How to Avoid Loan Sharks in the Philippines

Knowing how to identify a loan shark makes it easier to steer clear of illegal and harmful lending schemes. Keep these tips in mind when borrowing money to avoid falling prey to a loan shark:

Don’t overlook:

Top 10 Fast Online Loans in Philippines – A Valid ID is All You Need Updated in October 2024 

Rank Lender Name & Application Link Loan Amount Loan Term Interest Rate Repayment ID Required Age Range Special Feature
#1

SOSCREDIT
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₱1,000 – ₱25,000 3 – 12 months 0% for first loan Monthly or End of term Only ID Card required 20 – 70 Receive money in 15 mins
#2

CREDIFY
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₱1,000 – ₱25,000 3 – 12 months 0% for first loan Monthly or End of term Only National ID required 20 – 70 Receive money in 15 mins
#3

CREZU
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₱1,000 – ₱25,000 2 – 4 months 0% for first loan Monthly or End of term Only ID Card required 18 – 70 Easy loan approval
#4

FINBRO
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₱1,000 – ₱50,000 1 – 12 months 0% for first loan Monthly or End of term Only ID Card required 20 – 65 Receive money in 10 mins
#5 CREDITIFY
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₱1,000 – ₱25,000 1 – 180 days 0.1% Monthly or End of term Only ID Card required All accepted Approve Bad credit
#6 CASHSPACE
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₱1,000 – ₱25,000 2 – 4 months 0% for first loan Monthly or End of term Only ID Card required 18 – 70 Easy loan approval
#7 DIGIDO
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₱1,000 – ₱25,000 3 – 6 months 0% for 7 days Monthly or End of term Only ID Card required 21 – 70 Receive money in 4 mins
#8 KVIKU
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₱500 – ₱25,000 60 – 180 days 1.2% per month Monthly or End of term Only ID Card required 18 – 65 Receive money in 5 mins
#9 CASHEXPRESS
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₱1,000 – ₱20,000 7 – 30 days 0% for first loan End of term Only ID Card required 21 – 70 Receive money in 5 mins
#10 MONEYCAT
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₱500 – ₱20,000 7 – 180 days 0% for first loan End of term Only ID Card required 22 – 65 Easy loan approval

  1. Avoid lenders who exhibit signs of being a loan shark. Be cautious of lenders offering too-good-to-be-true deals or seemingly effortless loan conditions. Loan sharks often have hidden fees, exorbitant interest rates, and harsh terms that are not immediately apparent.
  2. Be wary of unsolicited loan offers. Many informal lenders use public records to obtain contact details of potential victims. If you receive an unexpected email or text message from a lender you don’t know, ignore it. Legitimate lenders do not reach out to potential borrowers in this manner.
  3. Check if the lender is licensed. Use the Securities and Exchange Commission (SEC) website to verify if the lender is authorized to operate in the Philippines. Legitimate lenders should have the proper licensing from the SEC.
  4. Explore alternative borrowing options. If you’re denied a personal loan from a bank or government agency, consider other authorized private lenders who might be willing to approve a loan even if you have a low credit score or income. There are legitimate private lenders who offer loans to individuals with less-than-perfect credit or lower income.

By following these steps, you can avoid the risks associated with loan sharks and find a reliable source for your financial needs.

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