There have been so many Lenders in the Philippines fined, punished or closed down for operating "Shaming" tactics. We do not do that and also do not understand why companies would choose that tactic. It does not work, and only ever back-fires.
Some companies ask for a referee on your application form. We do not.
Some companies call your employer, go to your house, wait around outside your place of work for you to come out so they can ask you for money in front of your friends and colleagues. Why?
What does that say about the Company?
Lending online is a risky business, some people choose to pay, choose to be loyal customers, choose to build up their credit score and choose to be good customers. Some people choose to avoid their debt, ignore their obligations and not pay. It is those people, that are in the minority, that make the majority of people suffer. But they should still not be named and shamed, it shines a negative light on the company more than it does on the individual.
If you fall behind with your repayments, or if you experience another emergency and you can not pay, just stay in touch with the lender and work something out. Come to an agreement about repaying your loan, managing your debt, and maintaining your credit score. It is much better than putting your head in the sand and just hoping that the debt will go away.
If everyone paid off their loans, then the cost of lending would decrease, interest rates would drop, and everyone would be much happier. If we all work together we can achieve that.
If we focus on the minority and set rules for the minority, then the majority will suffer.
Shaming tactics were used by a minority of lenders that have affected the majority of lenders
Shaming is in the past.
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