贷款中介行业正经历前所未有的强监管冲击。八部门于2026年9月30日联合发布《金融产品网络营销管理办法》正式施行，明确非持牌主体不得开展金融产品网络营销1。此前，国家金融监督管理总局在2025年4月印发《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》，同年3月还联合央行出台《个人贷款业务明示综合融资成本规定》1。这一系列政策密集推出，标志着监管部门对金融产品网络营销领域的全面规范。
在强监管冲击下，贷款中介行业加速出清。曾经通过信息差套利的商业模式正走向终结，大量从业者集体隐身1。贷款中介通常通过电销渠道推销金融产品，一家电销公司通常拥有几十名到上百名贷款中介，头部电销公司甚至拥有上千名1。然而如今大量电销公司已经倒闭，市场中的大量个体和小团队正在退出，部分机构暂停业务、进行裁员或放假1。
China's loan intermediary sector is undergoing sweeping regulatory overhaul, with major telemarketing firms shutting down and industry practitioners disappearing from view.1 The transformation stems from a series of stringent policies designed to curtail unlicensed entities from operating in financial product marketing.
The regulatory framework tightened significantly with three major policy announcements.1 In April 2025, the National Financial Supervision and Administration issued a notice strengthening oversight of commercial banks' internet-assisted lending operations, commonly referred to as the "assisted lending regulations."1 In March 2026, the same agency collaborated with the central bank to introduce regulations requiring explicit disclosure of comprehensive financing costs in personal loan transactions.1 Most notably, on September 30, 2026, eight government departments jointly released the Financial Product Network Marketing Management Measures, which formally took effect and explicitly prohibited unlicensed entities from conducting online marketing of financial products.1
The operational model of loan intermediaries has centered on widespread telemarketing.1 A typical telemarketing company employed dozens to hundreds of loan brokers, with leading firms in the sector managing over a thousand agents.1 However, intensified supervision has accelerated industry consolidation.1 Numerous telemarketing companies have already closed, triggering mass withdrawals of individual brokers and small teams from the market, with some institutions suspending operations, conducting layoffs, or implementing temporary work stoppages.1 The commercial model that once thrived on information asymmetries has effectively reached its endpoint.1
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