Many poor people in the Philippines and around the world are using online lenders and lending apps because of the difficulty of getting banking loans. Due to a lack of regulations from government agencies, these lending apps are prone to fraud and predatory lending practices that prey upon vulnerable poor communities.
Predatory lending is any lending practice that imposes unfair and abusive loan terms on borrowers, including high-interest rates, high fees, and terms that strip the borrower of equity. Predatory lenders often use aggressive sales tactics and deception to get borrowers to take out loans they can't afford.
Employment agencies and loan companies have cheated thousands of Philippine domestic workers by pressuring them to pay illegal recruiting fees and take out loans with interest rates often exceeding 130% with the lure of getting household jobs in Hong Kong and Taiwan.
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