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MANILA, Philippines — The Securities and Exchange Commission (SEC) has canceled the lending license of Surity Cash Lending Investors Corp. for its alleged “disrespectful” debt collection practices.
In a statement on Monday, the corporate watchdog said online lending platform Surity Cash had violated SEC Memorandum Circular No. 18, Series of 2019, which prohibits unfair debt collection practices.
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The SEC Financing and Lending Companies Department likewise revoked the company’s certificate of authority to operate as a lending company, as well as its primary registration.
According to the SEC, its revocation order dated Jan. 14, 2025, was a response to five formal complaints it had received for Surity Cash’s supposed “abusive collection practices.”
One of the complainants said they had “experienced depression and harassment due to [Surity Cash’s] manner of collection,” as the company had also allegedly threatened to disclose loan details to her reference contacts.
