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The purpose of this paper is to analyze the necessity and the impact of such a powerful tool and also to find the optimal solution to determine it. The paper proves the ceiling on private lending interest rates is an inevitable choice by using an evolutionary game. However, it is shown that the lowering of the ceiling on private lending interest rates will increase both the difficulty of financing for SMEs and the default rate. Two optimal solutions to the ceiling are obtained in this study, which also prevent an increase in borrowing costs.<\/jats:p>","DOI":"10.1155\/2022\/7455490","type":"journal-article","created":{"date-parts":[[2022,8,23]],"date-time":"2022-08-23T14:35:28Z","timestamp":1661265328000},"page":"1-9","source":"Crossref","is-referenced-by-count":0,"title":["A Three-Stage Game Analysis of Private Lending Rate Ceiling: Necessity, Impact, and Solution"],"prefix":"10.1155","volume":"2022","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-4024-5101","authenticated-orcid":true,"given":"Ran","family":"Tao","sequence":"first","affiliation":[{"name":"King\u2019s College London, London, UK"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1412-1466","authenticated-orcid":true,"given":"Jiayue","family":"Chai","sequence":"additional","affiliation":[{"name":"The Chinese University of Hong Kong, Hong Kong"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","reference":[{"volume-title":"Interest Rates and Implications for Microfinance in Latin america and the Caribbean","year":"2010","author":"A. 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