Loan sharks, also known as “five-six money lenders,” pose a significant threat to unsuspecting borrowers in the Philippines. Their predatory practices can lead to severe financial distress, intimidation, and even violence. This article aims to provide a comprehensive overview of loan sharks, their activities, and the legal framework in the Philippines. What Is Loan Sharking? […]
No, a loan shark cannot take you to court. Loan sharks are illegal lenders who charge exorbitant interest rates and often engage in criminal activities to collect debts. Their actions are illegal, and they do not have the legal standing to pursue legal action against you. If you are being harassed or threatened by a […]
Reporting a loan shark is an important step to protect yourself and others from illegal lending practices. Here are the steps you can follow: Gather Evidence: Collect any communication or documentation you have from the loan shark. This can include text messages, emails, or any written agreements. Identify the Lender: Make sure you have the […]
Safely Resolving Loan Shark Problems Stay Calm and Don’t Panic: Loan sharks often use intimidation tactics. Remain calm and collected, as panic can lead to poor decisions. Document Everything: Keep a written record of all contact with the loan shark, including phone calls, text messages, and emails. Note the dates, times, amounts, and threats made. […]