In recent years, the rise of online lending apps in the Philippines has brought convenience to many, but it has also led to significant issues, particularly harassment of borrowers. Victims often face aggressive debt collection practices, including threats, public shaming, and privacy violations. These practices not only cause emotional distress but also legal complications for the borrowers.
Common Tactics: Harassing tactics employed by online lenders can include:
Public Shaming: Posting personal information or embarrassing photos online.
Threats: Making threats of violence or legal action against borrowers or their families.
Invasion of Privacy: Contacting friends, family, or employers without permission.
Excessive Interest Rates and Fees: Imposing exorbitant charges that can lead to debt traps.
Impact on Victims: Harassment can have severe consequences for victims, including:
Emotional Distress: Anxiety, depression, and fear.
Financial Hardship: Difficulty in obtaining future loans or finding employment.
Social Isolation: Damaged relationships and a sense of shame.
List of Legal Online Lending Apps 2024
To help borrowers avoid illegal and abusive lending practices, here is a table of legal online lending apps in the Philippines for 2024:
App Name
Interest Rate
Loan Amount
Repayment Terms
Regulating Body
Cashalo
5% per month
Up to ₱50,000
3 to 6 months
SEC
Tala
4% per month
Up to ₱25,000
1 to 3 months
SEC
Home Credit
3.5% per month
Up to ₱100,000
6 to 24 months
SEC
Atome
6% per month
Up to ₱30,000
1 to 6 months
SEC
BillEase
4.5% per month
Up to ₱40,000
3 to 12 months
SEC
Conclusion
While online lending apps offer a quick solution for financial needs, it’s crucial to choose legal and regulated platforms to avoid harassment and other abusive practices. Borrowers should be aware of their rights and the legal protections available to them under Philippine law. By staying informed and cautious, individuals can safeguard themselves from the pitfalls of online lending.
Michael James Burry (born June 19, 1971) is an American investor and hedge fund manager. He founded the hedge fund Scion Capital, which he ran from 2000 until 2008 before closing it to focus on his personal investments. He is best known for being among the first investors to predict and profit from the subprime mortgage crisis that occurred between 2007 and 2010.
