Five departments, including the China Banking and Insurance Regulatory Commission, today jointly issued a notice banning microfinance companies from granting online consumer loans to college students. The company’s newest product is a new product that will be available for sale in the market.
The company’s newest product is a new product that will be available in the marketplace. (Photo/pixabay)
The company’s main goal is to provide the best possible service to its customers.
The notice points out that recently some online financial platforms target college campuses and issue online consumer loans through induced marketing, inducing college students to overspend, leading some students to fall into the trap of high loan amounts.
The notice puts forward four aspects of supervision and management. First, it is clear that microfinance companies are not allowed to issue online consumer loans to college students, to further strengthen the risk management of consumer finance companies, commercial banks and other licensed financial institutions college students online consumer loan business. At the same Time, institutions established without the approval of the regulatory authorities are not allowed to provide credit services for college students.
At the same time, the organization deployed around the supervision and inspection, investigation and rectification of college students’ online consumer loan business.
Secondly, the notice calls for strengthening the Education, guidance and support efforts for college students, guiding them to be aware of financial security, improving the working mechanism of help and assistance, comprehensively guiding the establishment of a correct consumption concept and establishing a daily monitoring mechanism, and requiring the universities and colleges to really take up the responsibility of student management.
Thirdly, the notice emphasizes the need to do a good job in diverting public opinion, and all places should standardize the online interpretation of relevant policies and guidance of public opinion, and take the initiative to issue statements and clarify the truth about malicious speculation and rumor-mongering behavior using college students’ online loans.
Finally, the notice calls for increased efforts to investigate and deal with illegal and criminal issues. The public security organs around the country are instructed to strengthen the investigation and punishment of college students’ online consumer loan crimes, crack down on college students’ “lending” (in the name of lending, the actual appropriation of property), usury and other crimes, strengthen the illegal detention, kidnapping and violent collection and other crimes, and crack down on crimes against citizens’ personal assets.
China’s well-known small online lending companies include Ant Group’s “Flower” and “Debit”, while well-known companies Baidu, Jingdong and Meituan have “Du Xiaoman” and “Jingdong Tong Ying” respectively. “The company has also been criticized for its easy access to young people. Some public opinion has criticized these small online loans, which are easily accessible to young people, for spreading the concept of “overspending” and making some people unable to repay, thus falling into debt.
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