SEC Philippines Warns Against 22 Illegal Lending Apps on Google Play

The Securities and Exchange Commission (SEC) has flagged the continued operations of multiple unregistered online lending applications.

These unauthorised platforms were found listed on the Google Play Store.

In a recent advisory, the regulator warned the public against obtaining loans from 22 specific apps. It emphasised that these entities are operating without the necessary permits.

The Commission identified the illegal platforms as:

PesoMate, ULend, Magaling Peso-Fast Online Loan, Cashpedia, Pera Now, Finledger, MadaPera, ZRT Loan, PesoOne, Kwago Peso, SL Cash, Peso Ease, PesoOne-Fast Loans, Sure Money: Smart Loan, VIP Funds-Finance Assistant PH, Cashflux, MeeBrar Loan, Agad Loan, MorePautang, CashTwig, and Suki Peso.

The SEC stressed that it has not authorised or permitted these applications to offer, process, or provide loans to the public.

Their continued operation constitutes a violation of the SEC’s moratorium imposed under Memorandum Circular No. 10, Series of 2021.

This moratorium, which took effect in November 2021, explicitly prohibits the launch, registration, and operation of new online lending platforms.

It also prohibits entities that failed to register before the regulation’s implementation from accepting new users

The advisory serves as a crucial reminder for borrowers to verify the legitimacy of financial service providers.

The SEC continues to monitor digital platforms to ensure compliance with financial regulations. This ongoing vigilance aims to protect Filipino consumers from unauthorised lending schemes.

Featured image by EyeEm via.

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