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  • REQUEST SUBMITTED

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    Date: 2022-09-06 15:40:24.868476

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    Date: 2022-09-07 05:58:39.007420

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    Date: 2022-09-09 10:17:16.114046

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MADALOAN CHARGING TOO MUCH TO THEIR CLIENT

Requested from SEC by A. Guiabel at 03:40 PM on Sep 06, 2022.
Purpose: Makaiwas sa pagbabanta nila sa akin
Date of Coverage: 09/06/2022 - 09/06/2022
Tracking no: #SEC-065621133869

Guiabel 03:40 PM, Sep 06, 2022

Madaloan is an online lending app, I applied for 1500 but I only received 900 and they want me to pay 3360, I asked them if they could lower the charge since I only received 900 from my 1500 loan amount and loan term is only for 10 days. Instead of granting my request they called me earlier today and raised voice at me insisting to pay the amount or else they will submit complaint to the barangay. So I just paid my 360 balance. Now the thing is they want me to pay 3360for penalty because I paid the 360 balance 3days after due date, this company is indeed a loansharks please investigate it.

Gonzales 05:58 AM, Sep 07, 2022

September 7, 2022

Dear Af,

Thank you for your request dated Sep 06, 2022 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for MADALOAN CHARGING TOO MUCH TO THEIR CLIENT.

We received your request on Sep 06, 2022 and will respond on or before Sep 27, 2022 03:40:24 PM, in accordance with the Executive Order's implementing rules and regulations.

Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy0wNjU2MjExMzM4NjkM, for request with ticket number #SEC-065621133869.

Thank you.

Respectfully,

Isma Gonzales
FOI Officer

Gumtang- Remalante 10:17 AM, Sep 09, 2022

September 9, 2022

Dear Af Guiabel,

Greetings!

Thank you for your request dated Sep 06, 2022 03:40:24 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.

Your Request

You asked for MADALOAN CHARGING TOO MUCH TO THEIR CLIENT.

Response to Request

Please take note that the Commission is already taking the necessary actions against complaints filed against companies that is under its regulatory supervision.

To know more about the specifics of your complaint, you may file a formal complaint with us by following the instructions below:

1. To File a Formal Complaint Against a Lending or Financing Company

Download and fill out the Complaint Form completely and accurately: https://www.sec.gov.ph/wp-content/uploads/2022/05/2022FCLC_Updated-Complaint-form.docx

2. Provide the necessary attachments, namely:

a. relevant documents and evidence that will support your claim/s or allegation/s ( e.g. screenshots of text messages and conversations with the financing/lending company);

b. loan agreement (if any);

c. valid government-issued ID; and

d. evidence/proof that you have exhausted all remedies against the company concerned before filing your complaint with the SEC.

3. Indicate the following personal information of the complainant in the complaint form:

a. personal e-mail address;

b. personal contact number/s; and

c. address (in the Philippines) where you may be furnished a copy of letter/s and order from the Commission.

4. Use the below format in the subject head of e-mail in sending the complaint form to cgfd_md@sec.gov.ph:

COMPLETE  NAME_RESPONDENT COMPANY _SUBJECT OF COMPLAINT

(ex: JUAN DELA CRUZ_ABC LENDING_DISCLOSURE STATEMENT VIOLATION)

5. Submit one complaint form per respondent company.

For more information, refer to this link: http://www.sec.gov.ph/lending-companies-and-financing-companies/complaints/

Rest assured that the Commission is already taking the necessary actions on the complaints filed against companies that are under its regulatory supervision.

Your right to request a review

If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to Commission Secretary at comsec@sec.gov.ph. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.

If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).

Thank you.
Respectfully,

Atty. Rachel Esther Gumtang- Remalante
FOI Receiving Officer

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