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Tuesday, August 29, 2017

SEC, Warns Public Against Fake Online Lending

You can get a lot of things from social media. But as always, not all you see is legit or true. In social media, you can go shopping, buy anything with a simple click, apply for a job you want and even apply for a loan.  But the Securities and Exchange Commission (SEC) has warned the public against bogus online lending activities that victimize social media users.   SECs released and advisory about unregistered lending companies operate through popular and free social media websites like Facebook, Twitter, and LinkedIn.

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You can get a lot of things from social media. But as always, not all you see is legit or true. In social media, you can go shopping, buy anything with a simple click, apply for a job you want and even apply for a loan.

But the Securities and Exchange Commission (SEC) has warned the public against bogus online lending activities that victimize social media users. 

SECs released and advisory about unregistered lending companies operate through popular and free social media websites like Facebook, Twitter, and LinkedIn.

Read: Warning to all Loan Seekers: Here are the 84 Lending Companies Suspended by SEC
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According to SEC, “This is a typical lending scheme where borrowers are asked to provide their general and personal information. Thereafter, they are required to deposit a certain amount of money as processing fee. However, after depositing the money, the companies close all communication threads with the borrowers and delete all negative comments against them.”

The SEC added that some lending companies are using the fake or inexistent address in their profile to make the websites appear legitimate and valid.

Under the law, all lending firms are required to be registered with SEC and issued a certificate of authority to operate as a lending company.

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The Commission advised the public to exercise prudence in dealing with online lenders by verifying the registration and certificate of authority with the SEC.

Bogus lending companies face administrative and criminal charges under Republic Act 9474 or the Lending Company Regulation Act of 2007 amounting to not less than P10,000 and not more than P50,000 or imprisonment of not less than six months but not more than 10 years or both.

As of May 2017, SEC already suspended a total of 104 lending firms after failing to obtain necessary permits to operate.





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