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<p>We uncover a novel, illegal credit market on social media where loan sharks offer digital loans. The study is based on semi-structured interviews with twelve lendees and five lenders from an Estonian social media loan market in Facebook, and five debt counsellors experienced in assisting clients with such loans. We also include observations of post history in the loan groups. The results indicate that the market publicly and openly offers illegal, high-interest loans to otherwise financially excluded individuals. Consumers are unaware that they are not under a legal obligation to pay the exorbitant fees, but they do so due to the use of various punishment and intimidation methods applied by the lenders. The study informs national institutions and policymakers about new digital developments in lending and guides regulation efforts to protect vulnerable borrowers.</p>

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Loan sharks and illegal money lending in social media

  • 期刊论文

  • 发表日期：

    2026年7月4日

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  • Kristjan Pulk,
  • Laura Inno

摘要

We uncover a novel, illegal credit market on social media where loan sharks offer digital loans. The study is based on semi-structured interviews with twelve lendees and five lenders from an Estonian social media loan market in Facebook, and five debt counsellors experienced in assisting clients with such loans. We also include observations of post history in the loan groups. The results indicate that the market publicly and openly offers illegal, high-interest loans to otherwise financially excluded individuals. Consumers are unaware that they are not under a legal obligation to pay the exorbitant fees, but they do so due to the use of various punishment and intimidation methods applied by the lenders. The study informs national institutions and policymakers about new digital developments in lending and guides regulation efforts to protect vulnerable borrowers.