SEC cracks down on 12 more illegal lenders

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.

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

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SEC orders shutdown of 11 illegal lending apps