SEC issues moratorium on registration of online lending platforms

The Securities and Exchange Commission (SEC) has imposed a moratorium on the registration of new online lending platforms (OLPs) of financing and lending companies, effective Friday, 5 November 2021.

The Commission on November 2 issued SEC Memorandum Circular No. 10, Series of 2021, which provides for the Moratorium on New Online Lending Platforms, ahead of the release of new rules that will govern the licensing and registration of the OLPs of financing and lending companies.

“We are currently crafting new guidelines that will allow lending and financing companies to better address the needs of borrowers and, at the same time, plug loopholes that give rise to abusive and predatory practices,” SEC Chairperson Emilio B. Aquino said.

“We have seen the emergence of financial technology companies that engage in predatory lending, taking advantage of those struggling financially during the pandemic. The Commission will work toward stamping out these abusive financing and lending companies that do nothing but bury borrowers in even more debt.”

OLPs, which have been recorded by the SEC prior to the moratorium, may continue to operate and be used for online lending or financing. The Commission will subject the existing OLPs to strict monitoring, audit and review to ensure their compliance with all applicable laws, rules, and regulations.

To date, the SEC has cancelled the licenses of 35 financing/lending companies due to various violations of applicable rules and regulations.      

The certificate of registration of a total of 2,081 lending companies have also been revoked by the SEC for their failure to secure the requisite certificate of authority, pursuant to Republic Act No. 9474, or the Lending Company Regulation Act of 2007.

Moreover, 58 online lending applications have been ordered to cease operations for lack of authority to operate as a lending or financing company.To see the list of licensed lending and financing companies, please visit the Lending and Financing Companies corner on the SEC website at //www.sec.gov.ph/lending-companies-and-financing-companies-2/lending-companies-and-financing-companies/. You may also find the SEC list pasted below.

LIST OF RECORDED ONLINE LENDING PLATFORMS

As of November 02, 2021
In searching for the name of certain Lending Online Lending Platforms, please use the ‘Ctrl+F’ function.

