PALSVI takes stand against predatory online lending apps

The Philippine Association of Loan Shark Victims Inc. (PALSVI) has announced that it will file a mass complaint against what it deems as "abusive and illegal online lending predators." The action is set to take place at the PNP Anti Cybercrime Building, Camp Crame, QC, at 11 am on Saturday, June 17, 2023. The group's initiative is directed at several online lending apps that have allegedly participated in harassment, debt-shaming, and intimidation. PALSVI's Founder, Ms. Vanessa Burdeos, calls for an end to the operation of these apps, which she claims "threaten, embarrass, intimidate, and cause utter grief to the unfortunate victims." In total, more than 50 lending platforms have been accused by PALSVI of illegal activities, causing severe distress and harm to borrowers. PALSVI's mass filing, supported by a petition with 35,000 online signatures, aims to seek justice for the victims of these alleged predatory practices. Many of these victims, the petition suggests, have fallen into depression or have even contemplated suicide due to the intense pressure and humiliation they have experienced. "We want justice for all victims," Burdeos said in a recent statement. "Those who are depressed, those who want to end their lives due to extreme grief due to the humiliation and intimidation of these Online Lending Apps." The petition emphasizes that these victims didn't plan to default on their debts. Many were seeking more time to pay but were met with intimidation, threats, public shaming on social media, and the humiliation of friends and relatives instead. In a disturbing revelation, PALSVI claimed numerous victims had lost their jobs because online lending app agents contacted their employers with malicious and defamatory messages. "There are also many who want to end their lives due to trauma and depression due to death threats, slander on social media, and contact with their friends and co-workers," the petition said. PALSVI urges authorities to shut down these online lending platforms and hold them accountable for their actions. The group has warned of the societal implications of allowing these alleged predatory practices to continue, including the potential for more broken relationships, job losses, and serious psychological distress. The PNP Anti Cybercrime Group has yet to issue a statement about the upcoming mass filing. It remains to be seen how the government will respond to these allegations, which, if true, expose a dark side of the booming online lending industry in the Philippines. This situation underscores the urgent need for more robust digital lending industry regulations to protect consumers from potential exploitation. With more Filipinos turning to online platforms for their financial needs, the government faces the challenge of ensuring these platforms operate ethically and within the confines of the law. As the digital landscape continues evolving, so must its legal framework. The forthcoming mass complaint by PALSVI could serve as a wake-up call to expedite this process.