SEC fines Inclusive Credit P1M for loan, collection violations

MANILA, Philippines — The Securities and Exchange Commission (SEC) fined Inclusive Credit Lending Inc. more than P1 million after finding that the online lender charged excessive interest rates and used unfair debt collection practices, reinforcing its crackdown on abusive lending. In a July 21 order, the SEC’s Financing and Lending Companies Department (FLCD) found Inclusive Credit liable for violating Memorandum Circular (MC) No. 3, which caps interest rates and fees for online lenders, and MC No. 18, Series of 2019, which prohibits unfair debt collection practices. The commission imposed a P1.03-million administrative fine. READ: SEC cracks down on illegal online […]...

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