Sen. Sherwin Gatchalian (File photo from the Senate Public Relations and Information Bureau)
MANILA, Philippines — Sen. Sherwin Gatchalian on Sunday warned the public from falling prey to online lending apps that provide personal loans almost in an instant, saying such system was more prone to fraudulent schemes.
Gatchalian, chair of the Senate ways and means committee, said the Senate would launch an investigation into the growing number of complaints against internet-based lenders that had been threatening borrowers who failed to pay their loans on time.
“Most of these are scammers who harass [their clients]. That’s why our countrymen should not entertain these lending apps or lending organizations,” Gatchalian told dzBB’s “Bantay Balita sa Kongreso.”