The Securities and Exchange Commission (SEC) has warned the public against a growing number of online lending platforms that are impersonating legitimate financial companies, exposing borrowers to risks ranging from identity theft and unauthorized loans to harassment and abusive collection practices.
In a series of advisories on Friday, the SEC flagged several websites, mobile applications, and social media platforms accused of illegally using the names and credentials of licensed lending and financing companies to lure borrowers and collect personal information.
Among those identified is perasayo.com, which allegedly uses the corporate identity and regulatory information of Pera Sayo Lending Inc. without authorization to solicit loan applications from the public.
The SEC also cautioned consumers against platforms operating under the names Tala-Cash Loan Philippines, Tala AISI-loan app quickly, and Tala Shuk Lending Inc., which reportedly misuse the branding of Tala Financing Philippines Inc.
The regulator said these platforms may be involved in phishing schemes, unauthorized collection of personal data, abusive collection activities, and questionable financial transactions.
No SEC registration
Another platform, Finpine, was found to be operating without SEC registration and allegedly employs deceptive tactics, including automatically releasing loans to borrowers and subjecting them to aggressive collection efforts.
The platform is also accused of displaying the logos of the SEC and Bangko Sentral ng Pilipinas to falsely project legitimacy.
The Commission likewise warned against the unauthorized use of the name “Zippeso,” previously associated with an online lending platform operated by Lendora Lending Corp., as well as websites, mobile applications, and social media pages illegally using the identity and regulatory credentials of Mabilis Cash Financing Corp.
Consumers at risk
The SEC said such schemes put consumers at risk of having their personal and financial information exploited by unauthorized entities posing as legitimate lenders.
Borrowers may also find themselves trapped in loans they did not knowingly apply for and subjected to harassment and other abusive collection practices.
With online lending continuing to attract Filipinos seeking quick access to cash, the SEC urged the public to verify the legitimacy of lenders before submitting personal information or applying for loans online.
