Are private lending companies legal?

Private lending companies are not necessarily legal, because only lending companies that have been legally registered by the company registration authority and obtained the Business License of Enterprise as a Legal Person are legal. If a lending company that has not been registered by the company registration authority is found, it shall immediately report it to the administrative department for industry and commerce.

legal ground

Article 2 To apply for company registration, the applicant shall be responsible for the authenticity of the application documents and materials. Article 3 A company shall be registered by the company registration authority according to law, obtain the Business License of Enterprise as a Legal Person and obtain the qualification of enterprise as a legal person. A company established after the implementation of these regulations shall not engage in business activities in the name of the company without being registered by the company registration authority.