THE Securities and Exchange Commission (SEC) has warned the public against four online lending platforms, which is engaged in financing activities without the necessary license.
The SEC said online platforms operating under the names Cashai, Cashay Plus: Fast Cash Loan (Early Access), Cash-X: Easy Online Loan App, and Cash A: Easy Online Loan App are engaging without the necessary authority from the agency.
These firms claim affiliation with or using the corporate identity of G. A. Orobia Lending Corp.
Orobia is a registered corporate entity with the SEC but, based on the document submitted by the corporation, it does not maintain, own, operate or authorize any online lending platform, mobile application, or similar digital facility for lending transactions.
The SEC said the platforms are unauthorized and the public is strongly advised to avoid any transaction with the entities.
‘The public is cautioned that the mere display or use of a corporation’s name, SEC Registration Number, Certificate of Authority, address, logo, or other information pertaining to a registered financing or lending company does not, by itself, establish that an online lending platform is owned, operated or authorized by that company,’ the regulator said in a statement.
The SEC also cautioned against against downloading unverified lending applications, as unauthorized platforms frequently engage in unfair debt collection practices, unlawful contact access, and data privacy violations.
‘As a matter of precaution, the public is encouraged to always check whether a lending platform is legitimate by consulting the official list on the Commission’s website,’ the regulator added.