OPINION | The sinister schemes of online lenders By Andrew J. Masigan READ:
ngelo is humble family man who represents everyday Filipinos. A loving husband and a father of two, the native Bulakeño works as a family driver to a household based in Pasig. He earns a fair wage, according to the going rates of family drivers these days. Angelo’s salary is just enough for his family’s basic needs like rent, food, and transportation. He has no savings.
Working under the radar, numerous online lenders prey on desperate souls like Angelo. They lure innocent victims with text messages, ads on social media and through word of mouth, care of loan brokers. They promise access to cash in as quickly as one day. Angelo borrowed a total of P68,000 from 19 different online lenders in denominations of P1,000 to P4,500 each. This is what happened next….
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