SEC’S LATEST LIST: 33 ILLEGAL LENDING APPS FORCED TO SHUT DOWN

SEC’s Latest List: 33 Illegal Lending Apps Forced to Shut Down

SEC’s Latest List: 33 Illegal Lending Apps Forced to Shut Down

Blog Article

The Philippine Securities and Exchange Commission (SEC) has intensified its crackdown on illegal online lending operations, recently ordering the removal of 33 unregistered and abusive lending apps. These platforms were found to be operating without proper licenses and engaging in unethical debt collection practices, violating consumer protection laws.

SEC Cracks Down on Illegal Lending Apps


The SEC, in collaboration with tech companies and law enforcement agencies, has identified and shut down unregistered digital lenders that fail to comply with the Lending Company Regulation Act (LCRA) and the Financial Products and Services Consumer Protection Act (FCPA). These apps were flagged for:

  • Operating without an SEC license

  • Charging excessive interest rates and hidden fees

  • Using harassment, threats, and public shaming in debt collection

  • Illegally accessing borrowers’ personal data


To protect consumers, the SEC has submitted a request to Google and Apple to remove these apps from their stores.

Safe Alternatives: Where to Find Legitimate Loan Apps


With the rise of digital lending, borrowers must be cautious when choosing a loan provider. To ensure safety, users can rely on PersonalLoan.ph (https://www.personalloan.ph/), a trusted loan marketplace where all listed lending apps are SEC-registered.

Why choose PersonalLoan.ph?
✅ All loan providers are SEC-accredited
✅ Compare multiple loan options in one place
✅ Transparent terms and conditions
✅ Fast and secure application process

Instead of risking loans from unverified sources, users can confidently find a safe and legal lending option on PersonalLoan.ph.

Final Thoughts


As digital lending continues to grow, the SEC remains committed to eliminating illegal lenders and protecting consumers from financial exploitation. Borrowers should always verify a lending platform’s SEC registration before applying for a loan. By using trusted platforms like PersonalLoan.ph, users can safely compare and apply for SEC-approved loans without fear of scams or abusive practices.

For the latest SEC updates and a full list of banned lending apps, visit the SEC’s official website.

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