Do not borrow money from someone you met on SNS!

Local consumer affairs centers and the like across Japan have received numerous inquiries and complaints about loan offers from unknown lenders on SNS or bulletin boards. In some of the cases, money was lent at illegal high interest rates. Therefore, NCAC decided to issue a consumer alert on interpersonal loan posted on SNS or bulletin board sites. Do not borrow money from an unknown person posting a loan offer on SNS or bulletin boards.

Sample cases

[Case1]

I was short of money for living expenses. Being unable to find anyone to borrow the money, I decided to use an interpersonal loan posted on a bulletin board site. I posted a message "I'm looking for someone who can lend me some money", and there was a reply to my message. I met the person who had replied to me and borrowed 150,000 yen in total. Although I have repaid more than 500,000 yen to this date, the person further demanded 4,000,000 yen. The person knows my postal address. What should I do?

[Case2]

Seeing a message on SNS "I'm willing to lend money privately", I contacted the lender and applied for a loan of 600,000 yen. The person said, "First, I will pay 20,000 yen to your account. Please pay the money back to my account. It's required for financing examination." Then I disclosed my personal information including my bank account. Later I got worried about it and told the person that I wanted to quit the deal. The person said, "I've already transferred 10,000 yen to your account. Please repay me 30,000 yen one week later." I haven't confirmed the remittance yet. What should I do?

Advice for consumers

1. Personal loan offers posted on SNS or bulletin boards are risky. Do not borrow money from an online acquaintance.
2. If you are worried about multiple debts, use municipal assistance services or consult your local consumer affairs center.