Is EasyPeso Lending Legit? How to Verify SEC-Registered Financing and Lending Firms

Is “EasyPeso Lending” Legit?

How to Verify SEC‑Registered Financing and Lending Firms in the Philippines

Executive summary: In the Philippines, a lending app or brand is legit only if (1) it is a corporation registered with the Securities and Exchange Commission (SEC) and (2) it holds a Certificate of Authority (CA) from the SEC to operate as a Lending Company (LC) or Financing Company (FC). For app‑based lending, the operator must also have the SEC’s authorization for its online lending platform (OLP). Anything less—e.g., “SEC‑registered company” but no CA, a DTI business name only, or an app not found in the SEC’s approved OLP list—is not authorized to lend.

This article explains how to verify a lender like “EasyPeso Lending”, what documents and databases to check, the legal framework, red flags, practical borrower protections, and what to do if you encounter abusive practices.

1) The Legal Framework, in Plain English

  • Republic Act No. 9474 – Lending Company Regulation Act of 2007 (LCRA). Requires anyone “in the business of granting loans from own funds” to be a corporation and to secure a Certificate of Authority from the SEC. Operating as a lending company without a CA is illegal.

  • Republic Act No. 8556 – Financing Company Act of 1998 (FCA). Governs financing companies, which provide credit for consumer and business purchases, leasing, and similar activities. Like LCs, FCs need a CA from the SEC.

  • Republic Act No. 3765 – Truth in Lending Act (TILA). Requires disclosure of the true cost of credit—interest and all other charges—before you become obligated.

  • Republic Act No. 10173 – Data Privacy Act of 2012 (DPA). Prohibits unlawful processing of personal data and “debt‑shaming” practices such as blasting your contacts, posting defamatory materials, or collecting data without a lawful basis.

  • Republic Act No. 11765 – Financial Consumer Protection Act (FCPA) of 2022. Empowers the SEC (for LCs/FCs) to enforce market conduct rules, require fair disclosures, and penalize abusive collection, mis‑selling, and unfair contract terms.

  • Revised Corporation Code (RA 11232) and Securities Regulation Code (RA 8799) Provide corporate and enforcement backstops (e.g., revocation, cease‑and‑desist).

Key point: “SEC‑registered” by itself (i.e., primary corporate registration) is not enough. The lender must also have a secondary license—the SEC Certificate of Authority—and, for apps, OLP authorization.

2) What Counts as “Legit” for a Lender or App?

A lender is legitimate if all five conditions below are met:

  1. Corporate Form: It is a stock corporation (not a sole proprietorship or partnership) formed to lend/finance.

  2. SEC Primary Registration: It has an SEC Company Registration Number (from its Articles of Incorporation).

  3. SEC Certificate of Authority (CA): A separate document authorizing it to operate as a Lending Company or Financing Company.

    • The CA will identify the corporate name, principal office, and issue date.
    • The corporate name (exact spelling, punctuation) must match what’s on the CA.

  4. OLP Authorization (for apps): If it runs an online/app‑based platform, that specific app/brand must be on the SEC’s approved OLP list under the same corporate owner.

  5. Good Standing: No revocation, suspension, or cease‑and‑desist order that would prevent it from lending or operating its app.

If “EasyPeso Lending” is merely a brand (common in this space), identify the underlying corporation. The corporation—not the brand—holds the CA and the OLP approval.

3) Step‑by‑Step Verification Checklist (Do This in Order)

Goal: Confirm whether “EasyPeso Lending” is truly authorized to lend and to run an app in the Philippines.

  1. Get the exact legal name. Ask for:

    • Full corporate name;
    • SEC Company Registration No.;
    • SEC CA No. and date of issuance;
    • Principal office address as reflected in SEC records.

  2. Check the SEC’s public lists.

    • List of Lending Companies (with CAs) and List of Financing Companies (with CAs).
    • List of Authorized Online Lending Platforms (OLPs). The corporate name and (for apps) the brand/app name must appear as approved and active.

  3. Match the details line‑by‑line.

    • Corporate name on the CA vs. marketing name and app listing;
    • Principal office vs. what’s shown in the app/website;
    • CA No./Date vs. what they provide;
    • Directors/Officers in public filings vs. what the company discloses.

  4. Check for SEC enforcement actions. Search the SEC’s Advisories, Orders, or Revocations archive for the corporate name and the brand.

  5. Review the app store listings carefully (if using an app).

    • In Google Play/App Store, the Developer name should match the corporate name or its disclosed affiliate;
    • The listing should show a Philippine business address, hotline, and a privacy notice;
    • Avoid sideloaded APKs or apps distributed via social media links or file‑sharing.

  6. Demand proper disclosures before you borrow. Under TILA and the FCPA, you should receive:

    • Key facts (loan amount, term, interest, all fees, total cost, due dates);
    • Privacy notice (what data the app collects and why);
    • Collection policy (no harassment, no debt‑shaming).

