Collection "Ghosts" on the Prowl! Jiayin Technology's Your We Loan Summoned for Talks

On the occasion of International Consumer Rights Day on March 15th, the State Administration for Market Regulation held a meeting with five lending platforms, including Niwo Dai, requiring platform operators to strictly regulate marketing and promotional activities when collaborating with financial institutions on lending services, clearly disclose interest and fee information, strictly adhere to personal information protection regulations, conduct lawful and compliant collection activities, improve customer complaint resolution mechanisms, and effectively protect the legitimate rights and interests of financial consumers. These requirements undoubtedly highlight the urgent need to regulate Niwo Dai and related businesses.

Public information shows that Niwo Dai is a loan assistance platform launched in June 2011, operated by Jirong Cloud Technology Co., Ltd., a subsidiary of Shanghai Jinyin Technology Co., Ltd. (referred to as Jinyin Technology). After users apply for loans through its app, the platform pushes users to partner institutions for disbursement and charges related service fees. In May 2019, Jinyin Technology was listed on NASDAQ in the United States, with two main lending brands: Niwo Dai and Jirong.

According to Niwo Dai’s official website, Jirong is positioned as a consumer finance operation technology service provider, dedicated to connecting consumers and financial institutions within consumer scenarios through big data, cloud computing, artificial intelligence, and other technologies, making it easier for consumers to access consumer finance services and helping financial institutions achieve rapid business growth.

However, Shenzhen Business Daily·DuChuang client reporter found on the Black Cat Complaint platform that both brands under Jinyin Technology face numerous complaints. As of March 15th, there were 92,818 complaints containing the keyword Niwo Dai and 17,939 complaints containing the keyword Jirong. The complaints mainly involve issues such as “violent collection,” “high guarantee fees,” “post-loan service fees,” “cutting head interest,” and “excessive interest rates.”

One netizen complained that they borrowed 14,000 yuan on Niwo Dai, repaid nine installments, totaling 15,000 yuan, yet still owed 4,000 yuan, which is completely inconsistent with national interest rate regulations. They requested the return of post-loan service fees and consultation fees totaling 3,146 yuan for the first and second installments. Later, customer service negotiated and agreed to give a support fund of over 2,200 yuan, which was credited to settle overdue payments in one go, and they signed an agreement to withdraw the lawsuit. However, the so-called mediator threatened to sue them. The netizen demanded “stop harassment, apologize, compensate/explain, and penalize.”

Another netizen stated: “In 2020, I borrowed 8,600 yuan from Niwo Dai, and after violent collection efforts in 2024, I paid off the last installment of 1,510 yuan. Now, someone claiming to be a Niwo Dai staff member has started violent collection, intimidation, and harassment of my family, friends, and workplace, demanding I repay 2,784.42 yuan, 4,500 yuan, and other unknown amounts!” They requested “stop harassment, penalize, remove the product from shelves, settle the account, and provide proof of settlement.”

Another complaint mentioned: “On January 6th this year, I borrowed two loans totaling 85,360 yuan on Niwo Dai, with a high service fee of 3,560 yuan for installment repayment. One of the loans of 50,000 yuan had a guarantee fee of over 400 yuan per month, far exceeding national standards, and the ‘Bangyouhui’ membership card was illegally deducted 2,880 yuan on the second day of borrowing as a disguised ‘cutting head interest.’ Please help me resolve this.”

Additionally, a netizen reported that during their borrowing process on Niwo Dai, they discovered the platform was illegally charging excessive service fees, guarantee fees, management fees, and other unreasonable charges, with the actual annualized interest rate far exceeding national standards, constituting illegal disguised “cutting head interest” and乱收费. They demanded “immediate calculation and refund of all illegally overcharged fees; recalculation of principal and interest at the statutory rate, with unreasonable interest and illegal fees waived; cessation of all illegal collection activities, and lawful handling of debts.”

According to Jinyin Technology’s unaudited financial results for Q3 2025, the company’s operating income reached 1.47 billion yuan, a 1.8% increase compared to the same period in 2024; net profit was 380 million yuan, up 39.7%. In the third quarter, Jinyin Technology facilitated loan matching transactions totaling 32.2 billion yuan, an approximately 20.6% year-over-year increase.

Behind this strong profit growth, Niwo Dai’s compliance issues remain unresolved.

Opening Niwo Dai’s homepage, the prominent display shows an annual interest rate of 7.2% to 24%, seemingly compliant with regulatory requirements, but there are hidden issues—initially attracting users, then attaching service fees, management fees, and other charges, which increase the overall financing costs for users. Some complaints state that Niwo Dai’s annualized interest rate is as high as 35.99%, far exceeding the regulatory cap of 24%.

In response to violent collection phenomena, regulators have issued multiple regulations and guidelines in recent years, requiring banks, consumer finance companies, and small loan companies to standardize collection practices.

Recently, regarding issues with internet loan assistance businesses, the Financial Regulatory Authority held a meeting with the operating entities of Niwo Dai and four other platforms. The meeting emphasized that platform operators must strictly regulate marketing and promotional activities when collaborating with financial institutions, clearly disclose interest and fee information, strictly comply with personal information protection laws, conduct lawful collection activities, improve customer complaint mechanisms, and effectively protect the legitimate rights and interests of financial consumers.

How will these platforms rectify after being summoned? How to operate prudently and manage compliance to protect consumers’ legal rights? Shenzhen Business Daily·DuChuang reporter sent interview emails to Jirong Cloud Technology Co., Ltd., the operator of Niwo Dai, but as of press time, no response was received.

It is worth noting that after the implementation of the new loan assistance regulations in October 2025, Jinyin Technology’s stock price plummeted from a high of $18.44 in June to $5.88, a decline of 68%.