Quick Answer: Is the SEC allowing new online lending apps again? Yes — under SEC Memorandum Circular No. 20, s. 2026 (signed July 7, 2026), the SEC lifts its 2021 moratorium on Online Lending Platforms (OLPs) effective August 1, 2026, but only under a stricter regulatory framework. 

• Moratorium lifted effective August 1, 2026 
• Full loan-term disclosure required before approval or disbursement 
• Explicit borrower consent required — no auto-disbursed or auto-renewed loans 
• Ban on scraping borrowers’ contacts or social media for collections 
• Penalties for repeat violations up to ₱1 million in fines, suspension, or revocation of Certificate of Authority 

Since November 5, 2021, the SEC has barred any new Online Lending Platform (OLP) from registering, under Memorandum Circular No. 10, s. 2021 — a response to widespread complaints of abusive collection practices and borrower harassment. That freeze ends on August 1, 2026, under the newly signed SEC Memorandum Circular No. 20, s. 2026. 

What changed: 

• Financing and lending companies may again apply to operate new OLPs, subject to a stricter compliance framework 
• Before any loan is approved or disbursed, lenders must disclose the exact principal, interest rate, fees, penalties, and repayment schedule 
• Loans can no longer be auto-approved or auto-renewed — borrowers must actively confirm the final terms 
• Lenders are barred from accessing or scraping a borrower’s phone contacts, social media contacts, or messaging records 
• A single Certificate of Authority policy now covers a company’s principal and branch offices 
• Non-compliance carries escalating penalties — fines up to ₱1 million, suspension of operations, or revocation of a company’s registration for repeat offenses 

Who is affected: existing and prospective financing and lending companies planning to operate digital lending platforms, and any business considering entry into the fintech lending space. 

Our Take: This is a meaningful reopening, not a loosening — the SEC is pairing market access with some of its strictest consumer-protection language yet. Companies eyeing this space shouldn’t treat August 1 as a simple registration date; the disclosure, consent, and data-handling infrastructure needs to be built and tested well before then, since enforcement appears to be a genuine priority this time around. If you’re a financing or lending company weighing entry, this is the moment to start your compliance groundwork