Zero Illegal Lending Day
Wordplay AnniversariesLast updated:
What Is Zero Illegal Lending Day?
August 30 marks "Zero Illegal Lending Day" (Yami Kinyu Zero no Hi) in Japan, named through a wordplay on the numbers 8-3-0 ("ya-mi-kin-zero"). It carries the wish to eliminate harm caused by illegal, predatory lenders.
A Wordplay Anniversary With a Wish to End the Harm
Illegal lenders who charge extortionate interest rates have caused serious financial harm to many people. "Yami kinyu" (illegal lending) refers to lenders not registered as money-lending businesses with the national or prefectural governments, as well as registered lenders that charge interest above the legal limit under the Investment Act.
- Origin: A wordplay on the numbers 8 ("ya"), 3 ("mi"), and 0 ("zero") — "yami-kin-zero"
- Purpose: Raising awareness to eliminate harm from illegal lending
- An example tactic: lending 20,000 yen and demanding 12,000 yen in interest every 10 days -- an annual rate of 2,190%
- Beware of loan fraud, too: some scammers take money as a "deposit" and never actually lend anything
Knowledge Is the First Line of Defense
Illegal lenders often approach people with attractive terms such as low interest, "no screening" or "same-day loans," then demand exorbitant interest. They may solicit through direct mail, phone calls, social media and online ads. Before borrowing, check whether the lender is registered -- for example, with the Financial Services Agency's search service for registered money lenders -- and turn to official consultation services when in financial difficulty.
Ways to Mark the Day
- Learn about common tactics and cases of illegal lending harm
- Check where to find official debt consultation services
- Talk with people close to you about safe borrowing practices
- Learn how to tell legitimate lenders apart from illegal ones
A Day to Spread Knowledge Toward Zero Victims
Zero Illegal Lending Day carries the wish, embedded in its wordplay, to bring harm down to zero. August 30 is a day to think about protecting yourself and the people close to you with the right knowledge.