High-Interest Loans from 'Black Apps' Become a Trap Devouring Students

The proliferation of predatory online lending apps, often referred to as 'black apps,' is ensnaring a growing number of Vietnamese students in a devastating cycle of debt. These platforms, which promise quick and easy cash, mask exorbitant interest rates and aggressive collection tactics that quickly overwhelm borrowers, particularly young individuals with unstable incomes and limited financial literacy. The story of Quốc Đạt, who found himself burdened by a friend's debt, and Đức Cường, whose financial struggles spiraled from crypto investments to multiple loans, illustrates the severe consequences of falling prey to these schemes.

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Vay online giúp bạn, túng quẫn, gánh lãi cao

Authorities, including Captain Huỳnh Đỗ Tấn Thịnh of the Ho Chi Minh City Police's Specialized Criminal Investigation Unit, are sounding the alarm. They highlight that these 'black apps' exploit the urgent need for funds and the reluctance of students to approach family, preying on their lack of legal knowledge. The tactics employed, from social media advertisements promising instant disbursement to flyers near campuses, are designed to lure vulnerable students into taking loans that rapidly escalate beyond their ability to repay.

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Ví dụ hạn trả là ngày 5-2 thì từ 30-1 họ đã gọi điện nhắc một lần. Đến chiều 4-2 lại tiếp tục gọi thêm lần nữa

From our perspective at Tuổi Trẻ, this issue demands urgent attention and comprehensive solutions. While the allure of quick cash is strong, the long-term repercussions are devastating, impacting not only the students but also their families and potentially leading to broader social instability. We urge students to exercise extreme caution, thoroughly research any lending platform, and prioritize financial literacy. It is crucial for educational institutions and families to provide guidance and support, and for regulatory bodies to intensify efforts to crack down on these illegal lending operations and protect the nation's youth from financial ruin. The ease with which these apps operate and the speed at which debt accumulates underscore the critical need for stricter oversight and public awareness campaigns.

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Dư nợ mỗi tháng đã dồn lên hơn 20 triệu đồng, vượt xa khả năng chi trả với mức thu nhập ít ỏi của mình