Swedish police warn of predatory lending on Facebook

A growing trend of private lending through hidden Facebook groups is raising alarms in Sweden, as individuals facing financial hardship are targeted by predatory lenders. One woman, referred to as ‘Jessica’, borrowed 7,000 SEK to cover food and rent after being denied traditional bank loans due to existing debts. Following the disbursement, she was pressured to pay 12,000 SEK, and eventually 44,000 SEK, representing an interest rate exceeding 500 percent.

The victim reported that no formal agreement was signed and terms were only presented after the money was received. Furthermore, anonymous collectors have contacted her friends and family, threatening to publicly shame her in local social media groups. She expressed fear regarding the identity and intentions of the lenders, questioning how to protect herself from potential physical threats.

Swedish police state that lending via social media is increasing. Jan Olsson, a criminal commissioner at the National IT Crime Centre (NOA), noted that if individuals systematically target economically vulnerable people to impose extreme interest rates, it may constitute criminal activity. Authorities suggest that cases where debt escalates rapidly from small sums to massive amounts warrant investigation.