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, […]
Tag Archives: predatory lending
When it comes to borrowing money, it’s important to be aware of the different types of loans available. One term that you may have come across is “shark loan.” In this blog post, we will explore the meaning of shark loan and discuss why it is important to avoid such loans. What is a Shark […]