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The certificate of registration of a total of 2,081 lending companies have also been revoked by the SEC for their failure to secure the requisite certificate of authority, pursuant to Republic Act No. 9474, or the Lending Company Regulation Act of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 NAME | REGISTRATION NO. | CA NUMBER | ONLINE LENDING APPLICATIONS | |
| 1 | 9F Lending Philippines Incorporated | CS201904471 | 2916 | Pesoclick, Quickpeso, Amihan |
| 2 | Acom Consumer Finance Corporation | CS201724897 | 1140 | ACOM – Fast Cash Loan. Simple. |
| 3 | Aeon Credit Service (Philippines) Inc | CS201300789 | 1055 | Aeon Credit Service Mobile App |
| 4 | And Financing Corporation | CS201840930 | 1187 | LendPinoy |
| 5 | Armorak Lending Inc | CS201908271 | 2988 | Ayudas, Weloan |
| 6 | Asialink Finance Corporation | A199711768 | 570 | Asialink Mobile CRM App |
| 7 | Asiasource Financial Inc | CS201412567 | 1085 | MotorcycleLoan, QuickCash, UtangOnline |
| 8 | Cash Mart Asia Lending Inc. | CS201610084 | 1849 | Cashmart.ph (website) |
| 9 | Cashbee Lending Services Inc. | CS201912321 | 3041 | Cashbee.ph |
| 10 | CashMum Lending Investors Corp. | CS202102336 | 3413 | Cashmum |
| 11 | Cashtrees Lending Corp | CS202002428 | 3245 | Happylend, Creditcash, Cashmore |
| 12 | Codeblock Lending Inc. | CS201913681 | 3059 | Kpeso, Opeso, OKpeso |
| 13 | Convenience Cash Lending Corp. | 2020090002200-05 | 3319 | Zada Cash, Bloom Cash |
| 14 | Creditable Lending Corporation | CS201817516 | 2749 | EasyPeso |
| 15 | DF Credit Lending Corporation | CS202002430 | 3244 | Funpera |
| 16 | Digido Finance Corp | CS202003056 | 1272 | Unapay, Unacash, www.Digido.ph (website) |
| 17 | Dolphin Lending Investor, inc. | CS201911897 | 3037 | PesoGO, Microloan |
| 18 | Easycash Lending Company, Inc | CS20101882 | 640 | Easycash |
| 19 | E-Borrow Lending Corp. | 2020100002616-030 | 3333 | Halika Cash |
| 20 | Elending Lending Inc. | CS201912383 | 3044 | Pocketcash |
| 21 | Excellent Era Lending Service Corp | CS201913044 | 3056 | Support |
| 22 | Fast Coin Lending Corp | CS20190000277 | 3140 | Cashcow, Cashguard, Cocopeso |
| 23 | Fcash Global Lending Inc | CS201803813 | 1149 | Fcash, Fast Cash, Fast Cash VIP, Fcash pro, Fcash VIP, Fcash+, Fast Cash Pro, Fast Cash + |
| 24 | Fidoph Lending Corporation | CS201825101 | 2832 | Fidoph Philippines |
| 25 | Finance Technologies Inc. Doing Business under the name of Pitacash | CS201902369 | 1200 | Pitacash |
| 26 | Fingertip Lending Corp | CS2020070001053 | 3298 | Big Loan |
| 27 | First Digital Finance Corporation | CS201516347 | 1101 | FDFC, Balikbayad, Loan Ranger , Billease, |
| 28 | Flash Cash 101 Lending Corp. | CS201915317 | 3083 | Valley loan, Lemon Loan |
| 29 | FT Lending Master Philippines Corp | CS201910863 | 3025 | FT Lending/Go cash |
| 30 | Fuse Lending Inc. | CS201617622 | 1897 | Gcredit |
| 31 | Grab Financial Services Philippines, Inc | CS201905977 | 1210 | GrabFinance (website), Grab Finance (within the Grab application) |
