Melissa thought her financial troubles would disappear with just a few clicks in a Philippines online lending app that promised “fast cash”. Without access to loans from traditional banks to pay her bills, the working student tried an app last month and received money in a number of loans that were instantly approved. “Because the repayment period was only seven days and the interest was very high, I wasn’t able to pay everything on time,” said the 25-year-old who lives in Pampanga province, northwest of the capital Manila.
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