It's the wild, wild Web for new breed of lenders

Internet-based loan services have boomed in just the past two years, but the regulatory system has yet to catch up, reports Ed Zhang.

In China's business world, many like to borrow a phrase from Charles Dickens: "It was the best of times, it was the worst of times."

That description certainly applies to the fast-growing online financial industry. Two years ago, few people thought to borrow via the Internet - but there has been a dramatic change. As of Feb 28, outstanding Internet-based loans totaled 160 billion yuan ($26.1 billion), according to PPmoney.com, a Guangzhou-based online wealth management platform.