Butuan city: The Securities and Exchange Commission in Butuan City (SEC-Butuan) has issued a warning to residents in the Caraga Region about the risks of engaging with unauthorized Online Lending Platforms (OLPs), applications, and websites.
According to Philippines News Agency, SEC-Butuan is actively monitoring the operations of these platforms. The commission is collaborating with relevant agencies to conduct information campaigns aimed at increasing public awareness. They emphasized that these online platforms lack proper authorization and are prohibited from offering, processing, or engaging in lending activities, as outlined in SEC Memorandum Circular No. 10, Series of 2021.
The list of unauthorized OLPs and apps being scrutinized in the region includes PeraGo: Secure Loans, LoanTayo - Flexible Loans, SeaCash - Safe and Fast Loan, ZRT CREDIT: Loan PH, Bingo Peso: Philippine CashLoan, Peso Maya - Fast Online Loan, and Cash Muna. Additionally, unauthorized apps such as GZ Lend - Online Cash Loan App, Valor Credit, Dolo Loan, Maxi Lending - Loan and Mabilis Cash, Sky Loan - Quick Lending App, VIP Loan - Quick Lending App, AssetCred - Loan App Philippines, PeraOne - Online Mabilis Cash, and Easy Loan - Loan App Philippines are under observation.
Furthermore, websites like Andali Cash, Cashcano, and Metacash have also been identified as not authorized by SEC to offer or process loans. Residents are encouraged to report inquiries or complaints against these unauthorized platforms through SEC FinLenD by utilizing the SEC iMessage Portal (https://imessage.sec.gov.ph/) or by contacting the telephone number (02) 8818-5990.
