December 29, 2020 | 12:05 am Font Size
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THE Securities and Exchange Commission (SEC) has revoked the certificate of authority of Super Cash Lending Corp. due to its unfair debt collection methods.
In a statement on Monday, the commission said that according to a Nov. 11 order, its corporate governance and finance department (CGFD) determined that Super Cash had incurred nine violations under SEC Memorandum Circular No. 18 dated 2019, which mandates for the prohibition on unfair debt collection practices.
CGFD said the company had threatened borrowers with the publication of their loan and personal details, including estafa and theft charges, on social media.
Super Cash has online lending platforms such as Super Cash, Cash Porter, and Loan Bee.
SEC stops Super Cash s operations – The Manila Times
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Firm barred from lending for unfair practices
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