The Philippine Securities and Exchange Commission issued a cease and desist order against Convenience Cash Lending Corporation, which operates under the names Zada Cash and Bloom Cash, directing it to immediately stop all lending activities for operating unregistered lending operations. The order, dated May 27 and issued through the SEC Financing and Lending Companies Department, covers the company’s lending operations including its declared online lending platforms. The SEC linked the enforcement action to the company’s failure to comply with a 6 July 2023 SEC order requiring online lending platform operators to register with the Credit Information Corporation under Republic Act No. 11765, the Financial Products and Services Consumer Protection Act, and its implementing rules and regulations.
Philippine Securities and Exchange Commission 2025-06-27
Philippine Securities and Exchange Commission orders Convenience Cash Lending to halt unregistered lending operations via Zada Cash and Bloom Cash
The Philippine Securities and Exchange Commission issued a cease and desist order against Convenience Cash Lending Corporation, operating as Zada Cash and Bloom Cash, for unregistered lending activities. The enforcement action follows the company's non-compliance with a July 2023 order mandating registration with the Credit Information Corporation under Republic Act No. 11765.