Tag: lending apps

SEC orders 3 firms to stop online lending activities

The Securities and Exchange Commission (SEC) has ordered three firms — Peso Tree, Pesoalo, and Pinoy Cash Loan — to stop offering loans to the public through their online platforms because they lacked the necessary licenses.

NPC orders ban on 26 online lending firms

The National Privacy Commission (NPC) said it has imposed a ban on the processing of personal data against operators of 26 online lending applications, as part of the agency’s continuing crackdown on online lenders that resort to public shaming of borrowers.

NPC summons 67 more online lenders

In an Order for Summary Hearing published in three newspapers of general circulation, the NPC is ordering the board of directors behind the lending apps to appear before the agency to attend a summary hearing, submit their Responsive Comment, and present their defense.

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