Internet loan advertising ignorance or deliberately looking for abuse? Consumers should remember: the money borrowed should be paid back

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Author: Duan Siyu
[for the disorderly advertising of lending products, the regulatory authorities have previously issued relevant rules to restrict it. But now the chaos is not only, the supervision needs to be further strengthened, at the same time, the relevant platforms should also be seriously implemented and rectified. There are also suggestions that in the future, the financial industry association and the advertising industry association can strengthen collaborative governance, improve the relevant systems of advertising review, detection and suppression of illegal advertising. ]
When opening a self timer software, the first thing that comes into view is not all kinds of filters, but a full screen online loan advertisement, claiming that “credit points for loans”, and users will click into the application page if they are not careful. Just trying to catch up with the drama, the patch advertisement appears on the screen, and a migrant worker on the plane is scratching his ears for upgrading his mother’s cabin due to lack of money. A man in a suit and suit is elated to urge him to apply for a loan Money, as if the money borrowed need not be paid back; brush a short video, suddenly jump out of a sitcom, girls dislike the poor boy friend, proposed to break up, jumped out of the passer-by boastfully recommend a credit product to boys
Unknowingly, online loan advertisements are embedded in every corner of people’s lives in various forms such as pictures, videos, and telephones. Recently, the advertisement of an e-commerce financial platform has been accused of “three outlooks are not correct” and there are serious value problems, which has caused hot discussion among the public. No matter what the form of these advertisements, almost all of them will vigorously promote their credit products that “you can apply for loans as soon as you need one ID card” and publicize the value of advanced consumption, but they don’t mention the loan interest and delay cost, waiting for people to lure into the “cover”.
In the face of these overwhelming advertisements, some people also ask: can these advertisements exist? Is it illegal? Are there supporting laws and regulations that can be managed and constrained?
Kwai Chung, an industry reporter interviewed by first financial reporter, believes that the appearance of similar advertisements is essentially related to the long tail clients who have been robbed by related institutions. The production style of such financial loan products and the short video platform such as tiktok and jitter are mainly aimed at cater for and harvest customers.
In fact, for the disorderly advertising of lending products, the regulatory authorities have previously issued relevant rules to restrict it. But now the chaos is not only, the supervision needs to be further strengthened, at the same time, the relevant platforms should also be seriously implemented and rectified. There are also suggestions that in the future, the financial industry association and the advertising industry association can strengthen collaborative governance, improve the relevant systems of advertising review, detection and suppression of illegal advertising.
Internet loan advertisement
“I almost applied for it, but fortunately, I hit a thrill on the submission page and braked.” The post-90s white-collar A-Shirt said to the first financial reporter.
A Shan said that she had seen loan advertisements on video websites for many times, but didn’t take them seriously at the beginning. She felt that these frequent advertisements had a great impact on her viewing experience. Until a time when the flow of funds on hand was really tense, she suddenly remembered that these so-called “one ID card” could easily and quickly apply for loans, so she opened a credit product application page of a large e-commerce company to try.
“The information required to be filled in is too much and too detailed. I feel something wrong for a person who is not very sensitive to privacy protection.” The meticulous and trivial personal information made ah Shan stop at the last step of submission and quit the page. “Even though I didn’t submit it, what scares me is that every now and then the staff of the platform call me and sell me their credit products, which shows that my personal information has actually been leaked.” Ah Shan said.
In addition to the situational ads inserted on video sites, phone promotion also makes users unbearable.
Xinyi, a graduate student of a university in East China, once received four or five phone calls from a large credit platform within a month, saying that she had handled campus loans during her undergraduate period, and needed to add staff QQ to cancel it, otherwise it would be included in the national credit blacklist.
“At the beginning, I was really worried about whether anyone had ever opened a campus loan with my ID card.” But she didn’t begin to feel suspicious until she added the QQ to her to provide more detailed personal information. She asked why the other side could not operate on the official platform. “But they just checked my ID card repeatedly, as if they were trying to frighten me, making me think they knew my real information. But at that time, I already understood that they were like “swindlers” who just wanted to get more personal information to really apply for loans. “.
Xinyi received several calls from different parts of the country, although each hang up after the number will be black, but soon there will be a new number called in. “The other side can accurately tell me my name and ID number and report my current learning institution. But what makes me feel very black and humorous is that this college was invented by me when I filled out the questionnaire. It’s really a “liar” meeting a “colleague.” Xinyi said with a smile.
The experience of A-Shirt and Xinyi is not an example. The first financial reporter found in the interview that most people have more or less encountered online loan advertisements. In the current era of mobile Internet, although it may be too grandiose and too dramatic, this kind of advertisement has indeed occupied a corner noisily, waiting for the “click in” of consumers.
Behind the user competition
In fact, whether it is telephone or video, all kinds of advertising methods can be regarded as the omni channel layout of Internet loan products network drainage, especially through the way of sitcom video, targeted production of content products that meet the platform tonality and high user click through rate, so as to achieve product publicity and user conversion.
Dong ximiao, chief researcher of Zhongguancun Internet Finance Research Institute, told reporters of first finance and economics that the emergence of similar advertisements is essentially caused by the excessive sinking of relevant institutions and the snatching of long tail customers. The tiktok style of such financial loan products and the short video platform such as Kwai Fu and jitter are mainly intended to cater for and harvest these customers.
