ligtasloan.com

Moratorium Lifted: What MC 20 Means for Borrowers

On July 7, 2026, the SEC signed Memorandum Circular No. 20, series of 2026, lifting the lending moratorium that had frozen new online lending platforms since November 2021. The lift took effect August 1, 2026. This page explains what the moratorium was, what the lift changes for borrowers, and what did not change at all. Checked September 16, 2026.

What the moratorium was

Memorandum Circular No. 10, series of 2021, froze the registration of new online lending platforms from November 2021. The stated goal was to slow the flood of unregistered apps while the SEC cleaned the market. The freeze ran nearly five years. It spanned the 2025 enforcement waves and the advisory cycles of early 2026.

What MC 20 changes for borrowers

Three openings, effective August 1, 2026. New platforms can register again, so the recorded platforms list (frozen at 117 companies and roughly 178 platforms in the January 26, 2026 release) will start growing. Registered lenders can launch new apps under MC 19's recording rules. And the market's new-wave products, VPlus's iPhone build and Happy Cash's 2026 pushes among them, now have company. The post-freeze wave began immediately.

What did not change under MC 20

The rules that matter to borrowers survived the lift. MC 19's platform-recording duty stands. RA 3765's disclosure duty stands. The enforcement machinery stands: the 2025 revocation waves and the Pera4U and Umeta orders all predate the lift, and the SEC kept acting on collection abuse throughout. A new registration is not a guarantee — it is an entry ticket to the same oversight.

What this means for borrowers

Expect more apps, faster. Some will be legitimate registrants with published terms; some will be the same impostor pattern wearing fresher names, and the advisory machine will keep naming them. The verification habit matters more after a lift than before it, because the volume of new names is exactly where impostors hide. Check the platform record, read the disclosure, convert the rate. Our new-apps watch list tracks the launches.

Frequently asked questions

When did the SEC lift the lending moratorium?

Memorandum Circular No. 20, series of 2026, was signed July 7, 2026, and took effect August 1, 2026, ending the freeze imposed by MC 10 in November 2021.

Can new lending apps register now?

Yes. New platforms can record under MC 19, and the recorded platforms list should grow past the January 26, 2026 snapshot of 117 companies and roughly 178 platforms.

Does the lift change borrower rights?

No. Disclosure under RA 3765, platform recording under MC 19, and the SEC's enforcement powers all stand. The lift changes who can enter the market, not the rules of playing in it.

The bottom line for borrowers

August 1, 2026 reopened the gate. More names will come; the registry decides which ones count. Keep the verification habit, and let the registered list, re-checked after every release, make the first decision for you.

Sources used for this review