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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.
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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![An OFW in Abu Dhabi,UAE, turned to social media to expose the violence being done to him by her Jordanian husband. Along with a close-up picture of her bruised face. The words: “I suffer for so many years. Please, Mahmoud Abuhalawa, divorce me,” can be read on the LinkedIn and Instagram profile of Mary Ann Batulanon. "This has been going on for many years. He beats me up black and blue without any mercy. I cannot take it anymore," Batulanon, 30, told Khaleej Times over the phone. The mother of a four-year old girl has filed for divorce and the case is pending at the Abu Dhabi family court. However, the husband, who works in a bank, denied the allegations. "It is not true. She hurts herself every time and goes to the court to file case against me," said the husband. Batulanon works as a receptionist in a car showroom in Abu Dhabi. She got married to Jordanian Abuhalawa in 2012, after converting to Islam. Batulanon said that from the early days of their marriage, her husband started to hurt her. In fact, a medical record shows that she had bluish discoloration of the skin, bruises caused by external trauma. Batulanon decided to live in a separate house last week because her husband hurt her again. "All i want from him now is a divorce. he should also pay for my daughter's maintenance. I [turned] to social media so that the world [may know] what he [has been doing] to me," she said. The husband said that he is willing to give her the divorce she is asking, but he will take a legal action against her if she slanders his name in social media. Court documents tell that in 2016, Batulanon filed a divorce from her husband and applied for the custody of her 4 -year-old daughter but the couple was once reconciled and the domestic violence charges against the husband has been dropped. However, the incident happened again just recently and batulanon again ask for a divorce. Now, the family prosecution had forwarded the case to the court after the husband has failed to appear before the family guidance committee. RECOMMENDED: ON JAKATIA PAWA'S EXECUTION: "WE DID EVERYTHING.." -DFA BELLO ASSURES DECISION ON MORATORIUM MAY COME OUT ANYTIME SOON SEN. JOEL VILLANUEVA SUPPORTS DEPLOYMENT BAN ON HSWS IN KUWAIT AT LEAST 71 OFWS ON DEATH ROW ABROAD DEPLOYMENT MORATORIUM, NOW! -OFW GROUPS BE CAREFUL HOW YOU TREAT YOUR HSWS PRESIDENT DUTERTE WILL VISIT UAE AND KSA, HERE'S WHY MANPOWER AGENCIES AND RECRUITMENT COMPANIES TO BE HIT DIRECTLY BY HSW DEPLOYMENT MORATORIUM IN KUWAIT UAE TO START IMPLEMENTING 5%VAT STARTING 2018 REMEMBER THIS 7 THINGS IF YOU ARE APPLYING FOR HOUSEKEEPING JOB IN JAPAN KENYA , THE LEAST TOXIC COUNTRY IN THE WORLD; SAUDI ARABIA, MOST TOXIC "JUNIOR CITIZEN " BILL TO BENEFIT POOR FAMILIES](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3jQv7GpCq78TvpCoCllCYyz3Y7sfbNQv_94M6k6CHtRNRwJvjdkAIoHUfnCynuLCOQuLaKLRbs0tZ-LhOUOpK0Ihrvds25bSYPUJQw3Z0Lusqq8jkB1eOR3_rnTHAYEr_TSr_HQ/s1600/00000000000.png "DOMESTIC ABUSE EXPOSED BY A FILIPINA ON SOCIAL MEDIA")
![An OFW in Abu Dhabi,UAE, turned to social media to expose the violence being done to him by her Jordanian husband. Along with a close-up picture of her bruised face. The words: “I suffer for so many years. Please, Mahmoud Abuhalawa, divorce me,” can be read on the LinkedIn and Instagram profile of Mary Ann Batulanon. "This has been going on for many years. He beats me up black and blue without any mercy. I cannot take it anymore," Batulanon, 30, told Khaleej Times over the phone. The mother of a four-year old girl has filed for divorce and the case is pending at the Abu Dhabi family court. However, the husband, who works in a bank, denied the allegations. "It is not true. She hurts herself every time and goes to the court to file case against me," said the husband. Batulanon works as a receptionist in a car showroom in Abu Dhabi. She got married to Jordanian Abuhalawa in 2012, after converting to Islam. Batulanon said that from the early days of their marriage, her husband started to hurt her. In fact, a medical record shows that she had bluish discoloration of the skin, bruises caused by external trauma. Batulanon decided to live in a separate house last week because her husband hurt her again. "All i want from him now is a divorce. he should also pay for my daughter's maintenance. I [turned] to social media so that the world [may know] what he [has been doing] to me," she said. The husband said that he is willing to give her the divorce she is asking, but he will take a legal action against her if she slanders his name in social media. Court documents tell that in 2016, Batulanon filed a divorce from her husband and applied for the custody of her 4 -year-old daughter but the couple was once reconciled and the domestic violence charges against the husband has been dropped. However, the incident happened again just recently and batulanon again ask for a divorce. Now, the family prosecution had forwarded the case to the court after the husband has failed to appear before the family guidance committee. RECOMMENDED: ON JAKATIA PAWA'S EXECUTION: "WE DID EVERYTHING.." -DFA BELLO ASSURES DECISION ON MORATORIUM MAY COME OUT ANYTIME SOON SEN. JOEL VILLANUEVA SUPPORTS DEPLOYMENT BAN ON HSWS IN KUWAIT AT LEAST 71 OFWS ON DEATH ROW ABROAD DEPLOYMENT MORATORIUM, NOW! -OFW GROUPS BE CAREFUL HOW YOU TREAT YOUR HSWS PRESIDENT DUTERTE WILL VISIT UAE AND KSA, HERE'S WHY MANPOWER AGENCIES AND RECRUITMENT COMPANIES TO BE HIT DIRECTLY BY HSW DEPLOYMENT MORATORIUM IN KUWAIT UAE TO START IMPLEMENTING 5%VAT STARTING 2018 REMEMBER THIS 7 THINGS IF YOU ARE APPLYING FOR HOUSEKEEPING JOB IN JAPAN KENYA , THE LEAST TOXIC COUNTRY IN THE WORLD; SAUDI ARABIA, MOST TOXIC "JUNIOR CITIZEN " BILL TO BENEFIT POOR FAMILIES](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6nhsx6YJzkw3HZ8oLsjNcrqS9MXWi1KcnHlxUq0UAEnFaMFbQIpJGu4zxV2E8v1KVP69GuY652sRprTnGFQAgeHNUwP7-V-kz3nKpQfhQJuJEl7sMDcHv0_3YJotjALWaMzgusA/s1600/0000000000.png "DOMESTIC ABUSE EXPOSED BY A FILIPINA ON SOCIAL MEDIA")
