The Janji-ku Money Lending App: A Transparent and Fair Alternative to Credit Card Companies

A Transparent and Fair Alternative to Credit Card Companies

In today’s fast-paced world, financial services are evolving to meet the ever-changing needs of consumers. One area where significant improvements are needed is in the credit industry. Credit card companies, while widely used, have faced criticism for several key challenges, which include a lack of transparency, purpose limitation, algorithmic decision-making, discrimination, and difficulties in correcting data.

However, the Janji-ku Money Lending App is emerging as a powerful alternative that overcomes these challenges, providing a transparent and fair financial solution for consumers.

Major 5 Reasons that tells Why we should avoid using Credit cards:

1. Lack of Transparency: Hidden Data Practices

Credit card companies often lack transparency when it comes to how they collect and use individuals’ data. This opacity can leave consumers feeling powerless and uncertain about the information that impacts their creditworthiness. In contrast, the Janji-ku Money Lending App prioritizes transparency, ensuring that users know precisely what data is being collected and how it is used. Users have the right to know what data is held about them, aligning with European data protection laws and empowering them with knowledge.


2. Purpose Limitation: Data Misuse for Credit Scoring

A common problem with credit card companies is the misuse of personal data. Credit reference agencies often purchase data from third-party sources, frequently for advertising purposes, and use this data to assess an individual’s creditworthiness without obtaining their consent. This practice disregards the principle of purpose limitation, which states that personal data should only be used for the specific purposes for which it was collected. The Janji-ku Money Lending App adheres to this principle, ensuring that data is used only for the purpose of credit assessment and is obtained with the necessary consent.


3. Algorithmic Decision-Making: Opaque Credit Assessment Algorithms

Credit card companies often employ opaque algorithms to make critical decisions about individuals’ creditworthiness. These algorithms lack human oversight, raising concerns about fairness and compliance with data protection laws. Janji-ku, on the other hand, integrates human oversight into its credit assessment process, ensuring that crucial decisions are made with accountability and fairness. This approach is consistent with data protection laws and minimizes the risk of algorithmic discrimination.


4. Discrimination: Unfair Credit Evaluation Practices

Discrimination within credit assessment processes is a persistent issue associated with credit card companies.

Credit card companies may inadvertently discriminate against individuals based on factors such as age, address, and gender. These factors do not always accurately reflect a person’s creditworthiness.

The Janji-ku Money Lending App is committed to providing fair and unbiased credit assessments. By focusing on a comprehensive evaluation of an individual’s financial behavior, the app aims to eliminate discriminatory practices, ensuring that credit decisions are based on merit and not demographics.


5. Difficulty in Correcting Data: Unjust Penalties for Data Corrections

Even if you manage to have your data deleted from credit reference agencies, they may penalize you by treating you as an “unknown” and assigning lower creditworthiness.

In contrast, the Janji-ku Money Lending App is dedicated to helping users correct inaccurate data and improve their credit profiles. It empowers individuals to take control of their financial reputation and ensures that corrections do not result in unjust penalties.

The Janji-ku Money Lending App offers a compelling alternative to traditional credit card companies. By addressing the challenges of transparency, purpose limitation, algorithmic decision-making, discrimination, and data correction difficulties, Janji-ku provides a more equitable and customer-focused approach to lending. Users can feel confident that their creditworthiness is assessed fairly, without the potential pitfalls associated with credit card companies.

As the financial industry continues to evolve, Janji-ku is a beacon of hope for a more transparent and inclusive credit system.