Marketing | “We are sincerely sorry”: the influencers advertised a savings method on social media, it was actually a consumer credit

Consumer representative has intervened in influencer marketing carried out by Anyfin AB filial i Finland on Instagram, the Finnish Competition and Consumer Agency (KKV) says in a press release.

Anyfin acts as a consumer credit provider that refinances existing consumer credits.

Company in its marketing, which extensively utilized various social media influencers, described its lending activity as a means of financial management and promised to lower the cost of credit.

The influencer release stated that Anyfin does not offer new credit or increase credit. The service was described in influencers’ publications as a savings tip. Consumers were also offered a 20 euro discount on the first bill.

The consumer representative according to the company’s role as a creditor was not sufficiently clearly stated. Marketing obscured consumers’ ability to understand the nature of the service, and borrowing was presented as a means of financial management, which was misleading.

The consumer ombudsman considered the marketing to be inappropriate and contrary to good lending practice.

“Especially in credit marketing aimed at young adults, the imbalance is emphasized in favor of the lender. The credit provider must also take into account the consumer’s interest in his operations, so that he can consider his decision to take out a loan carefully,” states the consumer advocate Katri Väänänen in KKV’s announcement.

Anyfin has done influencer marketing with several social media influencers, musicians and actors. In its announcement, KKV mentions the Mimmit invest account and Martina Aitolehten the account.

KKV says that although the investigation focused on the accounts mentioned above, other accounts that advertised the service also had the same misleading features in their advertising.

Mimmit invests -media’s founder and CEO Pia-Maria Nickström comment on the matter to HS by e-mail.

“We are sincerely sorry for this and take KKV’s policy seriously,” Nickström writes.

He says that the cooperation campaign was done through an influencer marketing agency. Mimmit invests received instructions from the influencer marketing agency and Anyfin on how to talk about loans and services. The parties also checked all advertising content before publication.

“This is all good practice in influencer marketing and we sincerely believe that all parties tried to do the right thing here.”

Nickström writes that they would never intentionally publish misleading ads.

“Now in hindsight, based on the intervention of the consumer representative, it is clear that there were flaws in the marketing we did, and we take responsibility for that and apologize. We will learn from this and will continue to follow KKV’s guidelines.”

Numerous influencers promoted Anyfin on Instagram, for example. Picture: Emmi Korhonen / Magazine photo

Nickström says that Mimmit invests has not cooperated with Anyfin after 2023.

Other shortcomings in addition, Anyfin advertised its ability to reduce credit costs, although the reference interest-linked loans offered by the company did not allow the actual savings to be calculated.

The consumer representative pointed out that marketing must clearly state what information the cost comparison is based on.

The consumer representative required Anyfin to commit to providing the consumer with information about the credit interest margin, reference interest rate, total interest rate and actual annual interest rate, both before concluding the credit agreement and in the credit agreement itself, clearly and in the same view.

Anyfin is committed to complying with the requirements of the Consumer Ombudsman and to change its marketing practices.