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
- SEC List of Revoked and Suspended Lending Companies: https://www.sec.gov.ph/lending-companies-and-financing-companies-2/list-of-revoked-and-suspended-lending-companies/
- NPC List of Cease and Desist Orders: https://business.inquirer.net/280367/privacy-body-files-raps-vs-67-online-lenders-but-only-apps-named-in-notices
- BSP Borrower Protection Guide: https://www.bsp.gov.ph/
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.
CashLoanPH Changed status to publish 18/12/2023