The list of illegal online lending apps Philippines is very important – people have a lot of financial issues and microloan companies in their “tries” to help make often even worth, cause people often have no opportunity to repay loans with high-interest rates in time and they fall into their own financial trap.
We decided to start this article from the list of legal lending apps Philippines where every Filipino could apply money online if one has realy urgent need, cause unsecured loans it is not financialy safe for people. Yes, they help, but a lot of people are not responsible and they don’t repay in time loan, and these leads to penalties, higher interest rate, getting new troubles.
- If you are not sure, please don’t apply for a loan online;
- if you don’t know how and when or even if you were able to repay the loan, forget about it, better ask for money from your friends or relatives or earn money online, just find the solution;
- Remember, loan money is easy to spend, but enough difficult to repay!
Now, let’s go and discuss illegal online lending apps in the Philippines. What happened and what you should know additionally about these lending companies.
Apply for Loan From Legal Lender in the Philippines
New 6 Lenders Were Banned By SEC Philippines on March 2022
We found the next information – https://www.sec.gov.ph/pr-2022/sec-issues-cease-and-desist-order-against-6-online-lenders/ and it tells us about the next:
- Pondo Cash
- Cash Sky
- Loan Cash
- East Cash
that these loan services must be immediately ceased and desisted from any activities until they will not be again authorized by the SEC Philippines.
illegal Online Lending Apps Philippines
The National Privacy Commission (NPC) banned 4 online lending apps:
- JuanHand (Wefund Lending Corp.);
- Pesopop (Populus Lending Corp.);
- CashJeep (Cash8 Lending Corp.);
- Lemon Loan (Joywin Lending Investor Inc.).
The main reason is that these apps were using borrowers’ personal information. People wrote a lot of complaints about such a situation, so NPC was forced to attempt something to solve the situation. That’s why these 4 lending apps were banned in the Philippines. Copies of the orders were sent to Google LLC in order one remove apps from the Google Play Store.
These lending apps didn’t follow the Data Privacy Act of 2012 & NPC Circular 20.01 connected with the processing of personal data for loan-related transactions. Lending companies raised too many red flags which led to many serious borrower privacy risks.
If to be exact, lending apps shamed borrowers among their relatives, friends, and colleagues using their personal data. Apps had access to users’ contacts, and social media pushed borrowers to repay loans. Credit companies tried to respond to all violations, but they did not convince the commission to lift the ban. Also, 2 of these companies did not even try to defend their positions. The Commission is investigating the possible criminal liability of officials in credit companies who violated the rules for the provision of credit services in the Philippines
According to Google statistics:
- Juanhand app was downloaded over 1 million times;
- Lemon Loan app – over 500.000 times;
- Pesopop app – over 500.000 times
- CashJeep app – over 100.000 times
So, over 2 mln. Filipino could be or already were in the situation when lending apps shammed ones! Currently, over 200 lending apps are discovered by NPC in the Philippines to understand if they work according to all laws and rules on the market.
In 2019 SEC have banned already 19 lending apps and later more. The reasons were the same: not transparent terms and shaming among relatives and friends.
FAQ About Banned Illegal Apps
If you had additional questions, please read lower or add your question in the comments.Your opinion is very important about illegal online lending apps Philippines.
Summary About 4 Banned Lending Apps in the Philippines
4 illegal Online Lending Apps Philippines: JuanHand, Lemon Loan, Pesopop, CashJeep are banned and NPC don’t recommend to use these services anymore. This inormation is or potential cliants of these companies and or those who still have apps on their phones. If you need urgent money, try tonik bank loan or Cashalo loan service. It could be one of the coolest options for you at the moment.