SEC warns public vs Zada, Bloom scams
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The Securities and Exchange Commission (SEC) has warned the public against transacting with Zada Cash and Bloom Cash after issuing a cease-and-desist order (CDO) against their operator, Convenience Cash Lending Corp., for engaging in unregistered lending activities.
The regulator stated on Friday that its Financing and Lending Companies Division had ordered the company on 27 May to immediately cease all lending operations, including those conducted through its online lending platforms.
Registration required for online platforms
The SEC stated that the CDO was issued after the company failed to comply with its 6 July 2023 directive, which required online lending platform operators to register with the Credit Information Corp., as mandated by Republic Act 11765, or the Financial Products and Services Consumer Protection Act.
The SEC reiterated that the order was necessary “to protect the public and financial consumers from potential fraud, injury, or harm associated with unregistered lending activities.”
