Online Lending Apps in the Philippines reported to have unfair debt collection practices
There could be a number of reasons why Filipinos would resort to Online Lending Apps. For some, it’s one way to be saved from “petsa de peligro”, a concept that is common to Pinoys. This could also be a means for our Kabayans to help them leverage financially through available services such as loans.
As enumerated by CIMB Bank, there are at least 5 reasons why Filipinos get a personal loan. Such includes education, medical expenses, setting up a business or investment, home and auto improvements, and debt consolidation.
As reported by the Bangko Sentral ng Pilipinas (BSP), there has been a significant increase in Filipinos getting a loan from 29% in 2017 to 41% in 2019. While this may be a good sign that Filipinos start to understand the value of getting an opportunity to establish a good credit rating, something untoward may arise.
For instance, if you can’t pay on time for some reasons, you could be tagged as a scammer, all your contacts will be notified of your loan, you will be posted on social media, and the list goes on.
The following are among the Online Lending Apps (OLA) reported to have unfair debt collection practices:
My friend has a fair share of harassment experience with this OLA. I was among those who received a text message saying that she’s a scammer. What’s even worse is that she was posted on Scammer Alert PH, a group page of Facebook.
Getting a loan comes with responsibilities that you must fulfill in order to retain a good credit rating with lending companies. That’s why it’s crucial to make sure you’re using it appropriately, and, with the right lending companies.
Are you an OLA victim? Share your experiences in the comment section!