In a Sept. 23 order, the SEC’s Financing and Lending Companies Department (FinLend) issued a cease and desist order directing Microdot, its owners, and representatives to immediately halt all lending activities.
The order covers several apps, including MF Cash, Credit Cash, Credit Peso, Pesoloan Mart, Cash Baka, Cash Mabilis, Go Peso, Instant Loan, and Timely Loan.
Regulators found that Microdot failed to declare the operations of Credit Peso Pro and MF Cash, violating SEC Memorandum Circular No. 19, Series of 2019, which requires firms to report all existing online lending platforms.
The SEC also received multiple complaints since 2024 alleging harassment and abusive collection methods, breaching the Financial Products and Services Consumer Protection Act (RA 11765).
The company, registered under SEC Registration No. CS201951287 and Certificate of Authority No. 2921, was likewise cited for ignoring SEC directives and audit findings.
—Edited by Miguel R. Camus
