Loan sharks, also known as “5-6” lenders, are unscrupulous individuals or organizations that prey on vulnerable individuals in need of quick cash. They often charge exorbitant interest rates and employ aggressive tactics to collect payments, causing immense stress and financial burden to borrowers. In the Philippines, where the presence of loan sharks is unfortunately prevalent, […]
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When it comes to borrowing money, it’s important to know the legality of the options available to you. One such option that often comes up is a loan shark. In this article, we will explore whether loan sharks are illegal in the Philippines. Understanding Loan Sharks A loan shark is an individual or an entity […]
Understanding Loan Sharks: What You Need to Know When it comes to borrowing money, it’s important to be aware of all the options available to you. While traditional banks and financial institutions are the most common sources of loans, there is another type of lender that you should be cautious of – the loan shark. […]