market, with these suppliers acting as intermediaries between lending platforms and service providers [13][15]. Group 4: Consumer Complaints and Compliance Issues - The "24%+ equity" model has led to a surge in consumer complaints, particularly regarding unauthorized charges and complicated refund processes, with over 5,000 complaints reported [17][18]. - Regulatory scrutiny is increasing, with past guidelines prohibiting disguised high-interest loans under the guise of service fees, raising questions about the sustainability of the new model [17][18]. Group 5: Future Outlook - The ability to address consumer complaints effectively will be crucial for the long-term viability of the "24%+ equity" model within regulatory frameworks [18]. - Industry experts suggest that merely relying on technology to navigate regulations is insufficient; a genuine commitment to transparency and customer consent is essential for sustainable growth [18].

Core Viewpoint - The implementation of new regulations in the lending industry is prompting institutions to shift from an annual interest rate of 36% to 24%, while a new model called "24% + Equity" is emerging as a workaround to these limits [1][10]. Group 1: Regulatory Changes - The new regulations from the National Financial Regulatory Administration, effective from October 1, require commercial banks to clarify service fees and include them in the comprehensive financing cost, effectively lowering the annual interest rate to below 24% [1][10]. - Many lending institutions have begun transitioning to comply with the new regulations since May, indicating a significant industry shift [1][10]. Group 2: Emergence of "24% + Equity" Model - The "24% + Equity" model is characterized by two types of products: small equity products, which charge monthly fees for limited financial and lifestyle services, and large equity products, which tie fees to the loan amount and can cost from 199 to 1999 yuan [2][5]. - The model allows institutions to maintain profitability by offering virtual services and leveraging third-party equity suppliers, creating a new revenue stream [7][9]. Group 3: Consumer Complaints and Issues - There has been a significant increase in consumer complaints related to the "24% + Equity" model, with over 5000 complaints reported, primarily concerning default selections for services and complicated refund processes [10][11]. - The model's compliance and sustainability are under scrutiny, as the regulatory environment may impose further restrictions on such practices [10][12]. Group 4: Third-Party Equity Suppliers - The rise of the "24% + Equity" model has led to the emergence of third-party equity suppliers, who act as intermediaries between lending platforms and service providers, earning commissions for their services [8][9]. - Competition among these suppliers is intensifying, with a focus on pricing as the primary factor for procurement decisions [9][10]. Group 5: Future Outlook - The sustainability of the "24% + Equity" model hinges on the ability to address consumer complaints effectively and adhere to regulatory requirements, emphasizing the need for transparency and customer consent [11][12].