The Securities and Exchange Commission has ordered the closure of Fuse Lending, Inc., an unlicensed lending outfit accused of impersonating the financing arm of Philippine mobile payments service GCash as reported by Rappler.
In a July 31 order, the government agency directed the company, its owners, and agents to immediately stop offering loans or promoting lending services.
The move came after GCash’s lending subsidiary, Fuse Financing Inc., reported that the firm had been using its former corporate name without permission.
Fuse Financing shared that the website of Fuse Lending appeared to copy its name, layout, and branding.
The site also allegedly collected personal data and presented vague loan procedures.
An investigation confirmed that Fuse Lending is neither registered as a corporation nor licensed to operate as a lending company, as required under the Lending Company Regulation Act.
This prompted the commission to issue a cease-and-desist order.
Remember to transact only with registered lending companies to avoid scams and protect your personal information.
To verify a company’s registration and license, visit SEC company verification system here.
ManilaShaker is a tech media producing insightful and helpful content for our local and growing international audience. Our goal is to create a premier Philippine digital consumer electronics resource that provides the most objective reviews and comparisons globally.
