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READ MOREList of Suspended Certificates of Authority to Operate as a Lending Company (Secondary License)
READ MOREThe SEC has revoked the primary registration of 2,082 lending companies for failure to secure the requisite secondary license – a certificate of authority to operate as a lending company
READ MOREThe Reserve Bank of India gave a list of apps, which were working with non-bank lenders registered with the central bank, to the government ahead of the ban imposed on some apps earlier this week, officials said on Wednesday. "We have given a list of apps which work with NBFCs (non-banking finance companies) to the government. On
READ MOREBack to petition To: Senators of the Philippines Senate Please Stop Online Lending Apps
READ MOREShare. MANILA -- The Securities and Exchange Commission (SEC) continues to stamp out illegal lending activities with another cease and desist order covering six online lending operators. The Commission en banc issued the order on October 24, enjoining the operators and owners of Batis Loan, Happy Credit, Easy Cash,
READ MOREThe SEC regularly monitors lending and financing companies for their compliance with applicable laws, rules and regulations, in a bid to protect borrowers from abusive,
READ MORE4 illegal Online Lending Apps Philippines: JuanHand, Lemon Loan, Pesopop, CashJeep are banned and NPC don''t recommend to use these services anymore. This inormation is or potential cliants of these companies and or those who still have apps on their phones. If you need urgent money, try tonik bank loan or Cashalo loan service.
READ MOREThe operators of the 26 applications were ordered to immediately take down their online lending operations and make sure that their apps are no longer publicly available for download, installation or use.
READ MOREAs part of its crackdown against illegal lending, the SEC will establish a Financing and Lending Division that aims to focus exclusively on the regulation and monitoring of such companies. lending applications]," Mr. Aquino said in a report to the DOF. So far, the Commission has ordered 72 online lending applications to cease operations
READ MOREMANILA, Philippines — The National Privacy Commission (NPC) has ordered the immediate takedown of the mobile apps of four online lenders for the
READ MORENEW DELHI: In a major crackdown, the Central government has initiated the process to ban and block 138 betting apps and 94 loan lending apps with Chinese links on an ''urgent'' and ''emergency'' basis
READ MORENov 1, 2023 6:20 PM PHT. Joann Manabat. Online lending apps trap borrowers in a cycle of debt. Victims have formed a support group to combat abusive debt collection tactics. PAMPANGA, Philippines
READ MOREThe agents are very rude.Not listening to the explanations given to them. Harassing me and my contacts and threatening that my pics and id will be posted on
READ MOREType the name of the online lending app on the search bar to check for red flags or registration status. Note, however, that the SEC and NPC''s lists are primarily focused on data privacy-related
READ MOREMetro Manila (CNN Philippines, September 16) — The country''s corporate regulator has shut down 19 illegal online lending firms following complaints of invasion of privacy and harassment. In a statement Monday, the Securities and Exchange Commission (SEC) said it issued cease and desist order on September 12 against Instant Pera,
READ MOREMANILA – The Securities and Exchange Commission (SEC) continues its crackdown against illegal lending after ordering eight online lending operators to stop conducting lending activities without the necessary license. In an order issued February 8, the commission en banc directed CashWill, PesoBee, Peso T-Safe Online Cash,
READ MOREStop All Online Lending Apps.We have been receiving unfair debt collection practices such as insults and use of profane language, violent threats, false
READ MOREBack to petition To: Office of The President and The Senate PETITION TO SHUT DOWN ABUSIVE ONLINE LENDING APPS
READ MOREThe illegal lenders managed to access personal information kept in the borrowers'' mobile phones, such as names and contact numbers through the online lending applications, according to SEC. It added that some users experienced depression, sleepless nights, humiliation, and health issues due to the high pressure and abusive
READ MOREBack to petition To: Office of The President and The Senate PETITION TO SHUT DOWN ABUSIVE ONLINE LENDING APPS
READ MOREApp permissions are allowed only under suitable, necessary and not excessive purpose of KYC for determining creditworthiness, preventing fraud and collecting debt. ``When such purpose has already been achieved, such online apps shall prompt the data subject to turn off or disallow these permissions,'''' the circular said.
READ MOREThe onsite digital forensic examination on the seized devices showed that the employees of Cashtrees Lending operated online lending applications such as Happylend, Rush
READ MOREAt the meeting it was decided that RBI will prepare a whitelist of legal digital lending apps, and that MeitY would ensure that only the whitelisted apps are hosted on app stores. Further, it was also decided that all ministries and agencies will "take all possible actions to prevent operations of such illegal loan apps".
READ MOREPALSVI''s Founder, Ms. Vanessa Burdeos, calls for an end to the operation of these apps, which she claims "threaten, embarrass, intimidate, and cause utter grief to the unfortunate victims." In total, more than 50 lending platforms have been accused by PALSVI of illegal activities, causing severe distress and harm to borrowers.
READ MOREWe demand the cessation of operations for these exploitative online lending applications, as they pose a threat, humiliate, intimidate, and bring profound distress to their unfortunate victims. We firmly advocate for the cessation of all online lending applications available
READ MOREThe firms, SEC said, violated the Lending Company Regulation Act of 2007 which only allows a lending company to be established by a corporation and
READ MOREAbout. ADVISORY: Paalala sa publiko ukol sa paggamit ng pangalan ng Credit Information Corporation (CIC) ng mga online lending platforms. Muling pinaalalahanan ng Credit Information Corporation (CIC) ang publiko na kailanman ay hindi ito nagkaroon ng kaugnayan sa pangongolekta ng utang o pagpapadala ng payment notice ng alinmang
READ MOREMeitY recently blocked 138 betting apps, and 94 loan apps with links to China and alleged involvement in money laundering. It remains unclear if digital lenders like Kissht and LazyPay are part of the same list. The list earlier had Brunei Investment-backed Kissht but it was subsequently dropped from the list of apps that were to be banned.
READ MOREThe central bank of the Philippines recently banned 19 lending apps for engaging in predatory and usurious lending practices. The move is intended to protect consumers from unscrupulous lenders who have been known to charge interest rates upwards of 200%, with some cases reaching as high as 1,000%.
READ MORELack of Registration with Regulatory Bodies. Legitimate loan apps in the Philippines are required to be registered with regulatory bodies, such as the Securities and Exchange Commission (SEC) or the Bangko Sentral ng Pilipinas (BSP). Before availing any loan, ensure that the app is duly authorized and regulated by the appropriate authorities.
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