Annualized interest rates exceeding 300%, mobile phone leasing becomes a "high-interest loan"

According to the journalist's investigation, after the implementation of the new regulations on consumer loans, some players have turned to renting mobile phones through a type of high-interest loan called "rental phone loan" that is rampant in the market. This so-called rental phone loan refers to users renting phones on a rental platform, sending the rented phone to a third party, and receiving a certain amount of money from the third party as cash out fee. The installment and buyout fees on the rental platform must be borne by the user. Through the process of renting on the platform, forwarding the phone, and obtaining a loan from an intermediary, the renter essentially becomes a borrower. The annual interest rate usually exceeds 100%, with some users reporting rates even exceeding 300%.