Online lender claims operations legitimate

Published October 29, 2019, 12:00 AM

by manilabulletin_admin

FCash Global Lending Inc. (FastCash) has denied it was among the 67 online lending entities accused of committing debt-shaming of its clients and said its operations have been above board and legitimate.

According to Dean J.V. Bautista, lawyer of FCash Global Lending Inc., “the company’s business operations are completely legal and regulations-compliant. It is duly registered with SEC as a corporation, and has been issued the requisite license to operate as lending company.”

Despite the spate of news that cast aspersion on what seems to be a growing subsector of the financial system, some online lenders operate above the ground and form part of the formal lending sector. They pay taxes, they issue receipts, and are officially registered with government. They have their business permits along with official business addresses. Because they operate officially, they could sue and be sued. In brief, these are the legitimate online lenders.

FastCash has been wrongfully lumped together with online lenders, which operate illegitimately, don’t have a Securities and Exchange Commission (SEC) permit, conduct backroom operations indiscriminately, and create a climate of uncertainty and discord on what online lending is all about.

It is further aggravated by unscrupulous third party service providers, who harass and threaten borrowers and their families and loved ones, particularly when they fail to remit their debt repayments.