Senate holds hearing on incidents of harassment of borrowers
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NewsTranscript
00:00A common saying goes, the hardest person to forget is the one who still owes you money.
00:05But for some borrowers, unpaid debts have turned into a nightmare.
00:09Escalating into threats and harassment, several complaints reached the Senate.
00:13Senator Sherwin Gachalion revealed that scamming people into taking loans has become as easy
00:19as sending us text messages.
00:22However, he said that once a borrower fails to pay on time, they are bombarded with threats
00:27and verbal abuse.
00:29Senator Gachalion also pointed out how simple it is to set up the online lending applications,
00:36making it easier for predatory lenders to operate.
00:39In response, the Senate is intensifying its investigation into these abusive practices.