 COMPANY NAMEREGISTRATION NO.CA NUMBERONLINE LENDING APPLICATIONS
19F Lending Philippines IncorporatedCS2019044712916Pesoclick, Quickpeso, Amihan
2Acom Consumer Finance CorporationCS2017248971140ACOM – Fast Cash Loan. Simple.
3Aeon Credit Service (Philippines) IncCS2013007891055Aeon Credit Service Mobile App
4And Financing CorporationCS2018409301187LendPinoy
5Armorak Lending IncCS2019082712988Ayudas, Weloan
6Asialink Finance CorporationA199711768570Asialink Mobile CRM App
7Asiasource Financial IncCS2014125671085MotorcycleLoan, QuickCash, UtangOnline
8Cash Mart Asia Lending Inc.CS2016100841849Cashmart.ph (website)
9Cashbee Lending Services Inc.CS2019123213041Cashbee.ph
10CashMum Lending Investors Corp.CS2021023363413Cashmum
11Cashtrees Lending CorpCS2020024283245Happylend, Creditcash, Cashmore
12Codeblock Lending Inc.CS2019136813059Kpeso, Opeso, OKpeso
13Convenience Cash Lending Corp.2020090002200-053319Zada Cash, Bloom Cash
14Creditable Lending CorporationCS2018175162749EasyPeso
15DF Credit Lending CorporationCS2020024303244Funpera
16Digido Finance CorpCS2020030561272Unapay, Unacash, www.Digido.ph (website)
17Dolphin Lending Investor, inc.CS2019118973037PesoGO, Microloan
18Easycash Lending Company, IncCS20101882640Easycash
19E-Borrow Lending Corp.2020100002616-0303333Halika Cash
20Elending Lending Inc.CS2019123833044Pocketcash
21Excellent Era Lending Service CorpCS2019130443056Support
22Fast Coin Lending CorpCS201900002773140Cashcow, Cashguard, Cocopeso
23Fcash Global Lending IncCS2018038131149Fcash, Fast Cash, Fast Cash VIP, Fcash pro, Fcash VIP, Fcash+, Fast Cash Pro, Fast Cash +
24Fidoph Lending CorporationCS2018251012832Fidoph Philippines
25Finance Technologies Inc. Doing Business under the name of PitacashCS2019023691200Pitacash
26Fingertip Lending CorpCS20200700010533298Big Loan
27First Digital Finance CorporationCS2015163471101FDFC, Balikbayad, Loan Ranger , Billease,
28Flash Cash 101 Lending Corp.CS2019153173083Valley loan, Lemon Loan
29FT Lending Master Philippines CorpCS2019108633025FT Lending/Go cash
30Fuse Lending Inc.CS2016176221897Gcredit
31Grab Financial Services Philippines, IncCS2019059771210GrabFinance (website), Grab Finance (within the Grab application)
32Global Dominion Financing, Inc.CS200305834530“gdfi.com.ph; Loansolutions.ph; GoDrive.com.ph;
//www.ecomparemo.com; //www.moneymax.ph; //www.imoney.ph; //philkotse.com; //autodeal.com.ph”
33Got-IT Lending Inc.CS2019098403006Eagle Wallet, Pera Bag, Pera U bag
34HC Consumer Finance PhilippinesCS2013013541071My Home Credit
35Hi-fin Lending inc.CS2019109953027Peso Wallet, Credit Cash
36HT Financial lending Services (PH) CorpCS2019054552930HICASH-PESO, CASH LOAN ONLINE ON-DEMAND
37Hupan Lending Technology Inc.CS2019011972879Cashme, Cashwow
38Inclusive Credit Lending Inc.CS2019099283007Pinoy Peso
39Joywin Lending Investor, Inc.CS2018262472859Lemon Loan
40Just Smile Lending CorporationCS2020113423379FreshApp
41King Cash Lending Investors IncCS2021045543442Insta Cash
42Kusog Pera Lending Inc.CS2019166693118Kusog Pera, SnaPera
43Leapgen Lending Inc.CS2019157173089Pesohaus
44LHL Online Lending, Inc.CS2019166993119Pautang online, Pautang Peso
45Link Credit Lending Investors IncCS2019146443072Ipeso, Pesoin
46Magician of Money Lending Corp.CS2019183913157PeraMoo
47Makati Loan, Inc.CS2019172093130Peso Cash Loan
48Mali Lending CorpCS2019076622968Mabilis Cash
49Masaganang Buhay Finance Philippines CorporationCS2018240081185Pesoloan
50Microdot Lending CorporationCS2019512872921MF cash, Credit Cash, Credit Peso, Peso loan mart, Cash Baka, Cash Mabilis, Go Peso,Instant Loan, Timely Loan
51Moneycat Financing Inc.CS2019530731254Moneycat. Ph, One click money.ph
52Mr Angel Credit Corp.CS2014243341669QLO Quick Loans Online (website)
53Mycash Lending Investors Inc.CS2018409872814Paghiram, Peso Online, PHPocket
54 Myloan Lending Investor Inc.CS2019001972866PesoCash
55Neuroncredit Financing Company Inc.CS2018163381178Atome PH
56Online Loans Pilipinas Financing, Inc.CS2017264301181Online Loans Pilipinas
57Paloo Financing IncCS2018002091162Cashalo
58Pera247 Lending CorporationCS2017343392582Pera247
59Peso Redee Financing Co. Inc.CS2018045641165Peso Redee
60Philippine Castrout Lending CorporationCS2019104073015Pesomio, Mocasa, cashoyo
61Philippine Microdot Financing Corp.CS2019073501214Pautang Peso, Borrow Peso, King Loan, Loan peso, Lendpeso Market, Loan Quick, Cash Cloud, Cash Star, Free Peso, Going Loans, Peso Network, Red Cash
62Philippine RUP Financing CorporationCS2019090231218Pesos.ph
63Philippine Vastness Lending CorporationCS2019184013158Vplus
64Plentina Lending Inc.CS202000011173266Plentina.com, plentina
65Populus Lending CorporationCS2019143903066Pesopop, PesoCow, NewCash, Luckyloan
66Prima Fintech (Philippines) Lending CorporationCS2019511002917Pautang Cash, Prima Cash, Flip Cash, Manup, Light Kredit, Peso pocket, Prima Loan
67Prime Global Finance CorporationA199610344185PG Finance
68Putu Novi Financing CorporationCS2019135991230Dami Credit
69Quark Financing Corp.CS202000009161274Madali Loan
70Qcash Finance CorporationCS2019189161253Logicash, Pesoflash, Pesobox
71Radiowealth Finance Company Inc.AS9600005A173Loan Application Portal (via RFC Website)
72Right Choice Finance CorpCS2016120581189myRCF, myRightChoice
73Royal Yohoo Lending Investors CorporationsCS2019061452940Happypera2
74Scoreone Financing CorpCS2019199951257E-Perash
75Second Pay Financing, IncCS2019080381217MMloan
76Snapcash Lending Inc.CS2018048362658Masayacash, Peso2you, CashniJuan, Peso2go, Jetpeso
77Sumisho Motor Finance CorporationCS2009176911007Sumisho
78Summerset Lending IncorporationCS2019037332906Easy Pera
79Sumulong Financing, IncCS2019157121238Gopeso, Grabpeso, Fastpeso
80SunCash Lending Investor Corp.CS2018257072846Suncash
81Sunloan Lending Investors CorporationCS2019005652872Cashola, Peso Plus
82Sunprime Finance Inc.CS2019166981241LoanQuickCash, LoanOnline, CashCash, OnlineUtang, CarFinance
83Surity Cash Lending Investors CorpCS2019101853013Surity Cash
84Tala Financing Philippines IncCS2017105821132Tala
85Tekwang Lending Corp.CS2019113693032Tekcash
86Temple Tech Finance Corp.CS2018207321228Tendopay
87Toyota Financial Services Philippines CorporationCS200251691256“Toyota Financial Services Philippines Corporation website,
and KINTO web and mobile application”
88Transnational Financial Services Inc1386291017Transnational Financial Services Inc
89Treasure Bowl Fintech Lending Corp.CS2019163403101Wow Pera, Zippeso
90Umbrella Lending Investor IncCS2019143033068Umbrella Lending Investor
91Unistar Credit and Finance CorporationCS200528016902FundEasy Website
92U-Peso Lending Investors Corp.CS2018166912739PesoQ
93U-Peso.PH Lending CorpCS2018149082718Upeso, Pera4u, Peralending, Loanmoto
94Vamo Lending Inc.CS202000009153261Vamo
95Vidalia Lending CorpCS200813771279Vidalia App
96Warm Cash Lending Corp2021030009095-023427Honey Loan
97WeFund Lending Corp.CS2018256722844Cashmore, Juanhand, Junahand, Kidlat Peso
98XLKash Lending Corp.CS2019173093136Xlkash Lending
99Y Finance Inc.CS2018004941163LoanChamp
100Yinshan Lending IncCS2019001082860Happycash
101Yulon Finance Philippines CorporationCS2018061191167Yulon Finance’s website (//www.yulon-finance.com.ph/)

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