No, lending money is not illegal in the Philippines. However, there are regulations in place to protect borrowers and ensure the legitimacy of lending activities. Here’s a breakdown: Legal Lending: Lending money can be a legitimate business activity in the Philippines. Banks, microfinance institutions, and SEC-registered lending companies all operate legally. Regulations: The Securities and […]
How To Report Online Lending To Nbi Philippines?
Here’s a step-by-step guide on how to report online lending companies to the National Bureau of Investigation (NBI) in the Philippines: 1. Determine the Nature of the Complaint: The NBI usually handles cases involving serious threats, extortion, cybercrime, and potential scams. Ensure your complaint aligns with those categories. For example: Threats of violence or blackmail […]
Law Against Loan Sharks Philippines (2024)
The Philippines has several laws in place to combat loan sharking and protect borrowers from predatory lending practices. Here’s a breakdown of the key legal framework: Main Laws: Anti-Usury Law (Act No. 2031): This law sets the maximum interest rate that lenders can charge borrowers. It effectively restricts loan sharks who often impose excessively high […]
