MANILA, Philippines – The Securities and Exchange Commission (SEC) has flagged a website called Perasayo.com for allegedly stealing the name and corporate identity of legitimate financial companies to trick people into taking loans.

In an advisory released on Friday, the corporate regulator said Perasayo.com isn't a registered lending or financing company. Instead, it uses the identities of real firms to make itself look trustworthy. Borrowers who apply on the site may end up dealing with illegal lenders who charge exorbitant interest rates and use harassment to collect payments.

The SEC didn't name which legitimate companies were impersonated, but warned that these fake platforms often operate through social media ads and text messages. They target people who need quick cash, especially those who may not check if a lender is registered.

Under Philippine law, all lending companies must register with the SEC and secure a Certificate of Authority to operate. Those that don't are considered illegal and can face fines or criminal charges. The SEC has been cracking down on online lending apps in recent years, shutting down dozens that used abusive debt collection tactics.

The regulator urged the public to verify any lending platform before applying. Borrowers can check the SEC's website for a list of registered companies. They can also report suspicious entities to the SEC's Enforcement and Investor Protection Department.

This advisory is part of a broader campaign by the SEC to clean up the online lending industry, which exploded during the pandemic. Many Filipinos turned to digital loans when they lost income, and illegal lenders took advantage of the desperation. Some apps even access a user's phone contacts and send shame messages to family and friends when payments are late.

The SEC has previously filed cases against operators of illegal lending apps, and some have been convicted. But new ones keep popping up, often changing names and websites to avoid detection.

The warning comes at a time when many Filipino families are still struggling with rising costs of goods and services. Loan sharks—both online and offline—prey on this need. The SEC says the best defense is to always check first before borrowing.

How to spot

a fake lending platform

  • Check the SEC's list of registered lending and financing companies on its website.
  • Be wary of apps or websites that ask for access to your contacts, photos, or messages.
  • Legitimate lenders don't charge upfront fees before releasing a loan.
  • If the interest rates seem too good to be true, they probably are.
  • Report suspicious platforms to the SEC through its online portal or email.

For now, Perasayo.com remains online. The SEC hasn't said if it has taken action to block the site or file charges against its operators. But the agency made it clear: dealing with unregistered lenders is a gamble you don't want to take.