Can borrowers sue loan apps after a data breach? In order to collect loans, Nigeria’s digital e-commerce platforms that offer short-term loans have used unethical and unlawful methods.
On a daily basis, millions, if not billions of Naira, go from lenders to borrowers. Some of these digital lending apps are owned and managed by foreigners, according to an investigation.
It’s also worth mentioning that borrowers should avoid taking out loans unless they have solid repayment plans in place.
It is also unethical for lending applications and platforms to rely on self-help and disseminate defamatory and insulting messages to the general public in the case of a loan defaulter.
Many users have complained about loan apps crossing the line and violating their personal privacy. However, some lending apps have insisted that the “agreement” signed by borrowers before to receiving funds includes permission for them to access and utilize personal data to their benefit in the event of default.
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Data Breach: Can Borrowers Sue Loan Apps?
Some lending app employees now challenge borrowers to sue them in court if they believe they have been treated unfairly. Is it really fair to borrow money and then refuse to pay it back after the due date? No, because loan apps are also businesses that need to make money in order to stay in business.
Can Borrowers Sue Loan Apps for Data Breach?
Can these digital lenders’ severe means of humiliating and blackmailing to recover owing loans be justified?
Threatening borrowers and their contacts who were never parties to the arrangement, portraying a defaulter as a “reckless criminal on the run on social media,” and so on are just a few of the things these lending apps do to obtain their money, but is this correct?
By tapping “accept” on the terms before collecting the payments, the lending apps claim that the borrowers agreed to be “so humiliated” if he refuses to pay. Can this withstand a court of law’s approval?
Why don’t lenders explore other options before causing public embarrassment, such as going to the borrower’s house, office, notifying the emergency contacts politely, and so on, if they give a loan to a borrower after collecting information such as BVN, home address, office address, emergency contacts, and so on?
Why was the information obtained if it wasn’t going to be used? Some of these loan apps don’t care about the collateral harm they do as long as they receive their money back.
Will they be able to restore the borrower’s already tarnished reputation after repayment? Do they have the legal authority to label a defaulter a “chronic debtor” or a “fraudulent person”?
We recognize that these actions are unethical and thus unacceptable. It is recommended that digital lending apps and platforms operate with greater caution, professionalism, and civility. Instead of trespassing on consumers’ rights and violating their privacy, it is claimed that there are better and safer ways to retrieve borrowed moneys.
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