Swipe Cash: Legit or Scammer?
Swipe Cash: Legit o Scammer?
By: Peter Breboneria II
I. Basic Information about Swipe Cash
I. Essential Facts about Swipe Cash
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Name of Lending/Loan Application | Swipe Cash
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Owner of the Company | SwipeCash Lending Corporation (Not SEC registered)
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Address | 1005 TRADE AND FINANCIAL TOWER, LANE Q, Fort Bonifacio, TAGUIG CITY, NCR, FOURTH DISTRICT Philippines
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Swipecash.facebook.com
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Mobile | 09953450254(Official)/09752015118
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With Certificate of Authority from SEC | No
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Listed as SEC Registered Online Lending Platforms | No
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Listed as SEC Registered Financing & Lending Companies | No
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Interest and other charges | 42% (8 days)
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Illegal 5/6 | Yes
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Loan History |
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First Loan | Loan Application: August 12, 2021 Loan Amount:Php 4000 Terms: 8 days Amount Received via BPI: Php 2320 Received when: August 12, 2021 Due Date: 8/19/2021 Paid Amount:Php 4000 Paid Date: 8/17/2021 Paid Interest and Other Charges: Php 1680 Rate of charges: 42% (8 days)
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Second Loan | Loan Application: August 17, 2021 Loan Amount: Php 4500 Terms: 8 days Amount Received via BPI: Php 2610 Received when: Did not receive Due Date: 8/24/2021 Paid Amount:Php 4500 Paid Date: 8/22/2021 Paid Interest and Other Charges: Php 1900 Rate of charges: 42.22% (8 days)
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Third Loan | Loan Application: 8/22/2021 Loan Amount: Php 5000 Terms: 8 day Amount Received via BPI: Php 2900 Received when: 8/23/2021 Due Date: 8/29/2021 Interest and Other Charges:Php 2100 Rate of charges: 42% Paid Amount: Not Yet Paid Paid Date: Not applicable Paid Interest and Other Charges: Not applicable Late charges: 3000 as of 13/9/2021 (15 days late) Php 200 per day
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Total Money I received from Swipe | Php 5220. I did not receive the Php 2610 |
Total Loan Paid | Php 8500
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Legit Interest (19%) | Php 991.80 or below (Php 5220* 19%)
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Fair Amount that I shall be paying | Php 6211.80
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Total loss from Swipe | Php 2282.20
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Debt Collection Harassment | Yes
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Violation of Philippine Laws | 1. No Certificate of Authority(CA) from SEC Republic Act No. 9474- “Lending Company Regulation Act of 2007” 2. Charged 42% Interest and Other Charges The Supreme Court already ruled that imposition of usurious interest rates such as “5-6 money lending” is illegal. 3. Debt Collection Harassment SEC issued Memorandum Circular No. 18, Series of 2019, entitled as “Prohibition on Unfair Debt Collection Practices of Financing Companies and Lending Companies.”
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II. Screenshot of Evidences
II. Debt Collection Harassment
III. Swipe Cash Management Escalation
I emailed and messaged them on the mobile phone. Email not working. No response at official mobile phone. They shall not contact my contact lists both my references and non-references because there was an autoreply if they call me and text me advising them to contact me via email because I was receiving high volume of calls and text. I am receiving almost 300 calls per week and 150 + text message everyday. This is a form of harassment from debt collections call center. I am working and studying full time. I wont be able to respond to their concerns real time.
Dear Sir/Madam,
Greetings!
My main concern is not about the Php 5k current loan in your company.I took Php 4500 loan last August 17, 2021 but I did not receive the Php 2610 in my BPI account.
Loan Application: August 17, 2021
Loan Amount: Php 4500
Terms: 8 days
Amount Received via BPI: Php 2610
Received when: Did not receive
Due Date: 8/24/2021
Paid Amount: Php 4500
Paid Date: 8/22/2021
Paid Interest and Other Charges: Php 1900
Rate of charges: 42.22% (8 days)
You were also charging me 42% Interest and other charges for just 8 days transaction. This is not reasonable and illegal 5/6. The only charge allowed by law is a maximum of 19% per month. 20% and above is called 5/6.
I also received a threat and harassment from your company due to just 7 days overdue. This is crazy, unprofessional, and unethical.I had a screenshot. I had loan transactions with banks and got late on payment but never been harassed. Non- bank financial institutions were really dangerous to mental health and data privacy.
The total amount I received from you was Php 5220. I did not receive the Php 2610 in my bank account and was considered fraud.The loan I paid was Php Php 8500. If we are going to apply 19% in Php 5220. My legit interest shall only be a maximum of Php 991.80 or below for a month. I shall only be paying Php 6211.80.
You were charging customers also Php 200 per day for overdue. This is crazy and unlawful.
I am expecting a refund of Php 2282. 20 to be deposited in my bank account asap.
To see the details of my report about swipe cash and see where I am coming from, you may check the attachment.
I am expecting an immediate response or I’ll do the necessary steps towards your company. I am writing a review about your company. It is in your hands if it is going to be positive or negative. Take care and God bless!
Sincerely,
Peter Breboneria II
How did I file a formal complaint against SWIPE CASH at Securities and Exchange Commission (SEC)?
Chairman Emilio B. Aquino
Securities and Exchange Commission (SEC)
PICC Complex, Roxas Boulevard, Pasay City,
For: Enforcement and Investor Protection Department
Securities and Exchange Commission(SEC)
Dear Mr Chairman,
Good morning!
First of all, I would like to thank you for replying after 22 minutes. I will start filing a formal complaint against multiple, legal, and illegal online lending platforms. I will start with Swipe Cash, a non-registered online lending platform.
There are three reasons why I want to file a complaint
A. Practicing 5/6 (20% or more interest and other charges)
– I got charged 42% Interest and other charges for 8 days only
-They charged me Php 200 a day for overdue
B. Fraudulent Activity
-I received the loan 1 and 3 but did not receive the 2nd loan- Php 2610
C. Unfair Debt Collection Practices- Direct and Anonymous harassment, and Death Threats
-A threat to file a case against my name for 7 days overdue due to breach of contract, deceit, and small money claim, will send a demand letter to home and work address, and contacting references. I would say this is a strong accusation for just 7 days late.
-My references and non references also received anonymous messages from these lending companies. The non references who received anonymous message were Parish Priest, Medical Doctor, Professional Theatre actor etc.
-I also received death threats
For details, you may check my complaint form attached.
I myself can handle the lending issues and used to issues and controversies being a part time International Journalist and founder of International Center for Youth Development, but I will file a case against multiple lending platforms because my family, relatives, and friends were stressed and negatively affected.I also discovered that there were borrowers who took a suicide for being harassed daily by this online lending platforms. I will stand for this victims of harassment. Please pray for me.I have already started 40 days of prayer and fasting for the victims of online lending platforms.
Sincerely,
Peter Breboneria II
To know how to file a formal complaint at SEC against abusive online lending platforms, please click this Formal Complaint.
About the Writer
Peter Dadis Breboneria II (Formerly Peter Reganit Breboneria II) is the founder of the International Center for Youth Development (ICYD) and the program author/ developer of the Philippines first internet-based Alternative Learning System and Utak Henyo Program of the Department of Education featured by GMA News & Public Affairs and ABS-CBN and MOA signed by Department of Education, Voice of the Youth Network, Junior Chamber International (JCI), and the Philippine Music and the Arts. You may visit his website at www.peterbreboneria.com
