SEC orders Microdot Lending Corp to stop operations over unfair debt collection

The Securities and Exchange Commission (SEC) has ordered Microdot Lending Corporation, operator of Credit Cash and Credit Peso, to cease and desist from engaging in lending activities due to alleged unfair debt collection practices.

The SEC's order also covers several other online lending apps operated by Microdot, including MF Cash, Pesoloan Mart, Cash Baka, Cash Mabilis, Go Peso, Instant Loan, and Timely Loan.

Numerous complaints have been filed against Microdot since 2024 regarding its alleged unfair debt collection tactics.

The SEC stated that these unfair practices must be stopped immediately to protect the rights of borrowers.

Additionally, Microdot failed to disclose the operations of its Credit Peso Pro and MF Cash lending platforms to the SEC, violating regulations that require reporting of all online lending platforms.