Philippines SEC shuts down 30 online lending apps in September

The Securities and Exchange Commission (SEC) in the Philippines has ordered the shutdown of 30 online lending applications that lack permits to operate and have allegedly been unreasonable and abusive to their borrowers.

In an order dated September 19, the SEC said it has issued a cease and desist order against Instant Pera, QuickPera, Lendmo Philippines, Binixo, CashBus, CashCat, Cashuttle, Crazyloan, FlashCash, Happy2Peso, Hatulong, Meloan, Moneytree Quick Loan, Pera Express, Pera4U, Peramart, PesoLending, QuickPeso, and Umbrella.

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