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Manila Bulletin devider Business devider The Stock Market devider Fast Coin Lending fined for unfair debt collection practices, excessive rates

Fast Coin Lending fined for unfair debt collection practices, excessive rates

Published Jul 16, 2026 03:20 pm
The Securities and Exchange Commission (SEC) has slapped a ₱1.1 million fine on Fast Coin Lending Corporation for engaging in unfair debt collection practices and imposing interest rates beyond legal limits.
In an order, the SEC Financing and Lending Companies Department (FLCD) found Fast Coin liable for violating SEC Memorandum Circular (MC) No. 18, Series of 2019, which prohibits unfair debt collection practices, MC No. 3, Series of 2022, which prescribes the interest rate and fee ceilings, and other fees charged by lending and financing companies and their online lending platforms.
Fast Coin was also found liable for violating the Truth in Lending Act (TILA), and MC No. 7, Series of 2011, as well as the lawful order of the Commission under Rule 8(c)(iii) of the Implementing Rules and Regulations of the Lending Company Regulation Act (LCRA-IRR).
The order followed a complaint filed by a borrower alleging that Fast Coin used harassment tactics through text messages in the collection of her loan payments.
The borrower added that she availed of a loan product through Fast Coin’s online lending application, CashGuard, but this generated multiple loan accounts with eight loan products.
Investigation by the FLCD found that Fast Coin resorted to public humiliation, disclosure of personal information, and other forms of intimidation during the collection process for the borrower’s loans, in violation of MC 18.
Fast Coin also violated MC 3 as the deduction it imposed, categorized as "management fees,” when considered together with the actual cash proceeds, resulted in effective interest rates exceeding the 15 percent monthly ceiling established by the SEC.
It also failed to furnish the borrower disclosure requirements as provided under the TILA and MC 7, such as loan agreements, disclosure statements, and amortization schedules, among others. Fast Coin likewise failed to comply with the Commission’s directives to submit documents and information relevant to the investigation, in violation of the LCRA-IRR.
“Lending companies operate in a public interest industry and are expected to conduct their business with transparency, fairness, accountability, and strict compliance with the regulatory framework established to protect financial consumers,” the order read.
It added that, “The violations established in this case demonstrate a disregard for these obligations and warrant the imposition of the appropriate administrative sanctions.”-James A. Loyola

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Securities and Exchange Commission Fast Coin Lending Corporation
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