Black credit not only exploits borrowers with "cut-throat" interest rates, but also turns those around them into debt collection tools.
In many cases, a loan of a few million VND can start very easily, a few clicks, a few personal information, advertisements "no mortgage", "disbursement within the day".
But behind the so-called "financial support" are continuous calls, threatening messages, defaming, and putting pressure on relatives and workplaces.
A debt, if it is real, must also be resolved by law, and cannot use threats, insults, slander, or pressure to recover money.
Worryingly, black credit often comes at the right time when workers are most vulnerable: job loss, reduced working hours, unstable income, sick children, unexpected family matters,... At that time, workers are easily attracted by loan offers "no mortgage, simple procedures, receive money immediately".
But easy money to borrow does not necessarily mean easy debt to repay.
Workers need to be especially wary of applications, social media accounts and links to borrow money of unknown origin.
And, absolutely do not provide ID cards, passwords, OTP codes, contacts, personal photos to unverified subjects.
If threatened or harassed, it is necessary to save audio recordings, text messages, phone numbers, images and report to functional agencies.
But telling workers "don't borrow black credit" is not enough. To push black credit out of workers' lives, safe credit must be brought closer to workers.
Capital consulting points at boarding houses, businesses; coordination with the Vietnam Bank for Social Policies, CEP Fund, savings groups borrowing capital and legal credit programs need to be expanded.
More importantly, procedures must be simple, information transparent, borrowers must know clearly how much to borrow, how much to pay and how long to pay.
Workers need safe loan addresses to avoid falling into black credit traps.
Businesses and trade unions are also not standing aside. In particular, trade union organizations not only perform the task of propaganda, but are gradually becoming an important bridge for workers to access legal capital sources right at work.
If lending advertisements are found to show signs of illegality, it is necessary to promptly warn; when workers are demanded debt in a terrorist-style manner, it is necessary to guide them to protect their rights and connect with functional agencies.
Black credit is unlikely to be pushed back with just warnings.
Must hit illegal lenders, handle debt collection acts by terrorism, and open the door to legal credit.
Protecting workers from black credit, in the end, is not just protecting one person from a debt, but protecting the peace of their family, workplace and worker community.
