SEC issues cease-and-desist orders against seven unregistered online lending platforms

Summary

The SEC's Financing and Lending Companies Department issued separate orders dated 15 August 2025 directing seven online lending platforms to immediately stop lending activities and promotional campaigns: Cash Konek, Pesosuki, Yescom Lending–Quick Cash Loan, Peso101–Fast Loans PH, Peso Cow–Mabilis Pera Loan, Swiftloan: Loan App Philippines, and Pera Loan: Fast Cash PH. The SEC cited violations of Memorandum Circular No. 19, Series of 2019, requiring full disclosure of OLPs, and the moratorium on new OLP registrations imposed in November 2021. The SEC said the operations exposed the public to abusive collection practices, unjust interest rates, and data-privacy risks.