SEC cracks down on illegal online lending platforms
The Securities and Exchange Commission (SEC) has stepped up its crackdown on suspicious online lending activities, warning the public against several entities accused of illegally using the identities of legitimate financial firms to solicit borrowers.
In a recent advisory, the corporate regulator flagged the website Perasayo.com for allegedly using the name, corporate identity and regulatory information of Pera Sayo Lending Inc., a duly licensed lending company, without authorization.
The SEC said the website had been soliciting loan applications while falsely presenting itself as connected to the licensed lender.
The Commission also reiterated its warning against online platforms that are allegedly exploiting the name and branding of Tala Financing Philippines Inc.
These platforms include Tala-Cash Loan Philippines, Tala AISI-loan app quickly and Tala Shuk Lending Inc.
According to the SEC, the entities have been linked to possible phishing activities, unauthorized collection of personal information, harassment and abusive collection practices, misuse of consumer data and unauthorized financial transactions.
Meanwhile, the SEC also cautioned the public against transacting with an unregistered online lending platform operating under the name Finpine.
The regulator said Finpine allegedly employs deceptive practices, such as automatically disbursing loans to consumers and imposing harsh collection tactics. It was also accused of using the logos of the SEC and the Bangko Sentral ng Pilipinas to create the impression that its operations are legitimate.
The Commission likewise flagged the unauthorized use of the name “Zippeso,” a former online lending platform operated by Lendora Lending Corp., in connection with another lending operation.
In a separate warning, the SEC advised the public to avoid social media pages, websites and mobile applications that illegally use the corporate name, identity, registration details and regulatory credentials of Mabilis Cash Financing Corp.
The regulator urged consumers to verify the legitimacy of lending and financing companies before sharing personal information or entering into loan transactions online.
Members of the public who encounter suspicious online lending activities, unauthorized loan transactions or illegal investment schemes may report them through the SEC unified hotline 1-4732 (1-4SEC) or through the SEC iMessage Portal.
