Bilyonaryo - Business

Be warned: Don’t fall for these 5 online lending apps

October 7, 2022

Bilyonaryo.com

The Securities and Exchange Commission (SEC) has cautioned the public against five online lending applications, saying that they have no authority to engage in lending activities.

The online lending applications identified by the SEC are Purecash, Sugercoin, Tcredit, Goldapple, and Spendcash.

“The public is hereby warned that the following online lending applications are not operated by any registered lending companies with certificates of authority 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.

The SEC has advised the public not to transact with the five entities as well as take the necessary precaution in dealing with individuals representing the above-named online lending applications.

According to the SEC, persons who engage in lending business activities without proper authority from the commission can be penalized with a fine of not less than P10,000 and not more than P50,000, or imprisonment of not less than six months but not more than 10 years, or both.

Related News Tags: applications, Goldapple, online lending apps, Purecash, Sugercoin, Tcredit, The Securities and Exchange Commission

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