Guide
How to check if a loan app is legit in the Philippines
Before you borrow from any online lending app, it is worth two minutes to check if it is legal. In the Philippines, a legitimate online lender has to clear three separate requirements, and a lot of harmful apps fail at least one of them. Here is how to check, in plain terms.
The 3 things a legal lender needs
A legal online lender needs all three of these. If even one is missing, be careful.
First, an SEC registration number. This proves the company legally exists as a business in the Philippines. Every legitimate lender has one.
Second, a Certificate of Authority. This is a separate permit that actually lets the company lend money. Being registered as a business is not enough on its own; the company also needs this authority to operate as a lender.
Third, an OLP recording. The specific app has to be recorded with the SEC as an online lending platform of that company. This matters because one company often runs several apps under different names, and each one should be recorded.
How to verify an app in 3 steps
Step one, find the real company behind the app. The name on Google Play is often not the registered company name. For example, the app Cashalo is operated by a company called Paloo Financing, Inc. So the first step is matching the app you see to the company that runs it.
Step two, check that company against the SEC's official list of recorded online lending platforms. You are looking for the company name, its registration number, and confirmation that the app is recorded.
Step three, if the app is not on the list, or is on an SEC advisory for operating without authority, treat that as a serious warning sign and do not borrow.
You can do all of this quickly by searching the app name on LegitLend PH, which matches the app to its company and shows the SEC status. Always cross-check on the official SEC list before you borrow, since records can change.
Warning signs of an illegal lending app
Even beyond the SEC check, watch for these red flags: the app asks for access to your full contacts list or photos, it approves a loan before you send any ID, the fees and interest are not clearly disclosed before you accept, it pressures you to borrow fast, or the company name does not appear anywhere official. Any of these is a reason to stop.
Checking takes a couple of minutes. Getting trapped by an illegal lender can take months to escape. Check first.
Frequently asked
- How do I check if a loan app is legit in the Philippines?
- Find the company that operates the app, check that company against the SEC's list of recorded online lending platforms, and stop if the app is missing from the list or named in an SEC advisory.
- Paano malaman kung legit ang loan app?
- Hanapin muna ang pangalan ng kompanyang nagpapatakbo ng app, hindi ang brand name ng app. Tingnan kung nasa listahan ito ng SEC bilang recorded online lending platform, at kung may Certificate of Authority ang kompanya.
- Is SEC registration enough to make a loan app legal?
- No. A legal online lender needs three things: an SEC registration number, a Certificate of Authority to lend, and an OLP recording for the specific app. If even one is missing, be careful.
Always cross-check on the official SEC list
Statuses change and new advisories are issued regularly. LegitLend PH is an independent information resource — we are not a lender, not affiliated with the SEC, and we do not process loan applications.
Open the official SEC list (sec.gov.ph)