By PR | 01:50 PM July 07, 2021

The Securities and Exchange Commission (SEC) has revoked the Certificate of Authority (CA) of KingABC Lending Corporation, which runs online lending platforms Pondo Loan, Start Loan, Green Loan, and Loan Club, to operate as a lending company for its unfair debt collection practices.

The SEC found KingABC Lending Corporation, which runs online lending platforms Pondo Loan, Start Loan, Green Loan, and Loan Club, to have committed 15 violations of SEC Memorandum Circular No. 18, Series of 2019 (SEC MC 18), which provides for the Prohibition on Unfair Debt Collection Practices of Financing Companies and Lending Companies.

In an order dated June 7, the SEC Corporate Governance and Finance Department (CGFD) found KingABC to have committed 15 violations of SEC Memorandum Circular No. 18, Series of 2019 (SEC MC 18), which provides for the Prohibition on Unfair Debt Collection Practices of Financing Companies and Lending Companies.

The CGFD found KingABC to have threatened borrowers with shaming on social media by publishing their names as scammers and contacting people in the borrowers’ contact list despite not being named as co-makers or guarantors.

KingABC also used obscenities, insults, or profane language in its debt collection, and threatened to sue borrowers based on made-up legal bases, according to the CGFD.

By Bohol Island News

Your reliable source of news and content in the island and the rest of Central Visayas and Mindanao.

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