| 32 | Global Dominion Financing, Inc. | CS200305834 | 530 | “gdfi.com.ph; Loansolutions.ph; GoDrive.com.ph; //www.ecomparemo.com; //www.moneymax.ph; //www.imoney.ph; //philkotse.com; //autodeal.com.ph” |
| 33 | Got-IT Lending Inc. | CS201909840 | 3006 | Eagle Wallet, Pera Bag, Pera U bag |
| 34 | HC Consumer Finance Philippines | CS201301354 | 1071 | My Home Credit |
| 35 | Hi-fin Lending inc. | CS201910995 | 3027 | Peso Wallet, Credit Cash |
| 36 | HT Financial lending Services (PH) Corp | CS201905455 | 2930 | HICASH-PESO, CASH LOAN ONLINE ON-DEMAND |
| 37 | Hupan Lending Technology Inc. | CS201901197 | 2879 | Cashme, Cashwow |
| 38 | Inclusive Credit Lending Inc. | CS201909928 | 3007 | Pinoy Peso |
| 39 | Joywin Lending Investor, Inc. | CS201826247 | 2859 | Lemon Loan |
| 40 | Just Smile Lending Corporation | CS202011342 | 3379 | FreshApp |
| 41 | King Cash Lending Investors Inc | CS202104554 | 3442 | Insta Cash |
| 42 | Kusog Pera Lending Inc. | CS201916669 | 3118 | Kusog Pera, SnaPera |
| 43 | Leapgen Lending Inc. | CS201915717 | 3089 | Pesohaus |
| 44 | LHL Online Lending, Inc. | CS201916699 | 3119 | Pautang online, Pautang Peso |
| 45 | Link Credit Lending Investors Inc | CS201914644 | 3072 | Ipeso, Pesoin |
| 46 | Magician of Money Lending Corp. | CS201918391 | 3157 | PeraMoo |
| 47 | Makati Loan, Inc. | CS201917209 | 3130 | Peso Cash Loan |
| 48 | Mali Lending Corp | CS201907662 | 2968 | Mabilis Cash |
| 49 | Masaganang Buhay Finance Philippines Corporation | CS201824008 | 1185 | Pesoloan |
| 50 | Microdot Lending Corporation | CS201951287 | 2921 | MF cash, Credit Cash, Credit Peso, Peso loan mart, Cash Baka, Cash Mabilis, Go Peso,Instant Loan, Timely Loan |
| 51 | Moneycat Financing Inc. | CS201953073 | 1254 | Moneycat. Ph, One click money.ph |
| 52 | Mr Angel Credit Corp. | CS201424334 | 1669 | QLO Quick Loans Online (website) |
| 53 | Mycash Lending Investors Inc. | CS201840987 | 2814 | Paghiram, Peso Online, PHPocket |
| 54 | Myloan Lending Investor Inc. | CS201900197 | 2866 | PesoCash |
| 55 | Neuroncredit Financing Company Inc. | CS201816338 | 1178 | Atome PH |
| 56 | Online Loans Pilipinas Financing, Inc. | CS201726430 | 1181 | Online Loans Pilipinas |
| 57 | Paloo Financing Inc | CS201800209 | 1162 | Cashalo |
| 58 | Pera247 Lending Corporation | CS201734339 | 2582 | Pera247 |
| 59 | Peso Redee Financing Co. Inc. | CS201804564 | 1165 | Peso Redee |
| 60 | Philippine Castrout Lending Corporation | CS201910407 | 3015 | Pesomio, Mocasa, cashoyo |
| 61 | Philippine Microdot Financing Corp. | CS201907350 | 1214 | Pautang Peso, Borrow Peso, King Loan, Loan peso, Lendpeso Market, Loan Quick, Cash Cloud, Cash Star, Free Peso, Going Loans, Peso Network, Red Cash |
| 62 | Philippine RUP Financing Corporation | CS201909023 | 1218 | Pesos.ph |
| 63 | Philippine Vastness Lending Corporation | CS201918401 | 3158 | Vplus |
| 64 | Plentina Lending Inc. | CS20200001117 | 3266 | Plentina.com, plentina |
| 65 | Populus Lending Corporation | CS201914390 | 3066 | Pesopop, PesoCow, NewCash, Luckyloan |
