SEC cancels licenses of 4 online lenders

The Securities and Exchange Commission canceled the license of the loan company KingABC Lending Corp. which operates four online loan platforms due to allegedly unfair debt collection practices. He said that based on his investigation, King ABC, which operates Pondo Loan, Start Loan, Green Loan and Loan Club, committed 15 violations of SEC Circular No.18, Series of 2019, which prohibits companies loan and financing to adhere to unfair debt collection practices. The SEC said its corporate governance and finance department discovered that KingABC threatened borrowers with shame on social media by posting their names as scammers and contacting people on the bank’s contact list. borrowers without being named as co-creators or guarantors. KingABC also used obscenities, slurs or profane language in debt collection and threatened to sue borrowers on fabricated legal grounds, according to the CGFD.

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