Abusive online lending apps are using thousands of preregistered SIM cards to harass and threaten borrowers to pay their loans, the Presidential Anti-Organized Crime Commission said Friday.
Undersecretary Gilbert Cruz said the PAOCC has monitored some 300 online lending apps, many bogus, which have “hundreds of thousands of downloads.”
Authorities are facing a blank wall in going after abusive lending apps since the companies simply discard these preregistered SIM cards after promoting their services or threatening their borrowers.
Some bogus lenders even go so far as to issue rape or death threats to borrowers so they would pay up.
The PAOCC earlier said that it coordinated with the Philippine National Police, Securities and Exchange Commission, and National Telecommunications Commission to investigate growing complaints against abusive online lending apps in compliance with the directive of President Ferdinand Marcos Jr.
Cruz urged Filipinos to avail of legitimate or government-sponsored loan facilities instead of taking a chance with unregistered lending apps.
“Mayroon po tayong mga government-sponsored na lending like iyong mga kooperatiba po natin, mayroon po tayong GSIS, mayroon po tayong SSS – iyon po muna ang tingnan natin kung puwede po tayong pumasok doon. At ngayon, kung na-exhaust na po natin iyon ay puwede naman po tayong pumunta doon sa mga legit,” he said.
trusted lending app