Interest caps, licensing, and how to complain about online lending apps in the Philippines.
File simultaneously with the SEC Corporate Governance and Finance Department (cgfd@sec.gov.ph) for SEC MC 18 violations and with the National Privacy Commission (privacy.gov.ph) for unauthorized contact-list access under RA 10173. Both agencies can suspend the lender's Certificate of Authority and order data deletion; the SEC has revoked the licenses of multiple OLPs since 2019.
Read the full answer, sources & FAQ →BSP Circular 1133 (2021), as extended by Circular 1165 (2023), caps the nominal interest at 6% per month and the all-in effective interest (including penalties) at 15% per month for short-term, low-value loans (unsecured, up to ₱10,000, tenor ≤4 months). The Usury Law's ceilings were suspended by Central Bank Circular 905 (1982), but courts may still strike unconscionable rates under Article 1306 of the Civil Code (Medel v. CA, G.R. 131622, 1998).
Read the full answer, sources & FAQ →Facing this yourself?
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