How to Avoid Falling Prey to Loan Shark Syndicates

Posted at Mar 29 2019 02:50 PM

MANILA - Ever heard of “Sangla ATM?” It sounds risky but many still fall prey to this illegal lending scheme. 

Borrowers who are desperate for quick cash are easy targets for loan shark syndicates. Almost 40 percent of Filipinos borrow money by using their ATM cards as loan collateral, based on the Bangko Sentral ng Pilipinas' Consumer Finance Survey.

Below are some tips for identifying loan sharks, and how to avoid them.

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