TARLAKENYO (August 31, 2025) — The Securities and Exchange Commission (SEC) has shut down seven online lending companies for operating without the required registration.
The cease and desist orders, issued on August 15, target the following apps: Cash Konek, Pesosuki, Yescom Lending-Quick Cash Loan, Peso101-Fast Loans PH, Peso Cow-Mabilis Pera Loan, Swiftloan, and Pera Loan: Fast Cash PH.
The orders prohibit the companies, their owners, and agents from all lending-related activities. The SEC stated that these unregistered operations violate regulations (MC No. 19, 2019) designed to protect consumers and ignore a 2021 moratorium on new lending app registrations.
Likewise, their operations violated the moratorium on the registration of new OLPs imposed on November 5, 2021, as per MC No. 10, Series of 2021.
Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act, authorizes the SEC to impose enforcement actions, such as a CDO, against financial service providers for noncompliance with the provisions of the law, its implementing rules, and other applicable laws.
The SEC warned that unregulated platforms expose the public to risks like abusive debt collection, unfair interest rates, and data privacy violations. The orders were deemed necessary to “prevent further harm to the public and safeguard the regulatory framework.”
