Tag Archives: financial gap bridge
Need a Loan Shark from somewhere in the Philippines? Many people who are in business or simply needs an additional fund that they can use to bridge finances consider this facility to fill their financial gap.
WARNING: LOAN SHARKS CAN CRIPPLE YOUR FINANCES.
Loan Sharks can be represented by an individual or an institution. For those who are interested or considering this sort of facility and have not met or made business to anyone of these Loan Sharks, you should ask your friends or business contacts if they knew anyone as Loan Sharks mostly entertain borrowers only by means of referral. Otherwise, you must be in a very stable and highly profitable business before they can consider lending their capital to you.
In the Philippines, Loan Sharks offers an interest rate ranging between 5% – 9% per month of the total amount you have borrowed.
While borrowing from Loan Shark may seems to be a lot faster than going to commercial banks, you should be able to convince them that you are able to repay the money you are borrowing. Providing them some proof of business existence and documentation is mostly required. Most of the case that if you are a first time borrower that they will ask for copies of your financial documents such as Audited Financial Statements and Bank Account information and Statement of Account.
If they see that you can be a credible borrower, they will facilitate the release of your requested loan in exchange of signing a loan agreement with them backed by post-dated checks equivalent to the full amount of your loan. There are a couple of means a Loan Shark operates and I will discuss it in my Loan Shark Lending Facility article.
Loan Sharks in the Philippines normally takes advance interest from the proceeds so you should be able to expect this deduction from the amount that you really need where you intend to use this fund.