Crowdfunding app Flint says it will help lenders get back their money from borrowers

Online crowdfunding app Flint said it is committed to help lenders get their money back from borrowers.

This came after an investor talked to GMA Integrated News and said he could not withdraw the P230,000 cash he placed via the app, according to a report on Unang Balita on Monday.

A total of 3,000 users are said to be having problems withdrawing their funds.

Flint however clarified that problems with communication and customer service are affecting investors' transactions thus the latter could not withdraw their funds.

The company's legal counsel Atty. Jhoriel Castillo said Flint is not a scammer and their app remains active.

"Linawin ko lang, ang Flint kasi siya lang ang nagtulay sa borrowers at saka lenders kasi kung babalikan niyo 'yung fine print, wala po kasing, ang nakalagay lang doon, intermediary lang itong si Flint," he said.

(Let me clarify that Flint just serves as the bridge between borrowers and lenders. If you will go back to the fine print, what it says there is that Flint is only an intermediary.)

What happened was there were borrowers who did not pay their loans after the Securities and Exchange Commission announced that Flint did not have the necessary papers to solicit, accept or take investments/placements from the public.

However, the company is still servicing both borrowers and lenders.

"Ang gusto talaga ng Flint maibalik lahat ng mga nakuha ng mga borrowers... Ito po, moral obligation na tulungan ang mga users na makakolekta," Castillo said.

(What Flint really wants is for the cash to be returned by the borrowers [who did not pay]. It is our moral obligation to help users collect.)

Castillo did not give a contact number where investors may get in touch with the company.

However, he said Flint will issue a statement and coordinate with users using the app. —KG, GMA Integrated News