THE Securities and Exchange Commission-Davao Region (SEC-Davao) has documented approximately 85 complaints from individuals who have experienced harassment from illegal Online Lending Platforms (OLPs).
Lawyer Katrina Ponco-Estares, regional director of SEC-Davao, stated that as of November 21, 2025, her office had received 85 complaints from victims. The primary issues reported were high interest rates and harassment, including death threats and threats directed toward the victims' families or individuals listed in their contact details.
Estares revealed that victims often report to the office, detailing how they are harassed through text messages and emails. She noted that most of the complainants were crying while seeking help in their office.
“Ito lang yung nagpunta sa office na nagkaroon ng lakas ng loob na sabihin na may issue sa online lending app na to, pwede mo ba kaming tulungan. Hindi pa ito lahat naiko-cover lahat ng sumali (These are just the people who came to the office and had the courage to say that there is an issue with the online lending app and to ask if we could help them. This does not yet cover all those who joined in these lending apps),” she said during the Business Forum on Friday, November 21, 2025.
She emphasized that there are still many unreported cases from individuals in the Davao Region who have utilized these online lending apps. SEC-Davao previously reported receiving 77 complaints related to illegal lending and financing activities across the region from January to June 2025.
Lured by easy access
Estares disclosed that many of the victims were initially drawn to the online lending apps due to the ease of borrowing money, as they typically require fewer documents than traditional lending companies.
She explained that most OLPs only require the borrower's name, the needed amount, personal information, and the contact details of their contacts. However, she warned that in exchange for this ease, the victim—as well as the individuals in their contact list—would subsequently face harassment.
Call for caution
Estares advised the public to exercise caution when using online lending services advertised on social media platforms, games, and websites, noting that most of these are not registered under the SEC.
She clarified that the Commission requires all lending and financing businesses, even those operating online, to register and obtain secondary licenses from the Commission before commencing operations. Estares pointed out that most illegally operating online lending apps lack an actual office or ground personnel who can be held accountable.
She strongly urged the public not to patronize online lending apps that are not registered and to always verify the platform's registration status on the SEC's official website.
Estares concluded that the SEC-Davao is intensifying its information dissemination efforts, targeting not only workers but also students. They are also continuously issuing advisories to remind the public to remain cautious in their online dealings.
To recall, the SEC released an advisory on October 23 regarding OLPs that are not authorized to offer, process, or lend money, in line with SEC Memorandum Circular No. 10, series of 2021, which implemented a moratorium on new OLPs starting November 2, 2021.
The advisory listed the following unauthorized apps/websites:
Google Play Store:
PeraGo: Secure Loans
LoanTayo – Flexible Loans
SeaCash – Safe and Fast Loan
ZRT CREDIT: Loan PH
Bingo Peso: Philippine CashLoan
Peso Maya – Fast Online Loan
Cash Muna
GZ Lend – Online Cash Loan App
Apple Store:
Valor Credit – Loan App Quickly 18+
Dolo Loan
Maxi Lending – Loan & Mabilis Cash
Sky Loan – Quick Lending App
VIP Loan – Quick Lending App
AssetCred – Loan App Philippines
PeraOne – Online Mabilis Cash
Easy Loan – Loan App Philippines
Websites:
Andali Cash
Cashcano
Metacash
The office directed the public to check the authorized OLPs through their official website: https://www.sec.gov.ph/.../list-of-recorded-online.../ RGP