Loan in Philippines

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 […]

Here are some of the reputable lending companies in the Philippines: 1. Banks: Traditional banks offer loan products with clear terms and regulations. While the application process might be slightly longer, it can be safer, especially for larger loans. Banks in the Philippines BPI Family Savings Bank Security Bank EastWest Bank RCBC Savings Bank Metrobank […]

Dealing with a loan shark in the Philippines can be a stressful and frightening situation. Here’s a structured approach to navigate it: Stop Making Payments: Don’t make any further payments to the loan shark, especially under duress. Their interest rates are likely exorbitant, and paying only feeds the cycle. Gather Evidence: Document all instances of […]