[heroic]

We do give a clear label before asking for user's contacts as to why we need your contacts. See here: https://imgur.com/a/gHP8BDR

[robjan]

From the wording it's not at all clear that you plan to message their contacts telling them to remind the customer/victim about their outstanding loan. Furthermore, do you get the consent of the people in their contact list in the first place?

[true_religion]

I am curious. As a thought experiment, how else can having the contacts of your friend and family be use to remind you of your bills, without contacting them to remind you?

Personally I can see no other way to read it.