SEC flags 19 illegal online lending platforms

The Securities and Exchange Commission has warned the public against 19 online lending platforms operating illegally in the country.

In an advisory issued Thursday, the SEC reminded the public that the listed platforms are operating without the commission’s approval.

The advisory identified unauthorized apps on Google Play Store, including PeraGo, LoanTayo, SeaCash, ZRT Credit, Bingo Peso, Peso Maya, Cash Muna, and GZ Lend.

Also flagged were Apple Store apps such as Valor Credit, Dolo Loan, Maxi Lending, Sky Loan, VIP Loan, AssetCred, PeraOne, and Easy Loan, along with the websites Andali Cash, Cashcano, and Metacash.

“These online lending platforms are not authorized and not allowed to offer, process, or grant loans through platforms such as Google Play Store, Apple App Store, or websites,” the SEC said, noting that the entities “did not comply with the guidelines set by SEC Memorandum Circular No. 10, Series of 2021.”

The regulator said the entities failed to comply with SEC Memorandum Circular No. 10, Series of 2021, which imposed a moratorium on the launch and operation of new online lending platforms starting 2 November 2021.

The SEC warned borrowers against dealing with unregistered digital lenders, saying these platforms pose financial and data privacy risks.

It advised the public to transact only with lending and financing companies that are properly registered and permitted to operate.

“Legally operating and SEC-recognized online lending platforms can be found on the SEC website,” the commission said.