Tips for Dealing with Unlawful Online Lending Apps in the Philippines

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The Philippines faces a significant threat from illegal online lending applications, often subjecting borrowers to predatory practices and financial hardships. Here are essential guidelines to safeguard yourself:

1. Verifying Legitimacy: Spotting Illegal Apps

  • Verify Registration: Confirm legitimacy on the SEC website.
  • Unusually High Interest: Exercise caution with exorbitant rates and hidden fees.
  • Aggressive Tactics: Be wary of intimidation or harassment for debt collection.
  • Unorthodox Procedures: Question apps with unconventional requirements.

2. Self-Protection Measures: Safeguarding Against Predatory Practices

  • Never Share Sensitive Information: Avoid disclosing personal data to unverified apps.
  • Read Before You Agree: Thoroughly review loan terms and conditions.
  • Borrow Responsibly: Only borrow what you can realistically repay.
  • Report Suspicious Activity: Report encounters with illegal apps to SEC, NBI, or BSP.

3. Additional Resources: Empowering Yourself with Information

4. Seeking Help: What to Do If You’ve Fallen Victim

  • Legal Assistance: Seek legal support if you’ve been victimized.
  • Reporting Incidents: Report illegal activities to the appropriate authorities.
  • Stay Vigilant: Be proactive in protecting yourself against predatory lending.
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CashLoanPH Changed status to publish 18/12/2023