MANILA The Securities and Exchange Commission (SEC) said Monday it has ordered 11 online lending applications to stop its operations following complaints.
The following online lending apps have been barred from operating according to the SEC:
- Cash Whale
- Cash 100
- ET Easy Loan
The regulatory body said the firms were ran by unlicensed operators and that it has received complaints on "unreasonable and abusive lending and collection practices."
The 11 firms have also been ordered to stop advertising its services online and to remove existing promotions from the internet.
"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 in their behalf to immediately cease and desist under pain of contempt from engaging in, promoting and facilitating unauthorized lending activities," the regulatory body said.
The SEC earlier issued a cease and desist order against 19 online lending applications, namely 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.