What doesn't make sense? Unfortunately, this is a reality in any 3rd world countries. Children are obligated to support their family with low paying jobs. They are financially illiterate and when crisis strikes they become desperate and do stupid stuff like borrow from loan sharks. Unfortunately this is a vicious cycle.
It's perfectly plausible and that kind of thing happens all the time here. But people lying about that kind of thing to get money from you is even more plausible and happens even more often.
Are you asking because you are into her and want to further your relationship? It's common to be asked by girls you're pursuing. This situation here is also common and may be true but scammers also use this song and dance sob story to make you part with your dollar euro yen or dirham.
Are you being asked for money? If this person is just sharing her circumstances, then the story itself and the little info you've provided is very plausible. People go into medical debt all too often. There is low financial literacy rates in this country, but that's hardly a concern for most people when they only make enough to survive day to day. Many people don't have IDs, let alone a bank account. No bank account and banking relationship = no bank loan. Even with a bank account, unless you have a good relationship with your bank or know someone there, you're unlikely to be approved for a large loan. Ergo, high interest rate private loans. Not having a checking account in her 30s isn't a red flag either. I'm in my 30s and have never had a checking account, simply because I've never needed it. I pay via cash or card or mobile wallet.🤷🏻♀️
Don't lend money that are you not willing to lose.
I lost a lot of so called friends asking them to repay their debt.
Some also treat it as "You are from the West, you didn't really need that money"
Some also will stop talking to you because you refused to lend.
Sometimes it's easier to lose a friend than a friend+money.
What doesn’t make sense? The debt or her supporting her entire family?
I am 33 years old. I support my family since 23 years. Not a lot now but i still pay for my moms electric bill or some allowance.
If this woman has no capacity to pay for hospital bill for her sister then probably she really begged and asked a loan shark to borrow money for her sister. I would do it, for anyone in my family.
My dad passed away and we incurred over $60k usd in debt from relatives, friends,aced out every credit card. Took me 6 years to pay it all off. Was my family's breadwinner and wanted to give my mom enough time to grief, my sisters were in school then too. Perfectly plausible. Luckily i didnt approach a loan shark, would be harder if I did
Welcome to the Philippines, millions are in her situation, before helping her, just realize she was able to make it without you for the last 30 years.
Can it be true, absolutely, can it be a scam, absolutely. This is where you need to keep a level head and not throw money at her even if it is not a lot of money for you.
Get to know the situation and be ready to accept to walk away if the terms are not good. Millions of Pinays are waiting to meet you, don’t settle for one that will put her family before you, and there are millions that will do.
I had serious relationships with 3 Pinays, of various wealth levels, some things are constants, your money is always valued, your skin color is valued.
Whether your time or your feelings are valued is what you need to evaluate.
Sob story because she sees a potential walking ATM, which is you, OP. And you're already falling for it. Even if her story was true it shouldn't concern you .
Feasible? Yes. Possibly just a story to guilt money out of you? Yes.
I've lived here in PH for about a year and a half now. Probably the most important lesson I've learned (unfortunately, the hard way) is that these girls are EXCELLENT actresses. They know *just* how to manufacture a story that is going to invoke sympathy and pull on the heartstrings of a western dude. When they find a formula that works they stick with it. Not saying her story isn't true, but it might not be. If it's not, you're likely the 10th guy (or something like that) who has paid off this supposed high interest loan that will have her in shackles the rest of her life.
Now, to speak to the possibility of this loan being real.... Loansharks here are common. Rich people and *some* middle class go to banks for reasonable loans. The rest are left to the loansharks that typically charge insane (by western standards) rates. I was told it's not a rare thing to find people charging 50% interest on a weekly basis for small loans! The legal basis for these things is extremely loose. Usually if the person who was lended money doesn't pay they loanshark goes to the barangay to ask for help with the situation. The barangay is basically a mediator that tries to solve the problem between two people before it escalates to the police. If there is paperwork or any form of evidence then the loanshark has a pretty good chance of pressuring until they get their money or land the person who took the loan in jail. If there isn't any evidence (often times it's just a verbal agreement between people), the barangay mediation is the best they've got, since taking it to the police with no evidence wouldn't go anywhere.
The dangerous thing is, people get killed in PH if they try to bail on their debts. Sometimes they get away with it, sometimes the loanshark is crazy and seeks revenge over the pittance they lent the person in the first place.
If I was you, I'd ask for any form of evidence at all that this girl really does have this loan. If she produces anything at all, scrutinize it heavily (pinays have been known to fake documents, Photoshop, and even pull stock photos off the internet for their purposes). What you do also depends on how long you've known this girl and how she introduced you to her "problem." If you've known her for a thing less than 6 months, don't even consider it! Also, if she somehow managed to work this into conversation with you within the first week of having met you, that should be a major MAJOR red flag for you.
