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Date: Sept. 6, 2022, 3:40 p.m.

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Date: 2022-09-07 05:58:39.000000

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Date: 2022-09-09 10:17:16.000000

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MADALOAN CHARGING TOO MUCH TO THEIR CLIENT

Published by Securities and Exchange Commission(SEC) on Sept. 6, 2022.
Requested from SEC by R. Del Rosario at 03:40 PM on Sept. 6, 2022.
Purpose: Makaiwas sa pagbabanta nila sa akin
Date of Coverage: 09/06/2022 - 09/06/2022
Tracking no: #SEC-065621133869

A.GUIABEL Sept. 6, 2022, 3:40 p.m.

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.

I.GONZALES Sept. 7, 2022, 5:58 a.m.

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

A.GUMTANG- REMALANTE Sept. 9, 2022, 10:17 a.m.

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 [email protected]: 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 [email protected]. 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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