Generally speaking, this kind of video advertisement tends to use vulgar scenes to attract low-income people to watch, and then repeatedly emphasizes words such as “daily interest is only XX Yuan”, “XX days interest free” and so on, without mentioning the risk of loan products, so as to create an atmosphere of borrowing money and consumption without risk, and the low-income people are exactly the people with weaker risk awareness.

In addition, from the distribution point of view, “the exposure of short video content depends on the machine algorithm. In order to pursue higher exposure, it will inevitably drive the content creation to continue to be vulgar and controversial, and finally touch the critical point that the public can not accept, causing public opinion crisis.” A senior practitioner in the mutual gold industry said so.
However, inclusive finance is not the more sinking the better. In Dong ximiao’s opinion, for financial consumers who are relatively lack of financial knowledge and financial literacy, they should pay more attention to regulating marketing publicity and consumer protection, rather than inducing or even misleading them.
In the discussion group of “debtor alliance” on Douban, we can see that many people trapped in the swamp of online loan due to loan advertisements are seeking help and struggling.
In 1989, a girl who claimed to be in debt of 350000 gave a detailed list of her loan amount, including more than ten online loan platforms including “qianqianhuahua”, “dianyuele” and “micro loan”, as well as loans from several banks. “At the beginning, I used loans to support loans. I had to repay about 200000 loans. But I was lured to” kill pigs “on the Internet because I was anxious to repay. Now the principal plus interest is about 350000, and I haven’t dared to confess to my family.” She wrote in her post that she couldn’t sleep every night. When she fell asleep, she was thinking about how to explain to her family. She hoped that netizens would take her as a warning and not follow her example.
Dong ximiao believes that from the perspective of business development mode, it is not unreasonable to develop business and promote products in compliance with the requirements. However, this does not mean that all people need to borrow or even over loan, but to accurately match and serve.
Relevant regulatory rules need to be further implemented
Liu Xinyu, a partner of Zhonglun law firm, told ifnancial that the “exaggerated” advertisements mentioned above are likely to mislead consumers. In summary, the legal problems that may be involved in such advertisements include: violating the relevant provisions of the advertising law, failing to give reasonable tips or warnings about the possible risks of financial products or services and bear the risk liability; unilaterally publicizing financial products, failing to correctly inform consumers of the actual interest rate of loan products; misleading consumers through misleading contents and inducing consumers to consume excessively.
In fact, for the publicity chaos, the regulatory authorities have previously issued the requirements for financial product marketing publicity norms, and carried out relevant governance. For example, the central bank, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the foreign exchange bureau issued the notice on further standardizing financial marketing publicity activities last year, which clearly stated that banking, securities, insurance financial institutions and other institutions engaged in financial business or financial related business according to law should be licensed by the financial management department of the State Council and the local financial regulatory authorities Financial marketing publicity shall be carried out within the scope of financial business, and financial marketing publicity activities beyond the scope of business license shall not be carried out.
In addition, in September this year, Shanghai issued the opinions on Further Strengthening the supervision of financial advertising. After that, Shanghai interbank trade union, Shanghai Securities Association and other financial institutions and trade associations jointly issued the Convention on self-discipline of financial advertising publishing industry, which clearly stipulated that the annual interest rate of loans should be clearly and accurately displayed when issuing financial advertisements for loans It only contains the content of “minimum interest rate” or “interest rate as low as” to mislead the lender with specific conditions and low interest rate, and does not publicize loan interest in the way of “daily interest rate”, “daily repayment” and other ways inconsistent with the actual implementation of interest rate.
It is also worth mentioning that, on December 15, under the item of “prevention and disposal of illegal fund-raising” in the special column on the official website of the CIRC, “opinions of Shanghai Municipal Market Supervision Bureau, Municipal Local Financial Supervision Bureau and other nine departments on Further Strengthening the supervision of financial advertising” was listed again.
“Various measures show that regulators and financial institutions treat financial advertisements prudently. At the social level, this kind of video advertising may also violate the good social fashion, and is not in line with the mainstream values advocated now, causing certain adverse effects on the society. ” Liu Xinyu said.
But now, the lending publicity is still chaotic, some industry insiders said that the relevant regulatory rules need to be further implemented, and the relevant platforms also need to be rectified.
In addition, Liu Xinyu also suggested that, from the perspective of Internet financial advertising supervision, law enforcement should be strengthened in the future, and market supervision departments at all levels should strengthen law enforcement to deal with internet financial advertising cases; at the same time, more attention should be paid to such advertisements with high social concern, strong reaction from the masses and endangering the safety of people’s personal and property, and more punishment should be given to illegal and illegal advertisements In addition, the financial industry association and the advertising industry association should strengthen the collaborative governance, improve the relevant systems of advertising review, discovery and stop illegal advertising; strengthen publicity and guidance, create a good social value system, and encourage the society to widely supervise the Internet financial advertising order; moreover, from the perspective of legislation, it can issue regulations on Internet financial advertising content To clarify the production and release standards of Internet financial advertising.
However, the above-mentioned senior practitioners in the mutual gold industry said that from the perspective of supervision, more regulations should be made on the information disclosure of the products themselves. As for the values carried by the content itself, enterprises and platforms should check on their own. The market and public opinion will fight back when necessary, because values cannot be quantified and it is difficult for regulators to intervene.
(Intern Liu Tian also contributed to this paper.)