The Internet Financial Association of Jiangsu Province is soliciting public comments on China's first local guideline on P2P charging standards. According to the draft guideline, the charging standard for interest management of P2P investors should be 6 percent to 10 percent of their returns and that for borrowing management of P2P financing party should be 1 percent to 3 percent of the total loans.
Lu Minfeng, secretary-general of the association, said that the guideline will regulate arbitrary charges of P2P, and reduce the burden on enterprises. According to many P2P platforms, the guideline is expected to help regulate enterprises behavior and market order, and protect the rights of lenders.
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