A stark warning has been issued regarding two online platforms promising quick credit, as authorities investigate potential fraud and illegal operations. The Securities and Exchange Commission (SEC) recently cautioned the public about “Salmon Credit/Salmon Credit Cash Loan App” and “Mabilis Credit/Mabilis Credit-Quick Cash Loan,” alleging they are operating without the necessary licenses or registration.
The SEC’s advisory highlights a critical risk: these platforms are not registered as legitimate financing or lending companies within the Philippines. This lack of authorization raises serious concerns about the security of personal information and the fairness of loan terms offered through these channels.
According to the regulator, only companies registered with the SEC and possessing a valid certificate of authority are legally permitted to offer lending or financing services. Operating an unregistered online lending application is a direct violation of the law, potentially leading to severe penalties for those involved.
Beyond operating illegally, these platforms may also be engaging in deceptive practices. Impersonating legitimate businesses and misusing corporate identities are offenses punishable under several laws, including those protecting consumers from fraud and identity theft.
The SEC clarified that the *only* authorized “Salmon” online lending platform is operated by Sunprime Finance Inc. under Salmon Group Ltd. Any other entity using the “Salmon” name is operating without permission and should be treated with extreme caution.
Protecting yourself requires diligence. The SEC strongly advises individuals to verify the registration status of any lending company and its online platform *before* engaging in any transactions. This simple step can safeguard against potential financial harm and identity compromise.
Attempts to reach the flagged entities for comment proved unsuccessful, as no publicly available contact information or company profiles could be found. This lack of transparency further underscores the need for caution when considering loans from unfamiliar online sources.
