Not all online money lending companies are legit. Online lending companies that operate legally have to register its existence under SEC. They should have a physical office set up within the Philippines so that the enforcement authorities can track them down in case of any untoward incidents.
Still, several illegal lenders operate only in the online world. They do not follow the regulation and loot the customers through various unethical practices.
For a borrower who seeks instant loans online, differentiating such lenders from legally operating ones is a bit difficult task. While applying for an instant money loan online, always ensure that the lender is legit by checking the details on the website: https://www.sec.gov.ph/. For example, Digido is a fully legal company, it has SEC Registration No.: 202003056, and Certificate of Authority No. 1272. Any client can check this information on the state website in the list of financial companies.
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