19 Lending Apps were Banned in the Philippines

September 22, 2019 | By | Reply More

SEC issued new update about online lending companies in the Philippines. 19 lending apps got into black list.

The reason of such situation followed great amount of complaints from Filipinos cause of invasion in people’s privacy life or even harassment situations.

19 Lending Apps Under Regulation

Service and online application owners do not have the necessary licenses, certificates for the provision of credit services. Also, they do not have the necessary registrations in the SEC, so their operations in the Philippines are ourlaw.

These companies/services/apps used customers information without their consent in the way one was publicly shamed, etc. The main point of the online lending problem in the Philippines, that it is not only data violations, but there are also next things why people are unsatisfied with ones:

  • High interest rates
  • Not normal terms and conditions
  • Misleading users and undtruthful information
  • Privacy violations
  • Improper credit collection methods

Instant Pera

Instant Pera Philippines
Instant Pera Philippines

Instant Pera is the online lending service in the Philippines. Check please the review. If to be short, not enough information at the website and social networks.

QuickPera

QuickPera Loans
QuickPera Loans in the Philippines

QuickPera is the Philippines P2P service. One provides loans up to 3 months. Max. loan amoun PHP 25,000. Read full review.

Lendmo Philippines

Lendmo Philippines
Lendmo Philippines

Lendmo Philippines – also P2P service, which is closed currently after SEC regulation. Service has enough large support in the Facebook, over 5000+ followers.

Umbrella

Umbrella loans Philippines
Umbrella loans Philippines

Umbrella – is one more mobile App for Filipinos. All terms about one you can read here. You can try use it, but SEC doesn’t recommend.

QuickPeso

QuickPeso

QuickPeso short review, read please it and write in comments your opinion about one.

PesoLending

PesoLending

Pesolanding App is already deleted. But information about it you can find here.

Binixo

19 Lending Apps were Banned in the Philippines
binixo philippines

Binixo Philippines – it is not lender, just loan comparison website, were you can get information about loan originators.

CashBus

CashBus
CashBus

CashBus – one more lending application in the Philippines (full review).

Cashcat

Cashcat Philippines
Cashcat Philippines

Cashcat Philippines – it is also loan comparison website not loan originator company. Service just compare financial service products: banks, loan services, etc.

Cashuttle

Cashuttle
Cashuttle Philippines

Cashuttle – online application is already closed by SEC. Company provided unsecure fast online loans in the Philippines. 5 minutes to apply, 1 day to receive money.

Crazy Loan

Crazy Loan Philippines
Crazy Loan Philippines

Crazy Loan service is already closed by SEC too. One more lending application which provided unsecure cash loans online in Philippines.

Flash Cash

Flash Cash Loan Philippines
Flash Cash Loan Philippines

Flash Cash – loan application in the Philippines. We see currently application is active, but supposed be banned by SEC. It is one more app, which can provide Filipinos with unsecured loans online.

MeLoan

MeLoan
MeLoan Philippines

MeLoan – is banned by SEC lending application. You don’t need collateral. Services provided loans for employees and students in the Philippines. Service website is strange enough and doesn’t have information much. Before, MeLoan max loan amount was: PHP 10000. Loan period: 30 days. Feedbacks were different, but lot of people also were disappointed with one services.

Happy2Peso

Happy2Peso
Happy2Peso Loans Online

Happy2Peso Loan application is not working already, but before customers could get loan up to PHP 20000 for the 91 – 180 days in the Manila and other Philippines cities.

Hatulong

  • couldn’t find any information about Hatulong loans service in the Philippines, so “-“

MoneyTree Quick Loan

MoneyTree Quick Loan
MoneyTree Quick Loan

MoneyTree Quick Loan in the Philippines – online lending service which provides payday loans for Filipinos up to PHP 10000. Service was also banned by the SEC. Also, the website is a little bit strange: advertisement, empty links on social profiles, etc. Check review.

Pera Express

Pera Express Online Loan
Pera Express Online Loan

Pera Express Philippines – it is android loan application, platform for solving Filipinos finance problems. Users could apply for the loan up to PHP 10000, period: 91 – 120 days; max interest rate = 14% per year.

Pera4u

Pera4u
Pera4u

Pera4u – lending application is also banned, nothing interesting or special. You can try to find some more information about Pera4u, but this app is already closed.

Peramart

Peramart
Peramart Philippines

Peramart – again lending mobile application. Customers can apply for the loan up to PHP 10000, loan terms: 91 -365 days, max. interest rate is 24% / year (0,06% per day); no transaction and service fees; no collateral. Application is also banned by SEC in the Philippines, so better work only with reliable services.

Additionally

Credit services received personal information through mobile applications: contact information, contacts, payments, etc. Quite a lot of complaints about services were due to pressure on people to return the money, which negatively affected their personal life, image, and health.

FinTechAlliance.ph initiated the creation of an industry-wide code of ethics to improve the online lending market in the Philippines and improve the situation.

FinTechAlliance.ph – is the finance organization including next companies: PayMaya, Smart, Cashalo, Grab, Mynt, Multisys and Coins.ph.

The Code of Ethics prohibits the use of bullying and other abuses. Lenders and borrowers cooperation should be based on the transparency of all conditions and be under the laws: open information on interest rates, truthful information on repayment methods, adequate conditions in contracts, etc.

New Bans from SEC 24.09.19

The Philippine Securities and Exchange Commission is reviewing more than 64 mobile lending applications since they have received a large number of complaints.

Today, Fintech helps to bridge the difficult gap for those who cannot use the services of banks, but some companies fool customers. Therefore, the SEC has already requested Google to block more than 30 different credit mobile applications.

  • Cash Wale
  • Cashafin
  • CashMaya
  • Cash100
  • Cashope
  • Peso2Go
  • Cashwarm
  • ET Easy Loan
  • Creditpeso
  • Cashwow
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