The latest hot topic on the Chinese internet is missiles. But not the kind you think.

“714 Missile (714高炮)” is a term used to describe a type of underground microloan that traps borrowers with skyrocket-high interest rates – and these missiles are currently shooting trouble into China’s strictly-regulated online lending market, according to a Friday expose on state broadcaster CCTV.

Promising low interest rates, 714 Missiles require borrowers to pay the principal and interest in seven or 14 days (hence the name), but do not notify them about hidden fees and interest rates that can push the annual percentage rate (APR) to over 1,000%.

A woman surnamed Dong borrowed 7,000 yuan ($1,043.55) from an online lending platform that promised a monthly interest rate of 0.6%, according to the CCTV report. But when Dong failed to repay the loan, she was told the overdue interest was at least 5% per day. Dong and her family later received death threats from debt-collection agencies. Frightened, Dong started borrowing from other similar platforms and ended up owing 500,000 yuan three months later.

Online platforms directing users to the dangerous microloans included Rong 360, parent company of Nasdaq-listed Jianpu Technology. Rong 360's investors include Sequoia Capital China and Jack Ma-backed Yunfeng Capital. The company apologized this weekend and has since said it has removed all related products.

A manager of some 714 Missile products told CCTV that his company would often have no physical office and change its service apps every three months, making it harder for authorities to catch its illegalities.

Senior researcher Cai Kailong at the Fintech Institute of Renmin University of China says products like the 714 Missile exist because the mainstream financial markets have failed to satisfy the lending needs of a massive borrower base that lacks sufficient credit.

Related: China Issues New Rules to Clean Up Online Microloans