Eino Nurmisto, the candidate for the municipal elections in the Greens, does not see a problem in advertising the lender during his campaign. Former Miss Finland Pia Lamberg justifies the advertising by telling her followers how they can save money.
Soma influencer Eino Nurmisto posted a week ago On Instagram picturewhere he holds several shopping bags in his hands. At the top of the picture is a text that reads in English: “I need to save money this month.”
The image is intended as a meme, but it is also part of Nurmisto’s commercial collaboration with Swedish lender Anyfin.
Nurmisto therefore advertises the consumer credit offered by Anyfin on its Instagram account. At the same time, he campaigned as the candidate for the municipal elections in Helsinki.
The first to report on the matter Ylelle Nurmisto comments that he does not find it problematic to advertise high-interest consumer credit during the municipal elections.
– I first collaborated with this company in the fall. That’s when I thought carefully about it, but I came to the conclusion that this is not against my values.
Also Financial messages approached Nurmisto for the same reason as Yle. The intention would have been to ask him to justify his position in more detail. In what ways does Nurmisto think that advertising consumer credit in the middle of a municipal election campaign is unproblematic? How is it not against his values?
However, Nurmisto did not want to answer the questions.
– I’ve already commented on the subject of Yle case. The essentials can be found in it, he replied by email to Taloussanomat.
Mightily in the story Nurmisto draws the line for quick tips.
– I want to make it clear that I would not advertise instant tips, he says.
According to Nurmisto, commercial cooperation with Anyfin is not against green values, as Anyfin is not an express tip company.
This is more or less true. Anyfin does not offer quick loans, but so-called arrangement loans, which combine several loans into one loan. Company Marketing Director Johanna Eklund says in Yle ‘s story that Anyfin only offers loans to pay off old debts. It therefore does not grant new loans to consumers.
However, the Finnish Competition and Consumer Authority considers arrangement loans to be as much consumer credit as quick leverage.
In addition to Nurmisto, Anyfin also cooperates commercially with many other Finnish Finnish influencers. This includes, for example, a model and a fitness coach Pia Lamberg and currently working as a wellness coach Martina Aitolehti.
Somebody may be due, at least in part, to the fact that direct marketing of consumer credit and credit intermediation services will be banned until September. The government imposed a temporary ban to curb consumer indebtedness during the coronary pandemic.
The somethings of public figures now seem to act as alternative advertising channels for lenders.
Taloussanomat asked Pia Lamberg and Martina Aitolehti to open the reasons why they are cooperating commercially with Anyfin. Aitolehti refrained from commenting on the matter, but Lamberg, who lives in Los Angeles, responded to Taloussanomat by email.
According to Lamberg, the starting point for the collaboration was to tell his Instagram followers how they can save money. Lamberg says he also wrote an Instagram update about this.
– As I urge in my Instagram post, avoid consumer credit and loans because of high interest rates. But many unfortunately already have these, and then I think it makes sense to try to lower them to high interest rates, he replies in his email.
Lamberg says he was surprised to hear that the Finnish Competition and Consumer Authority classifies Anyfin’s offers as consumer credit. He says he understands that Anyfin does not offer consumer credit, but seeks to reduce the interest rate that the consumer has paid on his various credits through the arrangement loan.
The Finnish Competition and Consumer Authority does not comment on Anyfin’s operations, as the agency has not made a formal investigation into the lender. Group Manager of the Finnish Competition and Consumer Authority Paula Hannulan according to which both loans to repay existing loans and loans to cover consumption are classified as consumer credit.
– There are certainly situations where it is worth paying off existing loans with one larger loan, Hannula says.
– However, this does not automatically mean that the interest paid by the consumer is reduced.
Hannulan according to the arrangement loan may eventually prove to be as expensive as the consumer loan. The key is how long the arrangement loan is repaid and how much the cost of the loan increases with the repayment period.
– The longer the repayment period, the higher the credit costs during the repayment period. Even if the interest rate on the loan is less than 20 percent, it is quite a hard interest rate if it is repaid in 10 or 15 years, for example, Hannula says.
– At such an interest rate, the total cost of credit is up to twice the total principal for the entire repayment period.
The nominal interest rate set by Anyfin for the EUR 2,000 loan offered for a two-year loan period is 9.88%. Much of this higher interest rate could not even be raised at present, as the interest rate cap set to curb the indebtedness of Finns is 10 per cent.
Hannula states that the consumer should primarily think about his or her own financial situation and choose the credit he or she needs based on what he or she can afford.
– The consumer can, for example, turn to the Financial and Debt Adviser of the Guarantee Foundation or the local legal aid office and find out with these parties what steps he or she should take to repay his or her existing credit.
Source site www.is.fi