Sunday, April 21, 2024
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lending apps

NPC amends circular on processing of personal data for loan transactions

The National Privacy Commission (NPC) said the amended circular further addresses data privacy concerns due to the prevalence of online lending.

SEC stops registration of online lending platforms

SEC chair Emilio Aquino said the agency is currently crafting new guidelines that will allow online lending and financing companies to better address the needs of borrowers and plug loopholes that give rise to abusive and predatory practices.

NPC, fintech groups call on online lenders to stop collecting excessive data

The National Privacy Commission (NPC) has joined hands with two groups from the finance sector in urging online lenders to stop excessive data collection and start complying with the Data Privacy Act.

Google takes down lending apps on orders of NPC

Following orders from the National Privacy Commission (NPC) to take down JuanHand, Pesopop, CashJeep, and Lemon Loan, the four online lending apps (OLAs) no longer appear and are now unavailable for download from the Google Play Store.

NPC orders takedown of 4 online lending apps

The National Privacy Commission said the four online lending apps -- JuanHand, Pesopop, CashJeep, and Lemon Loan -- were engaged in “irrelevant, unnecessary, and excessive” harvesting of personal and sensitive information without borrowers’ free and informed consent.

Lending firms warned of closure for failure to register online apps

The Securities and Exchange Commission (SEC) said it will revoke the licenses of lending and financing companies that continue to fail to register and disclose their online lending platforms (OLP).

Mobile app intros ‘pamasahe loan’ to allow Pinoy commuters to borrow P500

Local mobile app lendpinoy has launched its “beep Pamasahe Loan”, which allows Filipino commuters to borrow P500 for payment in P2P buses, modern jeepneys, the MRT-3, and LRT 1 and 2.

New report on lending apps fiasco offers recommendations to gov’t

Non-profit group Foundation for Media Alternatives (FMA) has released a new report on the mobile lending issue, which has been lingering in the last couple of years due allegations of debt-shaming and other forms of harassment.

US-based Pinoy lending startup taps 7-Eleven for ‘buy now pay later’ online grocery

Silicon Valley-based Filipino tech entrepreneurs Kevin Gabayan and Earl Valencia co-founded Plentina, a startup that provides alternative credit scoring and digital financial services to brands and retailers.

SEC orders 4 online lending apps to stop operations

The operators of the lending apps employed abusive collection practices, which constituted unfair debt collection practices expressly prohibited under an SEC Memorandum Circular.
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