16/07/2023
SEC orders 6 lending firms to stop unfair collection methods
BY JAMES A. LOYOLA
Jun 30, 2023 10:59 AM
The Securities and Exchange Commission (SEC) has issued cease and desist orders against six lending and financing companies to stop them from employing unfair debt collection practices in their lending operations.
Separate orders were issued by the SEC Financing and Lending Companies Division directed Surity Cash Lending Corp., Populus Lending Corporation, U-Peso.PH Lending Corporation, FESL Lending Corp., Philippine Microdot Financing Corp., and Armorak Lending, Inc.
The orders cover the companies’ branches, extensions, satellite offices, units, and online lending platforms (OLPs), together with their owners, operators, promoters, representatives, and agents.
OLPs of the lending and financing companies include: Surity Cash for Surity Cash Lending; PesoPop, PesoCow, NewCash, and LuckyLoan for Populus Lending; UPeso, Pera4U, PeraLending, and LoanMoto for U-Peso.PH Lending Corporation; Start Loan, Pondo Loan, and First Cash for FESL Lending Corp.;
Pautang Peso, Borrow Peso, King Loan, Loan Peso, Lendpeso Market, Loan Quick, CashCloud, Cash Star, FreePeso, Going Loans, Peso Network, and Red Cash for Philippine Microdot Financing Corp.; and Ayudas and WeLoan for Armorak Lending, Inc.
Yan po mga Agent Ng 6 na Ola Company Pinasara Ng Sec..