Current location:business >>
App stores remove 'loan shark' mobile app
business2616People have gathered around
IntroductionA mobile app named Tongcheng Finance has recently been removed from a large number of app stores, af ...
A mobile app named Tongcheng Finance has recently been removed from a large number of app stores, after China Central Television exposed it as a loan shark on Friday.
The State-run broadcaster holds an annual gala on March 15, the World Consumer Rights Day, to expose business practices that have violated consumer rights and disrupted the market.
According to the 315 Gala, Tongcheng Finance app allows its users to buy a digital "gift package" now and pay for it a month later. After purchasing, consumers can immediately get cash by selling the gift cards included in the package back to the app.
However, Tongcheng Finance takes the gift cards back with six percent off and the other products included in the "gift package" are either useless or sold at prices much higher than their actual value.
A customer surnamed Li said he received just over 28,000 yuan ($3,891.4) in cash but had to make a repayment of more than 40,000 yuan a month later for buying a "gift package", which confirmed Tongcheng Finance's loan sharking behavior.
Li is not the only consumer whose rights have been violated by the predatory loan app. There has already been a total of 36,755 complaints about Tongcheng Finance on a customer complaint platform.
After being exposed by CCTV, the app's operator – Shanghai Lyuji Science and Technology Co – released a statement late on Friday, claiming that it will immediately take the products in question offline and check all of its products for compliance with market rules.
Relevant authorities had issued a document strongly urging the rectification of cash loan platforms that raise interest rates through tie-in sales or fake shopping services.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“International Intrigue news portal”。http://www.ipdilemma.com/content-41f599944.html
Related articles
Hamas official says no agreement with Israel if war continues in Gaza
businessAn official of the Palestinian Islamic Resistance Movement (Hamas) said on Sunday that the movement ...
【business】
Read moreChinese firms popular at Egypt's largest medical expo
businessby Mahmoud FoulyCAIRO, June 7 (Xinhua) -- At a vast exhibition center on the outskirts of the Egypti ...
【business】
Read moreDouble blow for UK's Johnson as two Cabinet ministers quit
business[PHOTO/AGENCIES]The United Kingdom's finance minister, Chancellor of the Exchequer Rishi Sunak, and ...
【business】
Read more
Popular articles
- Chinese foreign ministry official on US Secretary of State Blinken's visit to China
- China to provide emergency aid of 200m yuan, including food, 3 million vaccines to Afghanistan
- 2 dead, 26 injured in Hebei gas explosion
- Xi Focus: Xi Stresses Consolidating Agricultural Foundation, Advancing Rural Revitalization
- Chinese military ready to boost ties with Indonesian counterpart: defense spokesperson
- Washington's anti
Latest articles
Report: MLB to modify Nike uniforms after complaints from players, fans
School shootings in U.S. rise to highest number in 20 years: report
Comicomment: U.S. 'spying' China
(W.E. Talk) Confrontation in Sino
Chinese enterprises keen to expand int'l market: Trade council
Police will not save us from gun violence: U.S. media
LINKS
- A Dubai company’s staggering land deals in Africa raise fears about risks to Indigenous livelihoods
- China sanctions 2 US defense companies and says they support arms sales to Taiwan
- Private US moon lander still working after breaking leg and falling, but not for long
- New York Philharmonic to tour China this summer
- Judge dismisses lawsuits filed against rapper Drake over deadly Astroworld concert
- Movie Review: Bill Nighy, Michael Ward shine in Netflix’s Homeless World Cup crowd
- Stock market today: Asia stocks are mostly lower after Wall St rebound led by Big Tech
- Reid Detmers, bullpen limit Boston to 3 hits, Angels beat Red Sox 7
- Astronomers spot previously unknown moons around Neptune, Uranus
- A Moroccan town protests water management plans