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Is the contract of Hangzhou lending institution illegal?

Illegal.

Most lending companies that cooperate with banks may be suspected of illegal operation.

Because some loan companies are ostensibly lending, they actually sign contracts with banks, take funds from banking financial institutions, and then lend according to their own risk control system, and the income is divided into banks.

This kind of behavior has been regarded as a crime since 201910/0/2/0/day.