SEC orders online lender CredLadder to cease operations over illegal practices
The Philippines Securities and Exchange Commission issued a cease-and-desist order forcing CredLadder to stop its lending activities after finding unauthorized loans and abusive collection tactics.
Regulators said CredLadder continued to operate despite a June advisory warning against the platform. The SEC’s Enforcement and Investor Protection Department noted the firm was not listed in the official online-lender registry or the Department of Trade and Industry’s business name system. Authorities accused CredLadder of charging excessive interest and sending humiliating or threatening messages to borrowers. The order requires the company to halt all operations immediately.
Why it matters
The shutdown protects borrowers from predatory loans and reinforces regulatory oversight of digital finance in the Philippines.
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