Close  

SEC cracks down on 12 more illegal lenders

/ 11:47 AM October 14, 2019

MANILA, Philippines–The Securities and Exchange Commission (SEC) has ordered a dozen more illegal online lenders to stop their operations.

The Commission en banc on October 10 issued a cease and desist order against A&V Lending Mobile, A&V Lending Investor, A.V. Lending Corp., Cashaku, Cashaso, CashEnergy, Happy Loan, Peso Pagasa, Vito Lending Corp., Phily Kredit, Rainbow-Cash and Rainbowcash.Ph Lending Corp.  All of these have engaged in lending activities without the necessary licences.

ADVERTISEMENT

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.

“Considering that the online lending operators are not incorporated entities or have no certificate of authority to operate as lending companies or financing companies, the lending activities and transaction are illegal and have to be stopped immediately by this Commission,” the cease and desist order read. /jpv

FEATURED STORIES

RELATED STORY:

SEC orders shutdown of 11 illegal lending apps

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, lending firms, local news, Philippine news update, SEC
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.