SEC shuts down 6 online lending apps found shaming customers

The Lending Company Regulation Act mandates lending companies to be established as a corporation. The 6 companies listed were not registered as corporations or partnerships.The SEC also found that the online lending operators have gained access to personal information stored in borrowers’ mobile phones, including social media accounts, contact numbers and email addresses, through their mobile applications.

“The online lending operators then used such information to exact prompt payment. They would send a text blast to the borrower’s contacts to inform them about the borrower’s indebtedness and his/her supposed refusal to pay the amount due,” the SEC said. Customers were also threatened with legal action or public shaming, adversely affecting their reputation.

The SEC previously issued three cease and desist orders covering a total of 42 online lending applications for operating without incorporating and securing a certificate of authority. The complete list can be found

How about ang mga bombay?abusado mga yan,bakit hindi pa patalsik ang mga yan,wlang mga business permits ang mga yan,yong iba wlang papeles pero nakakapagnegosyo dito,ang taas pa nang interest.dapat palayasi na dito yan

Shame on you this time... Karma.

Know people that received bullying and bashing via text blast sent to borrower's mobile contacts due to delay of payment. Humorous to some but very offensive to most 😤 Good job SEC! We should not tolerate unprofessional way of treating money

No, that's not quite a dose of their own medicine. Why, companies don't feel shame; (good) people do. Sana pinablish online ng SEC the names of all the founders and officers of those 6 shaming lenders. Perhaps, that will shame them.

And this is justice? What big morons! SEC is tolerating the stupid Filipinos! If you cannot pay- then do not borrow money. Paurong! This is sending a wrong message- okay lang mangutang at hindi magbayad- hunghang na mga tamad! Stupid!

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