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Money lending

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1 Money lending on Sat Apr 09, 2011 8:59 am

camiguin_48


Arresto Menor
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?

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2 Re: Money lending on Sat Apr 09, 2011 9:43 am

attyLLL


moderator
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.


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3 Where is your conscience? on Tue Nov 01, 2011 3:08 am

rasseljandavid


Arresto Menor
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.

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4 Re: Money lending on Tue Nov 01, 2011 4:45 pm

concepab


Reclusion Perpetua
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. Very Happy

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5 Re: Money lending Today at 10:21 am

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