Catcash: Legit or Scammer?
Cashcat: Legit or Scammer?
I. Essential Facts about Catcash
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Name of Lending/Loan Application | Catcash
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Owner of the Company | Howpo OÜ | Registry code: 14855426 (Not registered to SEC Philippines) |
Address | 1005 TRADE AND FINANCIAL TOWER, LANE Q, Fort Bonifacio, TAGUIG CITY, NCR, FOURTH DISTRICT Philippines
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catcash0111@gmail.com (Official)/ info@similarcat.com | |
Mobile | 09519380795 (Official) 09318362138 (official) Agent: 09701615879(Cashcat Gago) 09363048201 09701440226 (Amy Natividad) |
https://www.facebook.com/cashcat.ph | |
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 | 40-52% (7 days to overdue)
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Illegal 5/6 | Yes
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Loan History |
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First Loan | Loan Application: August 11, 2021 Loan Amount: Php 3500 Terms: 7 days Amount Received via Bank: Php 2000 Received when: August 11, 2021 Due Date: August 17, 2021 Paid Amount:3500 Paid Date: August 15, 2021 Paid Interest and Other Charges: 1500 (5 days) Rate of charges: 42.85%
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Second Loan | Loan Application: August 15, 2021 Loan Amount: Php 4500 Terms: 7 days Amount Received via gcash: Php 2700 Received when: August 15, 2021 Due Date: August 21, 2021` Paid Amount:Php 4500 Paid Date: August 20, 2021 Paid Interest and Other Charges: Php 1800 (5 days) Rate of charges: 40%
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Third Loan | Loan Application: August 20, 2021 Loan Amount:5500 Terms: 7 days Amount Received via Bank: 3300 Received when: August 20, 2021 Due Date: August 26, 2021 Paid Amount:5500 Paid Date: August 25, 2021 Paid Interest and Other Charges: Php 2, 200 (5 days) Rate of charges: 40%
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Fourth Loan | Loan Application: August 25, 2021 Loan Amount: 6500 Terms: 7 days Amount Received: Php 3900 Received when: August 25, 2021 Due Date: August 31, 2021 Interest and Other Charges:Php 2600 Rate of charges: 40% Paid Amount: Not Yet Paid Paid Date: Not applicable Paid Interest and Other Charges: Php 1820 (14 days) Late charges: Php 130 Total Interest charges and other charges :Php 4420 Total amount to be paid: Php 9360 Rate of charges: 52% (1 month)
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Total Money I received from Catcash | Php 11,900 |
Total Loan Paid | Php 13500
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Legit Interest (19%) | Php 2261.0 or below (Php 11900* 19%)
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Fair Amount that I shall be paying | Php 14161
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Total win from Catcash | Php 661 if I will not pay the current bill
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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 40-52% 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- Direct, Indirect, and Death threats
- Direct harassment from Catcash
2. Anonymous agent contacting my non references.
Here are the lists of the Loan App Scammers who contacted and accessed my contacts lists without my authorization:
- Dr Roy Salcedo, a medical doctor at World Citi.
Got this screenshot today 9/3/2021
2.Jonathan Ivan Rivera, a Professional Film and Theatre Actor
Got this message August 31, 2021 Tue
3. Anna Lim, Operations Manager at Transcom
Got this message September 1, 2021
4. Father Wilfred Almoneda
Go t message September 1 & 2, 2021
C. Death threats
IV. Proof/Evidence attached (showing that you have exhausted your remedies against the company concerned before filing a complaint with the SEC, e.g.,initial complaint to the company and the company’s response to you, if any):
I emailed them 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 200 calls and text messages 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.
- Autoreply
III. Catcash Management Escalation
The Head
Catcash
Dear Sir/Madam,
Greetings!
My main concern is not about the Php 6500 current loan in your company. May you explain why you were charging me 40% for 7 days or if over due 52% in a month ? 5/6 or 20% and above monthly charges in the Philippines is illegal. One of your agents did a lot of data privacy threat. There is a current evidence of contacting non references and death threats also. You were also charging customers also Php 130 per day for overdue. This is crazy and unlawful. Please see the attachment. The moral damage created by your agent were worst compared to the loan amount. I am asking for compensation for the moral damage to my family and friends.
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.
To see the details of my report about Catcash, 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
I did not receive response via email.
IV. Filing a Complaint to Securities and Exchange Commission (SEC)
October 10, 2021
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. The third online lending platform that I will be complaining about is Catcash, a non-registered online lending platform.
There are two reasons why I want to file a complaint:
A.Practicing 5/6 (20% or more interest and other charges)
– I got charged 40-52% Interest and other charges for 7 days only
-If overdue, they charged me Php 130 a day for overdue
B.Unfair Debt Collection Practices- Direct and Anonymous harassment, and Death Threats
-A threat to post my selfie and valid ID,and inform my fb friends, family, employer about the loan
-A threat to shame and calling me magnanakaw
-A threat to post as a scammer
-My references and non references also received anonymous messages from these lending companies. The non references who received anonymous messages 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 an 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 these online lending platforms. I will stand for these 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 this 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
