Online Loans: A Big Help Or An Aching Yelp

It’s my due date today! Panay na ang text blast ng online loan ko! Ang sakit nila magsalita ‘pag naniningil,  sobra.”

“Oh my gosh! Ang laki ng tubo ng online loan na ito grabe! Kaya lang kailangan ko ng pera…”

It’s a common thing nowadays to have debts. It may be through people who lend money or what we call five-six, lending companies that take your ATM card as a pawn, or the most sought after online lending apps. However, does it really help us in the long run or it only saved us from our immediate need of easy, immediate money but put us in misery after?

Claim today, cry later

Online loans offer help to those who have an urgent need for money. Just a single ID or some easy requirements to upload in their system and you’re ready to claim your loan.

Sometimes, one of our desperate moves is to grab the opportunity to borrow without thinking of the high interest that it offers. Some of these online loan apps put an enormous amount of interest to the principal loan. It makes one suffer the consequence when the deadline comes.

Image by: thebalance.com

Shame from text blasts

Recently, NPC or National Privacy Commission conducted hearings regarding these text blasts from online apps that shamed their borrowers. They harassed these people to pay.

What made it worse is that they knew the phone’s contacts. Before you can avail of the loan, they will ask for access to your contacts. It will enable them to send shameful words to let other people know that this certain person cannot commit to paying on time.

 It reveals the person’s name and actual debt and some horrible words you cannot take. That’s why NPC took action about this issue. If the said lending app is found guilty, they will be banned to operate.

Image by: marketwatch.com

Regrets never come early

Borrowing money to these lending apps has its pros and cons. We borrow then we use the money however we want it. But after spending, reality knocks right away. We have to pay regardless if the interest of the said amount is too high.

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People have different reasons for borrowing, but we also need to be wise to avoid awful circumstances. Borrow up to our limit and not beyond because doing so might put us to distress. What’s worse is the depressing thoughts of not being able to pay, and the shame it will give us adds up more to the problems that we already have.

Source: rappler.com