The Philippine Securities and Exchange Commission imposed a PHP 1.1 million administrative fine on Fast Coin Lending Corporation for unfair debt collection, interest rates above the legal ceiling, inadequate loan disclosures and failure to comply with investigative directives. The action followed a borrower complaint concerning collection practices and loans obtained through Fast Coin’s CashGuard online lending application. The regulator found that Fast Coin used public humiliation, disclosed personal information and employed other forms of intimidation to collect payments. Management fee deductions resulted in effective interest rates exceeding the 15% monthly ceiling. The company also failed to provide required loan agreements, disclosure statements and amortization schedules, and did not submit documents and information requested during the investigation.
2026-07-16Philippine Securities and Exchange Commission
Philippine Securities and Exchange Commission fines Fast Coin PHP 1.1 million for unfair debt collection and excessive interest rates
The Philippine Securities and Exchange Commission fined Fast Coin Lending Corporation PHP 1.1 million for unfair debt collection and effective interest rates above the 15% monthly ceiling. The lender also failed to provide required loan disclosures and comply with the regulator’s investigative directives.