Connect with us

Hi, what are you looking for?


SEC warns against two entities conducting alleged loan scams

THE Securities and Exchange Commission (SEC) has warned the public against two entities engaging in lending and financial activities, as they have not secured the license or necessary documents.

The regulator has identified these entities as Philippines First Circle Micro Loan Co. Ltd. and Easy Loan Finance Corp., which have been operating online.

The SEC said both have been victimizing the public through “advanced fee loan scams” that ask would-be clients for an upfront fee to complete an application process. Subsequent fees will then be placed to “unblock” the loan application.

The commission, in an earlier advisory, said that these scams promise the victim large sums of money in return for a small upfront fee. It said individuals engaged in these scams are liable for violating Article 315 on swindling under the Revised Penal Code of the Philippines.

Meanwhile, the entities have also been posing online as First Circle Growth Finance Corp., which is duly certified and authorized by the SEC to conduct lending and financing activities.

“First Circle Growth Finance Corp. is not affiliated with these entities. They operate through a poorly designed Google Play Store App and bogus website,” the company said in an e-mail correspondence with BusinessWorld.

Initial reports of scams were reported to the company last year, as a concerned individual informed First Circle through its official support channel for verification of the entity.

“Unfortunately, we then continued to get more and more reports from other people on the misdealing of these entities posing as First Circle throughout the year,” it said.

First Circle has reached out to various government departments including the SEC to “understand what the necessary steps are for the victims and our firm.”

The company operates only through its official website and platforms in conducting transactions.

First Circle is a financial technology company that provides small and medium enterprises with financial services. It only operates through its website. — Adrian H. Halili

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



SM Investments Corp. announces annual stockholders’ meeting on April 26 – BusinessWorld Online ...


AyalaLand Logistics Holdings Corp. to conduct annual meeting of stockholders virtually on April 19 – BusinessWorld Online ...


The National Grid Corp. of the Philippines (NGCP) warned of possible power outages as temperatures sizzle in Metro Manila. — PHILIPPINE STAR/MICHAEL VARCAS THE...


A worker makes denim jeans for export at a garment factory in Manila, June 17, 2008. — REUTERS/ROMEO RANOCO By Luisa Maria Jacinta C....


PHILIPPINE STAR/WALTER BOLLOZOS By Keisha B. Ta-asan, Reporter THE PHILIPPINE economy is likely to expand by 5.8% this year, although elevated inflation and higher...


BW FILE PHOTO THE PHILIPPINE central bank is expected to raise benchmark rates by 25 basis points (bps) in May, which could mark the...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.