The Securities and Exchange Commission (SEC) has urged the public to be vigilant when it comes to online lending apps, saying it has has received harassment reports from netizens coming from these online “loan sharks.”
The SEC found SunCash Lending to have threatened borrowers with shaming on social media by publishing their names as scammers and warning the people in their contact lists that they are scammers, among others.
The Securities and Exchange Commission (SEC) said it has cancelled the lending license and corporate registration of Flying Bear Lending Corp., operating as Yopeso, Morepeso and Rapidpeso, over its failure to disclose its online lending platforms (OLPs) to the agency.
In an order issued April 26, the SEC directed Golden Cash, Help Cash, and Grace Cash to stop conducting lending activities without the necessary authorization from the agency and to stop employing abusive collection practices.
In an order issued March 22, the SEC directed PesoKwento, Pondo Cash, TBAG, Cash Sky, Loan Cash, and East Cash to immediately cease and desist from engaging in any lending activity until they have incorporated and secured the requisite authorization from the agency.
The Securities and Exchange Commission (SEC) said it has revoked the license of Cashtrees Lending Corporation for launching and operating unregistered online lending platforms (OLPs) amid a moratorium imposed by the commission.
In a joint operation on Feb. 12, the combined forces of the Securities and Exchange Commission (SEC) and the Philippine National Police Anti-Cybercrime Group (PNP-ACG) implemented a warrant to search, seize, and examine computer data in Cashtrees Lending Corporation’s office in Pasig City.