Atome Philippines — Excessive / Undisclosed APR (Online Lending)

How do I file a complaint against an online lending app?

File simultaneously with the SEC Financing and Lending Companies Department (FLCD) — through the SEC I-Message Mo portal (imessage.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.

What is the maximum legal interest rate in the Philippines?

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).

How long does an SEC complaint take?

SEC's Enforcement and Investor Protection Department (EIPD) typically issues show-cause orders within 30–60 days of a complete complaint and decides administrative cases within 6–12 months. Cease-and-desist orders against unregistered or egregiously violating online lending platforms have been issued in as little as 14 days. Timelines lengthen when the respondent contests the SEC's jurisdiction.

How do I know if an online lending app is registered with the SEC?

Check the SEC's published lists. Under RA 9474 §4, no lending company may operate without a Certificate of Authority from the Securities and Exchange Commission, and SEC Memorandum Circular 19 (2019) requires every online lending platform to be reported and recorded with the SEC. A legitimate app appears — by both its company name AND its specific app/brand name — on the SEC's list of registered financing/lending companies and recorded OLPs at sec.gov.ph; names flagged on the SEC's Advisories page are operating illegally. LabanPH cross-references these lists on each company profile it tracks.

Do I have a right to a Statement of Account from my lender?

Yes. RA 3765 (Truth in Lending Act) §4 requires a lender, before you become obligated, to disclose to you in writing the amount financed, the finance charge, and the effective interest rate — and RA 11765 (Financial Products and Services Consumer Protection Act, 2022) gives every financial consumer a continuing right to clear information about their account. A lender that refuses to itemize what you owe, or that hid the finance charge at the outset, violates RA 3765 (penalty: fine ₱1,000–₱5,000 or 6 months–1 year imprisonment). LabanPH generates the written demand that puts your lender on the clock.

Who regulates online lending apps in the Philippines?

The Securities and Exchange Commission (SEC). Online lending platforms are lending companies (RA 9474) or financing companies (RA 8556) that must be registered with, and are supervised by, the SEC — not the Bangko Sentral ng Pilipinas. The National Privacy Commission (RA 10173) separately regulates how an app handles your personal data and contacts, and unfair collection is governed by SEC Memorandum Circular 18 (2019). The BSP regulates only bank- or e-money-issuer-affiliated digital lenders. LabanPH's "Which regulator?" tool routes your specific complaint to the right agency.

How to File a SEC Complaint Against an Online Lending App

Step-by-step guide to filing a Securities and Exchange Commission complaint against a Philippine online lending app — SEC MC 18 (2019), evidence checklist, and the SEC I-Message Mo portal.

sec · online-lending · harassment

How to file a BSP complaint online (2026)

Step-by-step guide to filing a complaint with the Bangko Sentral ng Pilipinas — BSP Online Buddy, consumer email, and the paper Consumer Assistance Mechanism form.

bsp · complaint · consumer-protection

How to document a data-privacy violation for an NPC complaint

How to document a Philippine data privacy violation for an NPC complaint — RA 10173, NPC Circular 16-01, evidence pack, screenshots, and the filing path.

npc · data-privacy · ra-10173