What impact does the new regulation for "transparent pricing" of personal loans bring?

“Daily interest of 1/3, funds credited in three minutes” “Low interest, no interest, instant approval for credit limits” … Open the mobile app, and such loan advertisements are everywhere. But if you actually borrow, you’ll find hidden service fees, intermediary fees, guarantee fees, and even insurance costs beyond the interest. Many people are lured by the so-called “low interest” hype and end up falling into a debt quagmire.

The State Financial Supervision and Administration Bureau and the People’s Bank of China officially released the “Regulations on Clear Disclosure of the Total Cost of Personal Loan Business” on March 15. How will this new regulation provide a “protective umbrella” for ordinary consumers? And how will the “sunshine” approach to lending help rewrite industry standards and bid farewell to套路贷 chaos?

For ordinary people, borrowing money is usually to solve urgent needs—whether for emergency turnover, consumption demands, or temporary funds for micro and small enterprises. But under “information asymmetry” in the lending model, what should be simple borrowing turns into layered charges and套路重重 burdens. The real pain point is not the “interest rate,” but the concealment, misguidance, and exploitation.

The most common套路 include “split charges.” For example, lenders only promote “monthly interest rate of 0.8%” but do not mention that besides this interest, borrowers also pay 2%–5% “channel service fees,” 0.3% “guarantee fees,” and even mandatory bundled “account insurance fees.” These costs seem “reasonable,” but are actually part of the financing costs. Industry estimates and regulatory surveys show that such opaque charges can make the actual annualized cost 5-10 percentage points higher than the advertised rate. Many only realize they are not getting a “low-interest loan” but a “high-interest loan” after overdue penalties and interest pile up.

For lending institutions, “fuzzy operations” can quickly reduce customer acquisition costs and increase profits, creating a vicious cycle of “bad money driving out good.” - Honest, transparent pricing institutions are often淘汰ed because their rates are “not attractive,” leading to worsening industry chaos.

On March 15, the State Financial Supervision and Administration Bureau and the People’s Bank of China announced the “Regulations on Clear Disclosure of the Total Cost of Personal Loan Business,” which will take effect on August 1, 2026. Under the “new-old cutoff” principle, new业务 must strictly follow the disclosure requirements of the regulation. This mandatory transparency, seemingly a detailed requirement for “interest and fee disclosure,” fundamentally aims to break information barriers through “mandatory transparency,” setting clear boundaries for the lending industry.

Zeng Gang, chief expert and director of the Shanghai Financial and Development Laboratory, pointed out that this regulation directly targets long-standing issues in the lending industry such as regulatory arbitrage and分账套路, extending consumer rights protection across the entire lending chain.

Zeng Gang: The regulation clearly requires itemized listing of all fees, including the主体,收取方式, and标准 of each fee. Based on this, the total should be converted into an annualized comprehensive financing cost and publicly displayed on official channels like the business website. This requirement has strong protective significance for ordinary consumers.

For a long time, personal loans have used language like daily interest or monthly rates, making it difficult for consumers to grasp the true costs. The actual annualized interest rate is often far higher than current regulatory requirements. The regulation also mandates that lenders truthfully explain default responsibilities, penalty interest rules, and expected consequences, enabling borrowers to make rational decisions with full knowledge. All these measures extend consumer rights protection across the entire lending process.

This regulation emphasizes the “full coverage and four principles”—full coverage of interest and fee items; comprehensive coverage of lending机构; single表展示; and pre-disclosure and confirmation.

Offline loans require签署**“Comprehensive Financing Cost Disclosure Form”** and signature confirmation; online loans must display the disclosure form via弹窗, with mandatory reading time, and borrowers must confirm understanding before proceeding; in消费分期 scenarios, clear display of installment fees and default costs on the payment page is required.

Regulators specify coverage for banks, consumer finance companies, microloan companies, and other lending institutions, with sufficient preparation periods and standardized操作样表 to ensure smooth policy implementation, while also pushing the industry away from模糊化牟利旧模式 toward compliant, quality-enhancing, and efficient new paths.

Luo Feipeng, researcher at the Shanghai Financial and Development Laboratory, stated that the comprehensive financing cost disclosure form for personal loans should cover all interest and fee items, all lending机构, and be displayed on a single表, especially emphasizing “规范” (standardization). All personal loans issued by banks and other institutions, both online and offline, must produce this disclosure form to ensure that, besides the listed interest and fees, no hidden costs are borne, promoting sunshine operations.

For individuals, after the formal implementation of the comprehensive financing cost disclosure form, whether applying online or offline, they must carefully read the form before signing the loan agreement. After fully understanding the interest rates, fee standards, and主体, they can make informed decisions, ensuring transparent consumption and better safeguarding their rights.

To ensure smooth implementation and effectiveness of the regulation, sufficient preparation time will be reserved, and standardized操作 will be adopted. It is reported that relevant departments are organizing the制作 of sample disclosure forms, which will be distributed to various lending institutions as soon as possible to promote规范 and healthy industry development.

Zeng Gang also pointed out that a key highlight of the new regulation is the strict regulation of third-party合作机构,彻底封堵行业潜规则. The regulation requires that all fees charged by third-party合作机构 be included in the comprehensive cost calculation, completely closing the loophole of “拆零” and disguised interest hikes.

Zeng Gang: The regulation’s focus on合作机构 is a core highlight. These are third-party entities involved in marketing, guarantee, and信用合作. The new rules require that all fees collected through合作机构 be incorporated into the comprehensive financing cost for unified accounting, preventing them from operating outside the disclosure system. This effectively bans the common industry practice of拆零 and分账套路, accelerating the industry’s transition toward sunshine and compliance.

Chaos ends with transparency; compliance ensures long-term progress. From tackling split charges and opaque operations to breaking information barriers and enforcing full-chain责任, this regulation not only protects ordinary borrowers’ rights but also establishes strict industry rules. Using clear disclosure forms to dispel融资迷雾 and enforce sunshine governance will help restore the original purpose of lending, promote inclusive finance, benefit民生, and achieve稳健发展.

责任编辑：林琦

【来源：央视新闻】