Cash Whale, ET Easy Loan & Peso2Go Among 11 Illegal Lending Apps
CASH WHALE, ET Easy, & Peso2Go – Popular mobile lending applications are getting shut down along with eight others for complaints regarding unreasonable and abusive collections.
According to an article Inquirer, the order was made on September 20 by the Securities and Exchange Commission (SEC). The other lending apps included in the order are:
- Cashafin
- CashFlyer
- CashMaya
- Cashope
- Cashwarm
- Cashwow
- Creditpeso
- Cash 100
In a previous article, Fast Cash, along with 2 other lending applications were also charged with data privacy violations. Recently, the SEC had a cease-and-desist order versus 19 other lending apps.
The users or borrowers of these applications had several complaints. These included high interest rates, unreasonable policies, and privacy violations.
Aside from those, there were also misleading non collection of charges and fees. In lieu of this, the unlicensed apps were ordered to stop their lending activities.
These activities included engaging in, as well as promoting and facilitating in lending. Along with this, the SEC ordered them to discontinue advertising their business online.
They were also ordered to remove promotional presentations and offerings. This included the lending applications that they operate.
Moving forward, the SEC had gave a directive to persons and groups promoting similar business practices. They were ordered to stop engaging in lending until they have obtained operation certificates.
The 19 mobile lending apps that were ordered to stop their operations are as follows:
- Binixo
- CashBus
- Cashcat
- Cashuttle
- Crazy Loan
- Flash Cash
- Happy2Peso
- Hatulong
- Instant Pera
- Lendmo Philippines
- MeLoan
- MoneyTree Quick Loan
- Pera Express
- Pera4u
- Peramart
- PesoLending
- Quick Pera
- QuickPeso
- Umbrella
According to the article by Inquirer, information from EIPD revealed that the lending applications were able to access personal information of their borrowers. These included phone numbers, as well as Facebook accounts they registered as.
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