MANILA – A legislator on Sunday warned the public not to patronize online lending applications as they do more damage than help people who need financial assistance.
Senator Sherwin Gatchalian, in an interview with radio station DZBB, said he has been receiving complaints from borrowers who experienced harassment from loan sharks on top of high-interest rates that range from 10 up to 40 percent.
Worst, he added, lending firms were able to access and hack the personal data of borrowers and their contacts.