The Securities and Exchange Commission (SEC) released a list of unrecorded and unauthorized Online Lending Platforms (OLPs), applications, websites and Facebook pages.
According to SEC Memorandum Circular No. 10, Series of 2021, the following sites are not allowed to operate— from offering, processing and lending.
The following unauthorized applications could be accessed in Google Play Store: MintGuard – Smarter Credit, AntSave: Daily Expense Tracker, Cashaya – Fast Cash Loan App, LoanMate – Trusted Cash Loan and Cash Aid.
Salmon Credit Cash Loan App under Apple Store is also unregulated by the SEC.
Three websites were also mentioned by the commission: https://pardeep-lending-and-trading.com (fake SALMON app), https://www.rafaraquelfinancingph.com/ (fake RAFA-RAQUEL LOANS AND CREDIT, INC.) and https://www.carmencredit888corp.com/ (fake Carmen Credit 888 Corp).
Meanwhile, most lending pages were found in Facebook: Pardeep Lending and Trading Corp (fake SALMON app), FidoPh Lending Corp (Fake), Moneycat Financing Inc (Fake), Paragon Credit Alliance 604 Corporation (Fake), Credipillar, Asialink Micro Finance Service PH, Finance Business Loans Credit Services PHP, Metropolitan Bank Cooperation, Aimee Pineda, Patricia Catherine Premium Loan Assistance, Financial Service INC, CO., Aeon Credit Service Philippines Inc., MLhuillier Lending Finance Solutions, GoTyme Bank Commerce Cash of PHL, M Lhuillier Fast Loan Service, GoTyme Bank Service Loan-PHP, GoTyme Cash Relief Finance Inc, Right Finance, Mlhuillier Lending Professionals Inc (fake Tradition Financial Services 20. Philippines, Inc.) and PacificNet Finance Solutions and Lending (fake ARQCAPITAL SME FINANCE INC).
The commission mentioned that illegal lending services operators should be reported to them and reminded the public that the list of regulated lending sites could be accessed through their website.