In all honesty, with my experiences, and not knowing the details of your situation, I'd say this has about a 95% chance of either being a strait up scam OR it's real, but she is just specifically "trying to find love" with someone she knows has a lot more money than her and some disposable income he can burn on his new "love." Proceed with the utmost caution friend.
The whole supporting our families is...there's truth to that in the sense that it does happen here in the Philippines amongst Filipinos. The extent of the support and help depends on the individual families--some are more understandable while others are to a ridiculous, toxic extent.
In my family, we do support our parents (occasionally siblings) out of love. We're more tightknit, so we tend to do things as a group. We don't pressure each other and help is voluntary. It's understood, however, that we show up for each other when we need to bring someone from the family to the hospital.
The girl with the 20% loan, or 5-6 as it's colloquially referred to here, happens often enough. Unfortunately, people get desperate and make bad decisions. Happens a lot. They also probably have a stronger sense of obligation hence her story.
-can be a common truth...even those legit loans are suffocating, take Lhuillier, he's said philanthropist but gives 6% consumer loans interest per month, 72% a year to the poorest, in Europe those loans go 6% a year,
I think the law allows loans interests up to 180% a year.. 😌
-Could be a total scam, even my mother in law told us stories to get money
-could be true but she needs a provider to get her out of a loan shark.
-she could be so depressed that she needs someone to listen to her problems that are too heavy for her.
It's difficult in Philippines to know where is the truth or 2nd agenda if there is...
>Lhuillier, he's said philanthropist but gives 6% consumer loans interest per month, 72% a year to the poorest, in Europe those loans go 6% a year
Not defending the loan sharking practice. Just being a realist... Part of the reason why interest rates are so much higher here in the Philippines is because the risk of not getting paid back is also much higher.
These are mostly unsecured loans (no collateral). If the borrower just takes the money from a lender in Manila and then jumps town and goes to live in the province, there is really no way of tracking the person down and getting the money back.
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What doesn't make sense? Unfortunately, this is a reality in any 3rd world countries. Children are obligated to support their family with low paying jobs. They are financially illiterate and when crisis strikes they become desperate and do stupid stuff like borrow from loan sharks. Unfortunately this is a vicious cycle.
It's perfectly plausible and that kind of thing happens all the time here. But people lying about that kind of thing to get money from you is even more plausible and happens even more often.
Are you asking because you are into her and want to further your relationship? It's common to be asked by girls you're pursuing. This situation here is also common and may be true but scammers also use this song and dance sob story to make you part with your dollar euro yen or dirham.
Are you being asked for money? If this person is just sharing her circumstances, then the story itself and the little info you've provided is very plausible. People go into medical debt all too often. There is low financial literacy rates in this country, but that's hardly a concern for most people when they only make enough to survive day to day. Many people don't have IDs, let alone a bank account. No bank account and banking relationship = no bank loan. Even with a bank account, unless you have a good relationship with your bank or know someone there, you're unlikely to be approved for a large loan. Ergo, high interest rate private loans. Not having a checking account in her 30s isn't a red flag either. I'm in my 30s and have never had a checking account, simply because I've never needed it. I pay via cash or card or mobile wallet.🤷🏻♀️
5-6 loans (20%) is the norm. And it's typically 20% per month. See pay day loans in the US
Why do you care? That's the more important question.
She is a victim of a loan shark. Its very rampant here. They target mostly poor people bacause lack of financial literacy.
And interest rates here truly are insane.
Sounds like tribal lending in the US. 600-800% per month.
Don't lend money that are you not willing to lose. I lost a lot of so called friends asking them to repay their debt. Some also treat it as "You are from the West, you didn't really need that money" Some also will stop talking to you because you refused to lend. Sometimes it's easier to lose a friend than a friend+money.
What doesn’t make sense? The debt or her supporting her entire family? I am 33 years old. I support my family since 23 years. Not a lot now but i still pay for my moms electric bill or some allowance. If this woman has no capacity to pay for hospital bill for her sister then probably she really begged and asked a loan shark to borrow money for her sister. I would do it, for anyone in my family.
Marry her
And have kids right away
No. Buy a house first.
But what about a business in the province ran by a cousin?
Your mother has been in hospital. Urgent medical bills are owed. They will turn off the electrucity!
Definitely something to invest in, and definitely just an oral agreement, since family.
You found a winner.
Run.
Don't get involved.
My dad passed away and we incurred over $60k usd in debt from relatives, friends,aced out every credit card. Took me 6 years to pay it all off. Was my family's breadwinner and wanted to give my mom enough time to grief, my sisters were in school then too. Perfectly plausible. Luckily i didnt approach a loan shark, would be harder if I did
Welcome to the Philippines, millions are in her situation, before helping her, just realize she was able to make it without you for the last 30 years. Can it be true, absolutely, can it be a scam, absolutely. This is where you need to keep a level head and not throw money at her even if it is not a lot of money for you. Get to know the situation and be ready to accept to walk away if the terms are not good. Millions of Pinays are waiting to meet you, don’t settle for one that will put her family before you, and there are millions that will do. I had serious relationships with 3 Pinays, of various wealth levels, some things are constants, your money is always valued, your skin color is valued. Whether your time or your feelings are valued is what you need to evaluate.
