Tadaima! I’m back! While writing this article, I’m on a seat in Nozomi Shinkansen bound to Tokyo from Nagoya.
It’s been like two months since I wasn’t able to write because of business responsibilities. There were just so many topics I would like to write about because of experiences, as such the graduations and kids getting honors whom others think are not that valuable, but for me, these kids I believe are very much deserving of the awards they have received and should be congratulated for a job well done. Who are we to say they made it the easy way?
Then there’s Boracay where I went to twice within a month. It seemed like the number of foreign tourists were lesser compared to prior to the pandemic and establishments have just flocked everywhere, which is good for economy but compromises the natural balance of the island.
These are just two of the many I had in mind but in this issue, I would like to focus on online loan sharks which are still prevalent and are on rampant operation despite the scare and threats the cause left and right, to their so-called clients.
Just within my network, more than five persons I am related with like friends, acquaintances, colleagues and relatives have fallen into the bait of different online loan companies because of emergency reasons. Majority of them needed money for hospitalization bill or to address their health problems. I believe that all debtors can cite valid reasons as to why they trapped themselves into this unimaginable situation.
And the common post effect? Depression and anxiety. Imagine being threatened through constant calls from different numbers informing you that they know your home or work locations or that they have access to your contacts pinpointing them as co-guarantor, since you agreed to give them your details as part of a loan agreement.
Imagine also the fear one feels to be forced to borrow again from others just so he could gather payment for the interest alone that aggregates to triple the principal amount, for instance, from 60,000 which increases to 300,000 in months. Definitely a cross on one’s shoulder!
But then again, because of financial challenges, situations happen, especially when we assume we have nowhere to run to. I’m not saying that I am 100% sympathetic to the debtors because all our actions entail responsibilities, so are our choices. We were once taught to not accept candies from strangers no matter how tempting they are because we might get kidnapped or drugged. Thus, before taking the bait of crazy loan offers, we have to look at the darkness of people we know who have been into this dilemma. Let’s ponder on how are they doing now.
There’s this one person I know who used to be very active in every circle event, smart, strong, has financial stability as with high salary grade, and independent, who supposedly, should be thinking of enjoying her retirement. However, because of orthopedic case due to an accident, she consumed to borrowing money instead of being honest about her current financial situation to her family. She kept the burden within her thinking that she could solve the problem alone, until she unconsciously found herself begging to lend money from relatives, bargaining her car & now selling her property, just so she could pay the never ending interest. Fear has gotten into her, could we even blame her? She too, was a victim because of one decision she now regretted, until she finally opened up when left hopeless.
According to Col. Fidel Fortaleza Jr., Regional Chief of Anti-Cybercrime Group, should we get scammed, we have to immediately report to the nearest PNP-Anti-Cybercrime Group or PNP office, take screen shots of all the conversation and do not pay to other people or numbers.
Although it is true that not all online loan applications are illegal because there are also those that are registered in DTI, SEC and BIR, police authorities advise that we should not get involved in any loan activities as much as possible, or should we do, we need to make sure the companies we applied in, are legal and we should be cautious enough to read the contract because it is where scamming or permissions happen, thus we have to intricately understand the details of the contract despite the excitement of taking out money. Is the contract giving you easy ways to pay with fair interest? Or maybe you have agreed for double of triple interest by signing to agree to it?
Life is not easy for everyone but we always have choices. Choices to always pick the right ones. Should we make mistakes, it is most important to recognize them & learn from them. We hope that those who are currently suffering in online loan application scams will have the voice to share their stories to their trusted family, and would have the courage to report to the authorities rather than suffer alone. Help is always around.
