The Securities and Exchange Commission (SEC) warned against bogus online lending firms that prey on Filipinos in need of instant cash.
SEC said these fake lending firms are commonly found on Facebook, Twitter, and LinkedIn.
“This is a typical lending scheme where borrowers are asked to provide their general and personal information,’” SEC said in an advisory. “Some lending companies are even using fake or [fake] address in their profile to make the websites appear legitimate and valid.”
These fake lending groups usually collect “processing fee” from unsuspecting clients and close all communication means after the payment has been made.
“Anyone who is desperately looking for money could be easily maneuvered by these bogus or pseudo lending companies,” the advisory added.
SEC called on borrowers to check lenders’ a Certificate of Authority to operate as a lending company.
Among the lending companies that have been labeled by SEC as illegal are:
1. 7 Lions Lending Management Corp.
2. Amsuda LendingCorp.
3. Bhati and Jogi and Swali Lending and Trading Corp.
4. Dr. Verma Lending Corp.
5. Maan & Bhaker Landing Inc.
6. Manak Pur Lohara Lending Corp.
7. Paramjit Harvinder Gold Lending Inc.
8. Purewal and Rashpal Lending Inc.
9. Divya and Kavita Lending Corp.
10. Satguru Lending Corp.
11. Sartaj Lending Inc.
12. All In 7000 Lending and Trading Corp.
13. Balak1008 Lending and Trading Inc.
14. Star 77777 Lending and Trading Inc.
15. Chardikla 786 Lending and Trading Inc.
16. Naurasidhu55Lending and Trading Corp.
17. Phil 86 Gurunanak Lending and Trading Corp.
18. X-Ceee86 Lending and Trading Inc.
