WITH many Filipino borrowers turning to informal lenders, authorities crack down on their predatory practices as industry players take measures to educate and protect loaners. The Securities and Exchange Commission (SEC) has intensified over the last three months its campaign against lenders, either registered or not, with a series of…
WITH many Filipino borrowers turning to informal lenders, authorities crack down on their predatory practices as industry players take measures to educate and protect loaners.
The SEC’s implementation of the Financial Products and Services Consumer Protection Act and other related laws has been facilitated by the Philippine National Police Anti-Cybercrime Group and the Department of Justice. Tala is among the firms that supports and commits to prevent unauthorized lenders from taking advantage of Filipinos, especially the unbanked and underserved.
With its digital lending platform and social media network, the fintech group urges the public to deal only with verified financing and lending companies and to report abusive debt collectors and unregistered lenders. The firm also has a library of financial literacy content in its app such as tips on borrowing responsibly.
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