| 66 | Prima Fintech (Philippines) Lending Corporation | CS201951100 | 2917 | Pautang Cash, Prima Cash, Flip Cash, Manup, Light Kredit, Peso pocket, Prima Loan |
| 67 | Prime Global Finance Corporation | A199610344 | 185 | PG Finance |
| 68 | Putu Novi Financing Corporation | CS201913599 | 1230 | Dami Credit |
| 69 | Quark Financing Corp. | CS20200000916 | 1274 | Madali Loan |
| 70 | Qcash Finance Corporation | CS201918916 | 1253 | Logicash, Pesoflash, Pesobox |
| 71 | Radiowealth Finance Company Inc. | AS9600005A | 173 | Loan Application Portal (via RFC Website) |
| 72 | Right Choice Finance Corp | CS201612058 | 1189 | myRCF, myRightChoice |
| 73 | Royal Yohoo Lending Investors Corporations | CS201906145 | 2940 | Happypera2 |
| 74 | Scoreone Financing Corp | CS201919995 | 1257 | E-Perash |
| 75 | Second Pay Financing, Inc | CS201908038 | 1217 | MMloan |
| 76 | Snapcash Lending Inc. | CS201804836 | 2658 | Masayacash, Peso2you, CashniJuan, Peso2go, Jetpeso |
| 77 | Sumisho Motor Finance Corporation | CS200917691 | 1007 | Sumisho |
| 78 | Summerset Lending Incorporation | CS201903733 | 2906 | Easy Pera |
| 79 | Sumulong Financing, Inc | CS201915712 | 1238 | Gopeso, Grabpeso, Fastpeso |
| 80 | SunCash Lending Investor Corp. | CS201825707 | 2846 | Suncash |
| 81 | Sunloan Lending Investors Corporation | CS201900565 | 2872 | Cashola, Peso Plus |
| 82 | Sunprime Finance Inc. | CS201916698 | 1241 | LoanQuickCash, LoanOnline, CashCash, OnlineUtang, CarFinance |
| 83 | Surity Cash Lending Investors Corp | CS201910185 | 3013 | Surity Cash |
| 84 | Tala Financing Philippines Inc | CS201710582 | 1132 | Tala |
| 85 | Tekwang Lending Corp. | CS201911369 | 3032 | Tekcash |
| 86 | Temple Tech Finance Corp. | CS201820732 | 1228 | Tendopay |
| 87 | Toyota Financial Services Philippines Corporation | CS200251691 | 256 | “Toyota Financial Services Philippines Corporation website, and KINTO web and mobile application” |
| 88 | Transnational Financial Services Inc | 138629 | 1017 | Transnational Financial Services Inc |
| 89 | Treasure Bowl Fintech Lending Corp. | CS201916340 | 3101 | Wow Pera, Zippeso |
| 90 | Umbrella Lending Investor Inc | CS201914303 | 3068 | Umbrella Lending Investor |
| 91 | Unistar Credit and Finance Corporation | CS200528016 | 902 | FundEasy Website |
| 92 | U-Peso Lending Investors Corp. | CS201816691 | 2739 | PesoQ |
| 93 | U-Peso.PH Lending Corp | CS201814908 | 2718 | Upeso, Pera4u, Peralending, Loanmoto |
| 94 | Vamo Lending Inc. | CS20200000915 | 3261 | Vamo |
| 95 | Vidalia Lending Corp | CS200813771 | 279 | Vidalia App |
| 96 | Warm Cash Lending Corp | 2021030009095-02 | 3427 | Honey Loan |
| 97 | WeFund Lending Corp. | CS201825672 | 2844 | Cashmore, Juanhand, Junahand, Kidlat Peso |
| 98 | XLKash Lending Corp. | CS201917309 | 3136 | Xlkash Lending |
| 99 | Y Finance Inc. | CS201800494 | 1163 | LoanChamp |
| 100 | Yinshan Lending Inc | CS201900108 | 2860 | Happycash |
| 101 | Yulon Finance Philippines Corporation | CS201806119 | 1167 | Yulon Finance’s website (//www.yulon-finance.com.ph/) |
