Manila, Philippines – The Criminal Investigation and Coordinating Center (CICC) has warned the public to be cautious about borrowing money from illegitimate and unregistered online lending platforms currently circulating on apps and websites.
In a public advisory issued by the agency, the unregistered online lending apps identified include TalaCredit Loan App Quickly, Credipillar Smart Credit, Peso Now Loan App Philippine, Lucky Loan Happy Cash Loan App, and many others.
According to the CICC, these platforms are not authorized by the Securities and Exchange Commission (SEC) to operate.
Although these apps may be found on the Google Play Store and App Store, this does not automatically mean they are legitimate.
The Presidential Anti-Organized Crime Commission (PAOCC) noted that online lending apps without SEC registration often charge extremely high interest rates, impose hidden fees, and, if borrowers fail to pay promptly, resort to coercion and threats.
Many of these apps also promise instant approval and require minimal documentation.
It can be recalled that last year, several companies operating illegal online lending apps were raided by the National Bureau of Investigation (NBI), PAOCC, SEC, and the Anti-Cybercrime Group due to abusive practices.
Meanwhile, the CICC also launched a campaign against online lending apps called ‘Fast Cash, Mag ingat sa Scam’.
The agency has also set up hotline 1326 for the public to report if they fall victim to unregistered online lending apps.