SEC stops operations of 12 lending apps
Credit to Author: The Manila Times| Date: Mon, 30 Nov -0001 00:00:00 +0000
The Securities and Exchange Commission (SEC) halted the operations of 12 online lending applications found to be running without licenses.
The SEC issued cease and desist orders against A&V Lending Mobile, A&V Lending Investor, A.V. Lending Corporation, Cashaku, Cashaso, CashEnergy, Happy Loan, Peso Pagasa, Vito Lending Corp., Phily Kredit, Rainbow-Cash and Rainbowcash.Ph Lending Corp. on October 10.
“The SEC enjoined the owners and operators of the online lending applications, their agents, representatives and promoters, the owners of their hosting sites and all persons acting for and on their behalf to immediately cease and desist, under pain of contempt, from engaging in, promoting and facilitating unauthorized lending activities,” the agency said in a statement.
Last month, the SEC issued cease and desist orders against 30 unauthorized online lending operators.
The following had their operations stopped: Cash Whale, Cash 100, Cashafin, CashFlyer, CashMaya, Cashope, Cashwarm, Cashwow, Creditpeso, ET Easy Loan, Peso2Go, Instant Pera, QuickPera, Lendmo Philippines, Binixo, CashBus, Cashcat, Cashuttle, Crazy Loan, Flash Cash, Happy2Peso, Hatulong, MeLoan, MoneyTree Quick Loan, Pera Express, Pera4u, Peramart, PesoLending, QuickPeso and Umbrella. Tyrone Jasper Piad