The Securities and Exchange Commission released an Advisory / Warning for all Filipinos to take precaution in dealing with “online lenders”, which are not SEC registered.
Deal only with money lenders with proper licenses and accreditation by SEC.
These fake online lenders prey on vulnerable Filipinos looking for cash by enticing them to borrow money from them with low interest, “fast and easy” processing, and almost no requirements. But before one can borrow, he or she must pay a “processing fee” before things can get rolling. Plus, they will ask the interested borrower to provide general and personal information.
An approved loan of 12K may only give around 10K to the borrower. Then the borrower must return P13K+. Ang laki ng kaltas, ang laki pa ng interest.
Be very careful about such schemes. Remember that someone posing as the lender could use your personal and general info to steal your identity, hack your bank account or credit card, or even your Facebook account and then use your name and photo to create a new profile and then ask your friends for money.
MAGTATAGO NA SILA AFTER KA MAGBAYAD NG PROCESSING FEE
This is the worst part of the online lending modus, wherein, after you deposited to them or send them money via Palawan, Cebuana, Western Union, banks, etc, they will stop communicating with you. They will also block your comments in Facebook so others will not be alerted about your bad experience.
They will keep on doing this because they know that getting caught is slim since there is no face to face interaction. They have an office address on their profile para masabi mo na ‘ay may office sila so legit to’ but the office address of this online lenders engage in this modus is FAKE.
SEC advises that as a precautionary measure, the public is hereby advised to exercise prudence in dealing with online lenders by checking with the Securities and Exchange Commission if they are registered and have a Certificate of Authority to operate as a lending company. Anyone who is desperately looking for money could be easily maneuvered by these bogus or pseudo lending companies.
For additional information on online lending companies, you can call the Corporate Governance and Finance Department with telephone number (02) 818 5476.
ARE YOU BEING HARASSED BY THESE ONLINE LENDERS?
Update May 22, 2019: If you scroll down to the comments section of this posts, there are now lots of complaints and personal sharing that there are online lenders which harasses clients the moment your “utang” is past due.
Please for those who have experiences harassment, example: loan collectors informing your contacts about your outstanding debt, exorbitant interest rates, “minumura ka ng kolektor” etc, know that you can report your experience to DTI, BSP, NPC. Take time to report so that these unscrupulous online lenders will be penalized by the government.
You may also email email@example.com about your complaint.
Aileen from the comment section shared this info address to these online lenders committing harassment againts clients.
It has come to our attention that your offices have been committing several offenses that are against Bangko Sentral ng Pilipinas (BSP) Circular 454, which specifically states that collection agensies cannot engage in unfair collection practices.
You are in direct violation of the following:
a) the use or threat of violence or other criminal means to harm the physical person, reputation, or property of any person;
b) the use of obscenities, insults, or profane language which amount to a criminal act or offense under applicable laws;
c) disclosure of the names of credit cardholders who allegedly refuse to pay debts,
d) threat to take any action that cannot legally be taken;
e) communicating or threat to communicate to any person credit information which is known to be false, including failure to communicate that a debt is in dispute
f) any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a cardholder; and
g) making contact at unreasonable/inconvenient times or hours which shall be defined as contact before 6 a.m. or after 10 p.m., unless the account is past due for more than 60 days or the cardholder has given express permission or said those times were the only reasonable or convenient opportunities for contact.
If nabiktima ka na ng ganitong lending bogus dito sa Pilipinas, please leave a comment about what happened so that other readers will be alerted. Let us help each other from falling into schemes like this.
Be very careful in dealing with individuals on Facebook ESPECIALLY mga di mo kakilala sa personal na may transactions that concerns money. Remember that FB pictures, name, home address, office address can easily be faked. Mag-ingat sa mga fake and bogus na money lenders online.
Protect yourself from scammers and modus operators. Don’t become a victim!
Share this so more people will know.