The Presidential Anti-Organized Crime Commission (PAOCC) has warned Filipinos to beware of illegal online lending apps. Many complain that the loans here involve intimidation, harassment, and abusive debt collection.
According to PAOCC Undersecretary Gilbert Cruz, there are lending apps that are not legitimate and use borrowers' personal information such as social media accounts, contacts, and gallery to intimidate them if they fail to pay on time.
There are even reports of the borrower's child or house being used as a threat. When payments are delayed, threats such as "call the police," "beat them up," or "burn your house down."
Cruz said it is better to use legit and government loan programs like GSIS, SSS, or cooperatives. You can also check SEC records to see if a lending app is registered before borrowing.
PAOCC Reminder: Avoid illegal apps and choose safe and legitimate lending services to avoid putting your money and personal life at risk.
