Online Lending Applications (OLAs)

September 21, 2022 ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT SEC PUBLIC WARNING The public is hereby WARNED that the following ONLINE LENDING APPLICATIONS (OLAs) are not operated by any registered Lending Companies with Certificates of Authority (CA) to engage in lending activities nor are they in the List of Recorded Online Lending Platforms, hence, ARE NOT AUTHORIZED TO ENGAGE IN LENDING ACTIVITIES : 1. PURECASH; 2. SUGERCOIN; 3. TCREDIT; 4. GOLDAPPLE; and 5. SPENDCASH. Persons who engage in lending business activities without proper authority from the Commission are criminally liable under Section 12 (1) and Section 12 (2) (a) of R.A. No. 9474 and can be penalized with a fine of not less than Ten Thousand Pesos (P10,000) and not more than Fifty thousand pesos (P50,000.00) or imprisonment of not less than six months but not more than ten (10) years or both, at the discretion of the court . Further, the Department of Justice (DOJ) Office of the Cybercrime has issued a Public Advisory against Online Lending Companies (OLCs) engaged in unfair/abusive collection practices. The said advisory can also be accessed through this link https://cybercrime.doj.gov.ph/public-advisory-on-online-lending-companies/ . The public is advised NOT TO TRANSACT with the foregoing OLAs or with any OLAs not in the List of Recorded Online Lending Platforms and to take the necessary precaution in dealing with individuals representing the above-named OLAs. Should you have any information regarding the operation of the above listed OLAs or any OLAs engaged in lending activities who are not in the List of Recorded Online Lending Platforms, you may send your reports and or complaints to the Enforcement and Investor Protection Department (EIPD) at email at [emailprotected] or visit EIPD at the SEC Headquarters, 7970 Makati Avenue, Salcedo Village, Bel-Air, Makati City. For complaints against Registered Lending Companies and OLAs in the List of Recorded Online Lending Platforms the SEC's Corporate Governance and Finance Department (CGFD) has jurisdiction over registered lending and financing companies with Certificate of Authority (CA). The public may access the List of Recorded Online Lending Platforms and the Partial List of Lending Companies with Certificates of Authority at the following link: http://www.sec.gov.ph/lending-companies-and-financing-companies/ Makati City, September 21, 2022.