Formal lending institutions must have relevant financial licenses before they can legally issue loans. However, Heng Chang's loan business is strictly non-compliant because it has not obtained a financial license at present. However, the loan contract signed at the time of loan is still protected by law, and the borrower still needs to repay the loan according to the contract.
I suggest that you try to apply for loans from formal lending institutions, such as formal consumer finance companies, which are all qualified for loans, so it is more secure to apply for loans in such places.