The Securities and Exchange Commission (SEC) of the Philippines issued various Cease and Desist Orders to several Online Lending Operators for lack of authority to operate as lending companies or financing companies.
Also, these online lenders were found to operating without a Certificate of Incorporation from the SEC. Hence, violating Republic Act No. 9474.
Moreover, the investigation of the SEC revealed that these Online Lending Operators have been doing unfair debt collection practices.
For instance, these lenders will text blast the contact list of the debtor’s mobile phone, informing them that the debtor obtained a loan and refuses to pay the balance due. Also, the lending operators threatened the debtors that a case would be filed, or the matter will be posted on social media if the balance is not paid.
Below are the Online Lending Operators with CDO from the SEC.
- Batis Loan
- Happy Credit
- Easy Cash
- Wahana Credit & Loan Corporation
- Light Kredit
- A&V Lending Mobile
- A&V Lending Investor
- A&V Lending Corporation
- Happy Loan
- Vito Lending Corporation
- Phily Kredit
- RainbowCash.Ph Lending Corporation
- Cash Whale
- Cash 100
- ET Easy Loan
- Instant Pera
- Lendmo Philippines
- Flash Cash
- Moneytree Quickloan
- Pera Express
The SEC required the operators, owners of the above Online Lending Operators, their agents, representatives, and promoters, as well as the owners of the hosting sites, to immediately cease from operations.
Below are the Cease and Desist Orders of these Online Lending Operators.
- October 24, 2019 CDO- http://www.sec.gov.ph/wp-content/uploads/2019/10/2019CDO_BATISLOAN_HAPPYCREDIT.pdf
- October 10, 2019 CDO- http://www.sec.gov.ph/wp-content/uploads/2019/10/2019CDO_CASENO_10-19-057.pdf
- September 20, 2019 CDO- http://www.sec.gov.ph/wp-content/uploads/2019/09/2019CDO_CASHWHALE_CASH100_CASHAFIN_CASHFLYER.pdf
- September 12, 2019 CDO- http://www.sec.gov.ph/wp-content/uploads/2019/09/2019CDO_InstantPeraQucickPera.pdf