The Philippine Securities and Exchange Commission has revoked the corporate registration and lending company authority of Convenience Cash Lending Corp., which operates as Zada Cash and Bloom Cash, for engaging in unfair debt collection practices. In a July 17 order, the SEC Financing and Lending Companies Department cancelled the firm’s certificate of incorporation and certificate of authority to operate as a lending company for four violations of SEC Memorandum Circular No. 18, Series of 2019, which prohibits unfair debt collection by lending and financing companies. The action followed the SEC’s receipt of more than 600 complaints, including four formal complaints alleging the company sent threatening messages to borrowers and their contacts and delivered funeral services to borrowers’ addresses; FinLend found the complainants supported their claims with substantial evidence. The SEC also noted it had issued a cease and desist order on May 27 against the company for failing to comply with an SEC order requiring online lending platform operators to register with the Credit Information Corporation, as mandated under Republic Act No. 11765 and its implementing rules.
Philippine Securities and Exchange Commission 2025-07-28
Philippine Securities and Exchange Commission revokes Convenience Cash Lending’s registration and lending authority for unfair debt collection
The Philippine Securities and Exchange Commission has revoked the corporate registration and lending authority of Convenience Cash Lending Corp., operating as Zada Cash and Bloom Cash, due to unfair debt collection practices. This action followed over 600 complaints, including threatening messages and inappropriate delivery of funeral services to borrowers. Additionally, the company failed to comply with registration requirements under Republic Act No. 11765.