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MANILA, Philippines – The Securities and Exchange Commission (SEC) has imposed a P1.1-million administrative fine on Fast Coin Lending Corp. after finding the company liable for unfair debt collection practices, excessive interest charges and multiple violations of lending regulations.
In a statement issued Thursday, the SEC said its Financing and Lending Companies Department (FLCD) found Fast Coin to have violated SEC Memorandum Circular (MC) No. 18, Series of 2019, which prohibits unfair debt collection practices, and MC No. 3, Series of 2022, which sets interest rate and fee ceilings for lending and financing companies and their online lending platforms.
The regulator also found the lender liable for violating the Truth in Lending Act, an SEC memorandum circular, and a lawful commission order under the Lending Company Regulation Act.
The case stemmed from a borrower’s complaint that Fast Coin used harassing text messages to collect payments.
