A consumer finance company, the first of its kind in Shanxi province, opened in Taiyuan, capital city of North China's Shanxi province on Feb 24.

The major business of the company is to provide people of low and middle income with loans for personal use without asking for a guarantee.

The loans can cover most personal consumption areas, including medical care, tourism, education, studies abroad, weddings, decorations and furnishings, beauty products, infant care, training, household appliances, and 3C (consumer, communication, and consumer electronics) products.

With a registered capital of 500 million yuan ($76.5 million), the company was sponsored by Jinshang Bank. Its shareholders include Internet, IT, and retail companies.