The Securities and Exchange Commission (SEC) has continued to remove unregistered online lending platforms (OLPs) as part of its campaign against abusive, unethical, and illegal lenders.
In a statement on Monday, the SEC said it has issued cease and desist orders (CDOs) against 14 OLPs for operating without a license and engaging in unfair debt collection practices.
The OLPs are: CashAB, CashOcean, CashFlyer, Happy Loan, Loan Bee, LoanTastic, MeLoan, MoneyCat, MoneyTree Quick Loan, Peso Cash, Peso2Go, PesoLending, QuickPera and Umbrella.
The SEC said these OLPs have been offering loans to the public through mobile applications, online platforms or social media accounts without securing a certificate of authority to operate as lending or financing companies.
The commission also found that these OLPs have been imposing excessive interest rates and charges, requiring borrowers to consent to the collection and use of their personal data, and subjecting borrowers to harassment, threats, and intimidation.
The SEC warned the public against transacting with these OLPs and urged them to report any unauthorized lending activities to the commission.
The SEC also reminded the public to only deal with entities that are registered and authorized to engage in lending or financing activities.
According to the SEC, there are 1,125 entities that have secured certificates of authority to operate as lending or financing companies as of September 15, 2023. The list of these entities can be accessed on the SEC website.
The SEC said it will continue to monitor and crack down on illegal OLPs in coordination with other government agencies such as the National Privacy Commission, the Department of Information and Communications Technology, the Bangko Sentral ng Pilipinas, and the Philippine National Police.