  7. Refuse and report if you see any of these red flags (details in §6):

    • “We’re SEC‑registered” but no CA;
    • “DTI‑registered only” (LCs/FCs must be corporations, not sole proprietors);
    • Upfront “processing fees” collected before any loan is released;
    • Debt‑shaming threats or requesting your phone’s contacts/photos;
    • Payment to personal e‑wallets or personal bank accounts;
    • App not on the SEC’s approved OLP list.

4) Lending Company vs. Financing Company (Why It Matters)

  • Lending Company (LC): Primarily cash loans funded from its own capital; serves consumers and businesses.
  • Financing Company (FC): Provides credit facilities for purchases, installment sales, leasing, and business needs; typically more integrated with merchants and commercial clients.

Both must be corporations and both need an SEC CA. Some firms operate both an LC and an FC within a group; verify which entity is behind the brand you’re dealing with.

5) What a Real SEC Certificate of Authority Looks Like

  • Title: “Certificate of Authority to Operate as a Lending Company/Financing Company”

  • Contains: Exact corporate name, SEC Registration No., principal office, CA number, and date; signed by authorized SEC officials.

  • What to check:

    • Spelling of the corporate name (including “Inc.”/“Corp.” and punctuation);
    • Principal office address;
    • Whether the CA has been revoked/suspended in a later order.

Tip: Legit firms will readily show you a clear, readable copy of their CA and point you to the SEC lists where they appear. Hesitation or excuses are red flags.

6) Common Red Flags and How to Respond

  1. “SEC‑registered company” but no CA. Primary corporate registration alone doesn’t authorize lending. Walk away.

  2. DTI business name only. LCs/FCs cannot be sole proprietorships. Walk away.

  3. App not on the SEC‑approved OLP list. An OLP must be explicitly authorized. Don’t install/use the app.

  4. Debt‑shaming & data grabs. Threatening to contact your employer/phone contacts, posting your photos online, or forcing invasive permissions can violate the Data Privacy Act and market conduct rules. Document and report.

  5. Upfront fees before loan release. Demands for payment to “verify” your account or “unlock” the loan are classic scam indicators. Stop immediately.

  6. Personal accounts for repayment. Requiring you to pay into personal e‑wallets/bank accounts rather than official company accounts is a serious concern.

  7. Name confusion and impersonation. Scammers use names similar to legitimate firms (e.g., adding “PH,” “Finance,” “Lending” to piggyback reputation). Match the exact corporate name.

7) Understanding Prices: Interest, Fees, Penalties, and the True Cost

7.1 Key definitions

  • Stated interest rate: The headline rate quoted by the lender (daily/monthly).
  • Fees/charges: “Processing,” “service,” “platform,” “convenience,” etc.
  • Net proceeds: Cash you actually receive after the lender deducts fees.
  • Total amount due: What you must pay on the due date (principal + interest + allowed fees/charges).
  • Effective rate: The true cost to you, computed from net proceeds to total due over the loan term.

Truth‑in‑Lending rule of thumb: If fees are deducted upfront, your effective rate is higher than the headline rate because you’re paying interest/fees on money you didn’t receive.

7.2 Two worked examples (for illustration)

These are generic math examples to help you compute effective cost. They are not quotations of any particular lender’s terms.

Example A — 14‑day micro‑loan

  • Advertised: 1% per day interest for 14 days; 4% processing fee deducted upfront
  • Loan amount: ₱5,000
  • Processing fee (4% of ₱5,000): ₱200 (deducted)
  • Net proceeds you receive: ₱5,000 − ₱200 = ₱4,800
  • Interest (1% × 14 days × ₱5,000): ₱700
  • Total due at day 14: ₱5,000 + ₱700 = ₱5,700

Effective 14‑day rate: [ \frac{₱5{,}700 - ₱4{,}800}{₱4{,}800} = 18.75% ]

30‑day equivalent (approx.): about 44.52% for 30 days. Annualized (if repeated all year): about 8,726.84% effective.

Example B — 30‑day loan with multiple fees

  • Loan amount: ₱10,000
  • Stated monthly interest: 10% (₱1,000)
  • Processing fee: 5% (₱500, deducted)
  • Service fee: ₱200 (deducted)
  • Documentary stamp tax (illustrative): ₱100 (deducted)
  • Net proceeds: ₱10,000 − (₱500 + ₱200 + ₱100) = ₱9,200
  • Total due in 30 days: ₱10,000 + ₱1,000 = ₱11,000

Effective 30‑day rate: [ \frac{₱11{,}000 - ₱9{,}200}{₱9{,}200} \approx 19.57% ]

Annualized (compounded monthly): about 753.61% effective.

Takeaway: Small loans with short terms and upfront deductions can translate into very high effective costs. Always compute from net proceeds to total due.

