Is Baoyin Consumer Finance formal?

As early consumption has become a new consumer trend, there are more and more loan products on the market, making it difficult to tell whether it is a formal institution. For example, is Baoyin Consumer Finance formal?

The full name of Baoyin Consumer Finance is Baotou Baoyin Consumer Finance Co., Ltd. It is a licensed consumer finance company approved by the China Banking Regulatory Commission. It was initiated and established by Baoshang Bank with a registered capital of 300 million yuan.

In Baoyin consumer finance loans, the minimum daily interest rate is 0.025, and the converted annual interest rate is 0.025 × 360 days (calculated as 360 days per year) = 9.

So whether it is from the company background or loan interest, Baoyin Consumer Finance is very formal.

It is worth noting that for formal financial companies like Baoyin Consumer Finance, all loans are subject to credit reporting. Therefore, it is particularly important to repay the loan on time. Otherwise, once it is overdue, the overdue record will be reported to the credit reporting system by Baoyin Consumer Finance, which will have a considerable impact on future loans.