@Anonymous wrote:
interesting! Thanks for passing this on though I wonder how this would be legal.
This is certainly an interesting issue to ponder! I'd question the legality of it here in the United States (in particular) as well. As it stands now, the company only operates in the Philippines. Although, from an operational standpoint, even abroad, they must surely be on shaky ground because it appears that they *require* the userid & password for the borrowers' social network account, and that they're fraudulently logging in as the borrower to gain access to, and personal information about not just the borrower, but about their contacts. I do believe that this would violate the TOS for sites like FB & Linkedin.
Then, after going to read more about the rest of their (current) business model, they'd certainly be running afoul of several federal laws here in the United States. They claim that large lenders have contacted them about their product here in the States, but they don't name them-- and I rather doubt it, at least in the way they're implying, because those same lenders would be facing some hefty lawsuits for using this service (or even trying to use it) as is.
That's my $.02
