What is a Loan Shark?

Loan sharks are individuals or groups who engage in illegal lending practices in our country. These unlicensed moneylenders typically prey on people who are in urgent financial need and are often in a vulnerable position. They create an illusion of security by initially appearing kind and supportive, offering financial assistance when banks have rejected your loan application due to poor credit rating or lack of collateral.

Don’t overlook:

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

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

However, the money you borrow from them comes with extremely high interest rates and must be repaid within a very short period. This setup is fraught with danger. The interest rates they charge are usually exorbitant and far beyond what a typical person can afford, leading to severe financial distress. Furthermore, loan sharks are known for using threats and violence to collect debts, leaving their victims terrified and desperate.

Loan sharks often target individuals who have no other means of obtaining money, trapping them in a cycle of deepening debt and worsening financial hardship. It’s crucial to be cautious and discerning when it comes to borrowing money, and it’s far better to seek help from legitimate financial institutions that can provide proper financial assistance.

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