8) Collections and Your Rights

Even legitimate LCs/FCs must follow market conduct and privacy rules:

  • No harassment or abuse. No threats, obscenities, stalking, or public shaming.
  • No unauthorized contact blasting. Messaging your contacts or employer without legal basis can violate the Data Privacy Act.
  • No misleading statements. Collectors cannot lie about criminal liability for civil debts.
  • Reasonable contact hours and channels should be respected.
  • Clear validation of debt. You can ask for a breakdown of principal, interest, and fees; demand official receipts for payments.

If you experience harassment or data privacy violations, preserve evidence (screenshots, call logs, messages) and file complaints with the SEC (for market conduct) and the National Privacy Commission (NPC) (for privacy breaches). For threats, consider reporting to law enforcement as appropriate.

9) If You Suspect “EasyPeso Lending” Isn’t Legit

  1. Stop engaging (don’t send IDs, don’t pay “unlock” fees).
  2. Capture evidence: CA copy, screenshots of app pages/ads/chats, receipts, payment details.
  3. Report to the SEC (for unregistered lending/OLP, deceptive practices).
  4. Report privacy violations to the NPC (for debt‑shaming, unlawful data processing).
  5. Inform your bank/e‑wallet if you disclosed sensitive info or sent money to suspicious accounts.
  6. Monitor your credit and accounts for unusual activity.
  7. Seek legal advice if you’ve suffered loss, defamation, or unlawful collection.

Note on contracts with unauthorized lenders: Operating without a CA is punishable under the LCRA/FCA. Whether the loan contract itself is void or merely makes the lender penalizable can involve nuanced legal analysis and jurisprudence. If you are sued, engage counsel promptly to assess defenses and remedies.

10) Practical Due‑Diligence Templates

A. One‑minute script (chat/email) to the lender

“Before we proceed, please send: (1) your exact corporate name; (2) SEC Registration No.; (3) SEC Certificate of Authority No. and date; (4) principal office address; and (5) the SEC‑approved name of the online lending platform for this app. I will verify these against the SEC lists.”

B. Screenshot checklist for apps

  • Developer name matches corporate name (or disclosed affiliate)
  • Philippine address and hotline stated
  • Privacy notice and collection policy accessible in‑app
  • App name appears in SEC OLP list for the same corporation
  • No sideloading; installed from official app stores only

C. Pre‑borrowing disclosure checklist

  • Loan amount, term, all fees, total due, and due date(s)
  • How penalties are computed (rate, base, and cap)
  • Refundability of fees if loan is not released
  • How they store and use your data; your withdrawal/erasure rights
  • Official payment channels in the company’s name

11) Frequently Asked Questions

Q1: Is being “SEC‑registered” enough? No. You need to see the Certificate of Authority (LC or FC). For apps, the OLP must also be SEC‑authorized.

Q2: Can a sole proprietorship legally run a lending business? No. The LCRA requires a corporation to operate a lending company.

Q3: The lender showed me a CA photo. How do I know it’s genuine? Match the exact corporate name and other details against the SEC public lists and advisories. If it’s not there (or the status is revoked/suspended), do not proceed.

Q4: The brand name differs from the corporate name. Is that okay? Yes, brands can differ. But the brand/app must be linked to a corporation that appears in SEC lists, and the OLP authorization must cover the brand/app you’re using.

Q5: They say interest caps don’t apply to them. SEC‑regulated LCs/FCs and their OLPs are subject to disclosure and market conduct rules and, where applicable, caps/limits imposed by regulation. When in doubt, walk away and report.

Q6: They threatened to message my contacts. What do I do? Document the threats and report to the SEC and the NPC; this behavior likely violates the Data Privacy Act and market conduct rules.

12) Bottom Line for “EasyPeso Lending”

  • If and only if EasyPeso Lending appears as: (a) a corporation with an active SEC CA (LC or FC), and (b) its app/brand appears in the SEC’s approved OLP list under the same group, then it is authorized to lend and operate its platform.

  • If any link in that chain is missing—no CA, no OLP approval, revoked/suspended status, mismatched names, or dodgy collection practices—treat it as unauthorized and report it.

13) Quick Reference: Your Borrow‑Smart Checklist

  • ☐ Exact corporate name, SEC Reg. No., CA No., CA date
  • ☐ Appears in SEC LC/FC list (status active)
  • ☐ App/brand in SEC OLP list (same corporate owner)
  • ☐ Matched office address and contact details
  • ☐ Key facts disclosure received (loan, fees, total due, dates)
  • ☐ Privacy and collection policies are lawful and clear
  • ☐ No upfront “unlock” fees or personal account payments
  • ☐ Receipts for all payments; breakdown of charges provided
  • ☐ Walk away and report if any red flag appears

Final notes

  • This article provides general information about Philippine law and regulatory practice for lending/financing companies and online lending platforms. It is not legal advice for a specific situation.
  • If you are already in a dispute with a lender or have suffered harassment or data misuse, consult a lawyer and consider filing complaints with the SEC and the National Privacy Commission.

Disclaimer: This content is not legal advice and may involve AI assistance. Information may be inaccurate.

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