Yes, a loan shark can take you to court, but the situation is complicated and depends on several factors. Here’s what you need to know: Illegal Lending Practices: Loan sharks typically operate outside the law, offering loans at extremely high interest rates and often using intimidation or violence to collect payments. If the loan agreement […]
Dealing with loan shark problems can be challenging and potentially dangerous, but there are steps you can take to address the situation effectively and legally. Here’s a guide to help you: Stop Further Engagement Cease Communication: Avoid further interaction with the loan shark. Do not borrow more money or agree to new terms. Do Not […]
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? […]