As the United States economy worsens, several TikTok advertisers are using the platform for their questionable tactics to entice viewers into availing of massive loans.
However, experts stated that the loans advertised on TikTok could fall under deceptive advertising and can be punishable by law.
TikTok’s Sketchy Loan Ads
According to New York Post, some ads tease five-figure deposits and instant approval despite a person’s bad credit.
Other ads imply that they are connected to the government as part of an inflation program and will even use logos of credible news organizations.
Viewers looking for fast cash would be asked for their personal information when they click on the links, including their Social Security number and bank account numbers.
Also Read: TikTok Bans ‘Devious Licks’ Videos Showing Small-Scale Student Heists of School Properties
In an interview with New York Post, John Breyault, the vice president of the National Consumer League, said that the ad videos on TikTok are designed to make viewers give up their personal information, which will result in more solicitations.
Breyault added that the worst-case scenario is that a view falls for a scam that is designed to take their money or steal their identity.
Fake Inflation Programs on TikTok
One typical lending ad on the platform opens with a message that says “US Government Inflation Program 2022” over a video showing the US Capitol.
A voiceover in broken English…
