BIAS AND CORRECTION OF INTEREST RATE RESTRICTION IN NETWORK LENDING INDUSTRY

网络借贷业利率限制的偏差与纠正（英文）

Because of the direct contact between the borrowers and the lenders,the interest rate of the network private lending industry has been lowered.At the same time,because of omitting the intermediate links,the lender’s income has also increased,thus the network private lending can achieve a win-win situation.However,there is an invisible interest rate in the online lending industry,which increases the financing cost in a disguised way.To eliminate this undesirable phenomenon,the current judicial field has adopted to incorporate all borrowers’expenses into the interest rate range and made the sum of all costs not exceed the legal interest rate ceiling.In the judicial field,the unlimited expansion of the interest rate range will break through the relativity of debt and make the behavior of intermediary institutions subordinate to the loan contract.The inconsistency between the payment time of interest and intermediary expenses will make the judicial viewpoint of unification of interest rate range contradictory.Therefore,the judicial field should recognize the relativity of debt,separate the intermediary rate from the interest rate,leave the intermediary rate to the market regulation and supervised by the industry’s self-regulatory organizations and regulatory authorities.The unified restriction of interest rate should include all kinds of expenses and default costs,which are agreed in the loan contract,so as to promote the substantial reduction of financing costs.In the meantime,it is necessary to unify the information disclosure of financing costs so that both borrowers and lenders can realize their free choice.

网络借贷业的利率由于借贷双方的直接接触而被降低,同时由于省去中间环节,出借人的收益也在增加,因而达到双方共赢的局面。然而网络借贷业存在隐形利率,变相地增加了融资成本。为制止这一不良现象,当前司法领域采取将所有借款人支付的费用都纳入到利率范围中,使所有成本之和不能超过法定利率上限。司法领域将利率范围的无限扩大一方面会突破债的相对性,使中介机构的行为成为附属于借款合同的从行为;另一方面,利息与居间费用支付时间不统一更会使两者统一为利率范围的司法观点自相矛盾。基于此,司法领域应该要承认债的相对性,将居间费率与利率独立开来,居间费率交由市场调节和由行业自律组织及监管部门进行监督;对于在借款合同中约定的利息、各种费用及违约费用应该统一适用利率限制,促进融资成本的实质降低;同时,需要统一融资成本信息披露,使借贷双方能够实现自由选择权。