Money lending

A public school teacher is into money lending. I loaned money from her at five percent per month. The loaned amount was Ten thousand pesos and the amount accumulated to more than thirty five thousand pesos. Is it legal for a public school teacher to enter intomoney lending?

your better defense is that 5% per month is an unconscionable amount of interest and should be reduced.

you can report her to the bsp is you can provide proof of her money lending business.

camiguin_48 wrote:A public school teacher is into money lending. I loaned money from her at five percent per month. The loaned amount was Ten thousand pesos and the amount accumulated to more than thirty five thousand pesos. Is it legal for a public school teacher to enter intomoney lending?

For me, in my opinion even a Saint can be a lender. Why are you questioning about her profession? After you used her money for some personal reason? Didn't you think that she also need that money but gave it to you because she thinks that you need it more?

You mentioned that you borrowed 10k and became 35k but you didn't mentioned the time frame. Considering the 5% interest and assuming it is not compounded, you borrowed that money for four years now. We have so called "Inflation" where money decrease value over time and as of today it is 7% per year.

I don't have any relation with the teacher nor with you but hopefully this will open your heart.

I agree with rasse. Also, why you didn’t question the 5% during the time that you are asking for a money. And now you are questioning the legality of his/her business. I am sure that many will agree, but it looks like you are just trying to avoid your obligation. Walang samaan ng loob. Try to be considerate, hindi naman nya siguro pinulot lang yung 10k na pinahiram nya sa iyo at sa palagay ko naman ay pinakinabangan mo din yung pera. Ginawa na nya yung part nya, now it’s time to do yours.

Someone I know borrowed 11k to a lender with 8% int.per month,evry month the borrower paid the int rate, until such tym it goes down to 8k because the borrower was able to pay the capital. Still continuing in paying the int.until such tym the borrower was not able to pay the int for 3 months..after that still the borrower returns in paymnt including d backlogs but just a little..now the borrower was able to pay the int for 3 yrs.there are still bal for backlogs..now the borrower want to return the capital money borrowed 8k..but the lender refuses to receive it because she wants thr borrower to pay the whole amount including the int.the around 8k..so it totals to 16k plus..can d borrower refuse to pay the backlog int? And just pay the capital bal.?

arlyn, yes, payments are applied to interest first before principal.

Is it reasonable na kapag di nabayaran ang personal loan sa banko at di umabot sa maturity is daily ang magiging application ng interest kaya from 200,000 naging 339thousand plus kahit nakabayad naman ng more a year?

courts have ruled that 3% and more monthly interest is unlawful

I have read their contract over and over pero wala ako nabasa na daily interest computation. Sabi ng kausap ko ganun daw ang alam nilang patakaran ng mga bangko kapag inactive na ang account. Tama po ba yun?

good pm po please i need advice regarding sa utang kong 2,200 sa online lending. di p po kc ako nkakabayad ang sabi sakin samsampahan daw ako ng kaso. pwd po b mangyari un sa halagang 2,200? salamat po.

Kahit P2,200 lang ang halaga ng utang, pwede sila magsampa ng small claims case. Try mo to basahin, para lang may idea ka kung ano ang small claims case. https://www.alburovillanueva.com/proven-ways-debt-collection

Ganun pa man, duda akong akong magfa-file sila ng demanda kahit pwede nilang gawin kasi sila din ang mas maaabala, lalo na at meron din filing fee na sisingilin ang court sa kanila kahit sa small claims.