Romano 06:16 PM, Sep 30, 2022
hi,good day..
I would like to refer the case of pautang online and pautang cash if it is legal that they deduct almost half of the principal loan then put on top a daily interest of almost 1k per day of delayed payment?
For example
Principal Loan is 20k
Disbursed amount is 12k
Payment of 23k for delayed payment of 4 days?
The application also says it's 127 days payable but the truth is it is just 7 days..
Also receiving harassing messages in email with attached pictur..
Thank you..
I am willing to pay but I just want to know first if what they are doing is legal. .
Gonzales 09:04 PM, Sep 30, 2022
September 30, 2022
Dear Reina,
Thank you for your request dated Sep 30, 2022 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Pautang Peso and pautang online loan app high deductions and interest.
We received your request on Sep 30, 2022 and will respond on or before Oct 21, 2022 06:16:58 PM, in accordance with the Executive Order's implementing rules and regulations.
Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy04NzY1OTQ4NjQ4ODQM, for request with ticket number #SEC-876594864884.
Thank you.
Respectfully,
Isma Gonzales
FOI Officer
Gumtang- Remalante 03:38 PM, Oct 06, 2022
October 6, 2022
Dear Reina Romano,
Greetings!
Thank you for your request dated Sep 30, 2022 06:16:58 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.
Your Request
You asked for Pautang Peso and pautang online loan app high deductions and interest.
Response to Request
SEC MC 3 provides the rules and regulations in implementing the provisions of Bangko Sentral ng Pilipinas (BSP) Circular No. 1133, Series of 2021 on the Ceiling/s on Interest Rates and Other Fees Charged by Lending Companies, Financing Companies, and their Online Lending Platforms.
The loans covered by the ceilings under SEC MC 3 are those loans that satisfy all of the following criteria:
a. Unsecured, general-purpose loans offered by FCs, LCs, and their OLPs;
b. That do not exceed the amount of P10,000;
c. With loan tenor of up to four (4) months; and
d. That are entered into, restructured, or renewed beginning 03 March 2022, the date of effectivity of SEC MC 3.
If one of the four components is not satisfied, the caps will not apply to the loan product.
In the case at hand, the loan is not subject to the caps because the loan tenor is 127 days, or beyond the 4-month limit as stated above.
Nonetheless, we encourage you to file a formal complaint with us by following the instructions below in order for us to know more about the specifics of your complaint:
1. To File a Formal Complaint Against a Lending or Financing Company
Download and fill out the Complaint Form completely and accurately: https://www.sec.gov.ph/wp-content/uploads/2022/05/2022FCLC_Updated-Complaint-form.docx
2. Provide the necessary attachments, namely:
a. relevant documents and evidence that will support your claim/s or allegation/s ( e.g. screenshots of text messages and conversations with the financing/lending company);
b. loan agreement (if any);
c. valid government-issued ID; and
d. evidence/proof that you have exhausted all remedies against the company concerned before filing your complaint with the SEC.
3. Indicate the following personal information of the complainant in the complaint form:
a. personal e-mail address;
b. personal contact number/s; and
c. address (in the Philippines) where you may be furnished a copy of letter/s and order from the Commission.
4. Use the below format in the subject head of e-mail in sending the complaint form to flcd_complaints@sec.gov.ph:
COMPLETE NAME_RESPONDENT COMPANY _SUBJECT OF COMPLAINT
(ex: JUAN DELA CRUZ_ABC LENDING_DISCLOSURE STATEMENT VIOLATION)
5. Submit one complaint form per respondent company.
For more information, refer to this link: http://www.sec.gov.ph/lending-companies-and-financing-companies/complaints/
Rest assured that the Commission shall continue its mandate to enforce the laws, rules, and regulations under its authority and in accordance with the SEC’s standard rules and procedures.
Your right to request a review
If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to Commission Secretary at comsec@sec.gov.ph. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.
If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).
Thank you.
Respectfully,
Atty. Rachel Esther Gumtang- Remalante
FOI Receiving Officer
