SEC issues cease and desist order vs 6 lending firms

These firms include PESOBEE, PESO T-SAFE ONLINE CASH, RUSHLOAN, SPENDCASH, TAPA and WITHU.

The SEC found that the operators of these online lending applications are illegally engaging in lending activities even if they are not registered as corporations, and have no Certificate of Authority issued by the Commission, as required under R. A. No. 9474, otherwise known as the Lending Act.

The Commission in a statement said the abusive collection practices employed by these operators constitute unfair debt collection practices prohibited under SEC Memorandum Circular No. 18, Series of 2019 (Prohibition of Unfair Debt Collection Practices of Financing Companies and Lending Companies).

SEC encouraged the public if they have complaints against individuals/companies engaging in lending activities without CA to send email to Enforcement and Investor Protection Department at epd@sec.gov.ph

For complaints against abusive collection practices, please visit https://www.sec.gov.ph/lending-companies-and-financing-companies-2/complaints/.