Ways to check legit loan apps in Philippines

To check the legitimacy of loan apps in the Philippines, you can follow these steps:

1. Research the app: Check the app’s website and read reviews from other users to get a sense of their reputation.
2. Check for licensing: Legitimate loan apps should have a valid license from the Central Bank of the Philippines (Bangko Sentral ng Pilipinas). You can check the BSP’s website for a list of licensed lending companies.
3. Check registration with the SEC: In the Philippines, you can check if a loan app is registered with the Securities and Exchange Commission (SEC) by visiting the SEC’s website and using their online company search tool. To use the tool, you will need the company’s name or registration number. If the loan app is registered with the SEC, it will show up in the search results along with its registration status and other information. Having a registration with the SEC is a good indicator that a loan app is legitimate, but it is not a guarantee. You should still take steps to research the app and carefully review its terms and conditions before using it.
4. Read the terms and conditions: Be sure to carefully read the app’s terms and conditions to understand the fees, interest rates, and repayment terms.
5. Check for encryption: A legitimate loan app should use secure encryption technology to protect your personal and financial information.
6. Contact customer support: Reach out to the app’s customer support to ask questions and clarify any doubts you may have.

Remember, always be cautious when sharing your personal and financial information online, and only use loan apps from reputable sources.