Small loan companies, as the product of financial innovation, have been received quite a lot of good comments. However, these small loan companies, which are engaged in loan services, not authorized. The document of “Guidelines on experimental unit for small loan companies” defined small loan companies as enterprise corporation, which published by China Banking Regulatory Commission and Central Bank since 2008. In fact, the small loan companies just used the name of enterprise legal person but go in for financial services. Without doubt, the ambiguous legal nature will make it hard for their law application, the establish procedure and supervision. Therefore, it is necessary to revise the law, and classify them into financial institutions.