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