The Securities and Exchange Commission (SEC) on Thursday released a list of 42 online lending applications and websites that are not registered with the agency and therefore not authorized to offer loans.
Under SEC Memorandum Circular No. 10, digital lending platforms that are not registered with the SEC are prohibited from offering, processing, or facilitating loan transactions.
Among the applications found on the Google Play Store that are not recorded with the SEC are Sofi Loan, Masaya Cash: Online Loan App, Napaka Tala, Peso Funny, MoneyAccess: Smart Loan App, Cash Ease, and PesoMate–Fast Loans PH.
The regulator also identified several apps on the Apple App Store that are likewise unregistered, including MocaMoca, Atome Loan, Mabilis Credit, Bee Pera–Philippines, Tala Pesos, Peso Loan, Tala CashPro, FacilCredit, Sigurado Cash, Micropinnacle Technology Corporation, Tala Loan, Pesolending, MabilisCash, TalaCash, and Tala Pera.
In addition to mobile applications, the SEC flagged several websites allegedly operating without proper authorization to process loan applications. These include FuseCash Lending Corp., Metacash, Cashcano, Andali Cash, Bilis Cash, PesoQuick, Tala Pera, Kuha Cash, Huaxin Loan, and Catchkash.
Other entities identified were Cash2go, Peroloan, Bee Pera, Valor Credit, Pagiram Cash, Fintastic Lending Corporation, FIS Credit, Project Duo Events and Marketing Corporation, Fake Megan Credit and Financing Corporation, and Fake Cavite TMC Lending Inc.
The SEC reminded the public that only companies duly registered with the commission and granted a valid certificate of authority are allowed to conduct lending operations under the Lending Company Regulation Act of 2007 and the Financing Company Act of 1998.
Last October, Bukidnon 3rd District Representative Audrey Zubiri filed a bill seeking to amend the Lending Company Regulation Act to address the rise of digital lending platforms.
The measure proposes updating the law for the digital lending landscape and creating a council to oversee lending companies, with the SEC designated as chair. The bill remains pending before the House Committee on Banks and Financial Intermediaries.