Have you ever considered getting a personal loan with these online lending apps to make ends meet when in a bind? Unfortunately, not everything is always as it seems. After reading this article, you’ll have a good understanding of how personal loans work and be able to spot the red flags that indicate if a company is not reputable.
Personal data and privacy protection is a hot topic in the media these days. When you take your credit card out to pay for services, cash loans or auto loans, your bank can sell your information whenever they want. Online payday loan companies are no different.
Citing violations on the Data Privacy Act of 2012, the NPC said the four online lending apps were found to have collected information on borrowers personal data without their consent such accessing contacts resulting in harassment and shaming of borrowers.
NPC’s research shows that the app JuanHand has been downloaded more than a million times; Lemon Loan and Pesopop, over half-a-million times; and CashJeep, more than a hundred thousand times.
“The apps have gained access to a trove of information in the borrowers’ mobile devices, including contacts and social media data, that are excessive and may be weaponized to shame and harass delinquent borrowers before persons in their mobile devices’ contact list to collect debts,” NPC said.
Borrowing money gives you the opportunity to face different situations. It is normal if you feel a little bit nervous, because only a person that does not think or who has no obligations cannot feel like this. However, if you have doubts that your personal data could be compromised when you go in search for money, this is really bad news.