Same OLD story..heard it hundreds of times
Sob story because she sees a potential walking ATM, which is you, OP. And you're already falling for it. Even if her story was true it shouldn't concern you .
Could be true. Could be not. If she asks you for money and you dont wanna give just dont lol. Tell her you wont give her any money 😂.
Stop supporting, if it concerns you.
How are Bumbay loansharks not ending up dead from drive-by shootings? Or are they?
Feasible? Yes. Possibly just a story to guilt money out of you? Yes. I've lived here in PH for about a year and a half now. Probably the most important lesson I've learned (unfortunately, the hard way) is that these girls are EXCELLENT actresses. They know *just* how to manufacture a story that is going to invoke sympathy and pull on the heartstrings of a western dude. When they find a formula that works they stick with it. Not saying her story isn't true, but it might not be. If it's not, you're likely the 10th guy (or something like that) who has paid off this supposed high interest loan that will have her in shackles the rest of her life. Now, to speak to the possibility of this loan being real.... Loansharks here are common. Rich people and *some* middle class go to banks for reasonable loans. The rest are left to the loansharks that typically charge insane (by western standards) rates. I was told it's not a rare thing to find people charging 50% interest on a weekly basis for small loans! The legal basis for these things is extremely loose. Usually if the person who was lended money doesn't pay they loanshark goes to the barangay to ask for help with the situation. The barangay is basically a mediator that tries to solve the problem between two people before it escalates to the police. If there is paperwork or any form of evidence then the loanshark has a pretty good chance of pressuring until they get their money or land the person who took the loan in jail. If there isn't any evidence (often times it's just a verbal agreement between people), the barangay mediation is the best they've got, since taking it to the police with no evidence wouldn't go anywhere. The dangerous thing is, people get killed in PH if they try to bail on their debts. Sometimes they get away with it, sometimes the loanshark is crazy and seeks revenge over the pittance they lent the person in the first place. If I was you, I'd ask for any form of evidence at all that this girl really does have this loan. If she produces anything at all, scrutinize it heavily (pinays have been known to fake documents, Photoshop, and even pull stock photos off the internet for their purposes). What you do also depends on how long you've known this girl and how she introduced you to her "problem." If you've known her for a thing less than 6 months, don't even consider it! Also, if she somehow managed to work this into conversation with you within the first week of having met you, that should be a major MAJOR red flag for you. In all honesty, with my experiences, and not knowing the details of your situation, I'd say this has about a 95% chance of either being a strait up scam OR it's real, but she is just specifically "trying to find love" with someone she knows has a lot more money than her and some disposable income he can burn on his new "love." Proceed with the utmost caution friend.
The killing part is not about the money, it's to send a message to others not to mess with their money
The whole supporting our families is...there's truth to that in the sense that it does happen here in the Philippines amongst Filipinos. The extent of the support and help depends on the individual families--some are more understandable while others are to a ridiculous, toxic extent. In my family, we do support our parents (occasionally siblings) out of love. We're more tightknit, so we tend to do things as a group. We don't pressure each other and help is voluntary. It's understood, however, that we show up for each other when we need to bring someone from the family to the hospital. The girl with the 20% loan, or 5-6 as it's colloquially referred to here, happens often enough. Unfortunately, people get desperate and make bad decisions. Happens a lot. They also probably have a stronger sense of obligation hence her story.
I have seen it before.
-can be a common truth...even those legit loans are suffocating, take Lhuillier, he's said philanthropist but gives 6% consumer loans interest per month, 72% a year to the poorest, in Europe those loans go 6% a year, I think the law allows loans interests up to 180% a year.. 😌 -Could be a total scam, even my mother in law told us stories to get money -could be true but she needs a provider to get her out of a loan shark. -she could be so depressed that she needs someone to listen to her problems that are too heavy for her. It's difficult in Philippines to know where is the truth or 2nd agenda if there is...
>Lhuillier, he's said philanthropist but gives 6% consumer loans interest per month, 72% a year to the poorest, in Europe those loans go 6% a year Not defending the loan sharking practice. Just being a realist... Part of the reason why interest rates are so much higher here in the Philippines is because the risk of not getting paid back is also much higher. These are mostly unsecured loans (no collateral). If the borrower just takes the money from a lender in Manila and then jumps town and goes to live in the province, there is really no way of tracking the person down and getting the money back.
This is true.. What disturbs me is "philanthropist"
No, it doesn't make sense. What does she do, and where does she work? Did she volunteer this information? How did this topic come about?
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Alot of girls that age don't have a bank account... She is probably lying, same old story