Big Changes in Loan Industry US Stores to Inspect and Remove Unqualified Loan Apps

TapTechNews on June 28, the Blue Whale Finance said that various app stores suddenly received instructions this afternoon, requiring a comprehensive inspection of small loan products. Loan apps that do not meet the requirements of the audit qualification will be directly removed from the shelves for handling, which may bring great changes to the existing loan industry.

According to the introduction, this rectification action mainly aims at the situation that small loan companies divert users to unqualified third parties in the apps they operate. Since this situation is a hidden rule in the industry and involves quite a number of companies, a large number of platforms are in jeopardy and conduct inspection work overnight.

As known to TapTechNews, lending financial apps have always been strictly reviewed by regulatory authorities. A very important point is to review the 'license qualifications' of the operation entities of the apps, which also requires that the operation entities must provide the relevant financial qualifications and licenses to the application distribution platforms to put on shelves or update the app versions.

At the beginning of the special rectification of Internet financial risks, some institutions once used the 'Notice of Internet Financial Special Rectification Inspection' (or similar regulatory documents) instead of the on-shelf qualifications to achieve on-shelf, but this situation did not last long.

Later, in order to solve the problem of app on-shelf and update, some non-licensed loan assistance and loan supermarket institutions began to try to acquire licenses or negotiate cooperation with companies holding small loan licenses. The cooperation methods include charging an annual fee or paying the licensee 'technical service fees' monthly to put on shelves their loan apps through such cooperative relationships. Currently, this model has lasted for many years.