TODAY'S EDITORIAL: Increase in digital lending use a warning sign
ACCORDING to a report released last week by a consumer credit agency, the use of digital lending apps by Filipinos increased significantly in 2022. This is certainly good news for the digital lending business, but for everyone else, it should be viewed with deep concern.Online cash loan services are companies that offer small cash loans with very minimal requirements, and handle the entire process of application and approval through a smartphone app or in some cases, via SMS.
An in-depth investigation by the Philippine Center for Investigative Journalism last year revealed some of these in graphic detail: cases of customers who, having fallen behind in their loan payments, were subjected to severe harassment, including the lenders harvesting their phone contact records and contacting their friends, families and work colleagues, and in a few shocking cases, even death threats or threats of other physical harm.
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