Juan dela Cruz, a minimum wage -earner hardly makes both ends meet. He usually resorts to lending for his children's tuition fee or unexpected expenses. At times, he has no choice but to borrow from unscrupulous lenders, offering very high interest rates.
Recently, we've heard of a new collection scheme by these lenders called "SHAMING." Conveniently thru an APP, one can already borrow money so quickly. Little did we know, this APP hacks into the borrowers phone directory, and when these lenders could not collect, they send a message to all the numbers, announcing to the whole world, that their friend/relative could not pay.
We should all be careful not to fall into this trap. Let us exercise due diligence and check from whom we are borrowing. Know if they are registered with the Security and Exchange Commission (SEC). In SEC's website, they have provided the official list of Financing and Lending Companies. Check out this SEC May 31, 2022 url link below :
