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Friday, March 29, 2024

SEC revokes license of Cashtrees Lending

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The Securities and Exchange Commission said Thursday it revoked the license of Cashtrees Lending Corp. for launching and operating unregistered online lending platforms amid the moratorium.

The SEC’s Corporate Governance and Finance Department said in an order it discovered that Cashtrees committed eight violations of SEC Memorandum Circular No. 10 Series of 2021, which provides for a moratorium on new online lending platforms.

Based on the investigation, Cashtrees launched and operated eight unrecorded OLPs such as Rush Loan, Easy Money, Good Pocket, Lucky Start, Swipe Cash, 365 Cash, Mega Loan and Gold Peso, after the moratorium on new OLPs took effect on Nov. 2, 2021 .

The SEC imposed the moratorium in response to the emergence of financial technology companies engaging in predatory lending, taking advantage of cash-strapped Filipinos in need of quick loans by charging high interest rates and imposing strict payment terms.

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