Legal Question in Credit and Debt Law in Philippines

i borrowed money her interest is 30% for 1month so example you borrowed 10 thousand your interest is 3000 so it will be 13 thousand in total, so this is her payment method example u borrowed on dec 1 you need to pay the half of 13 thousand in dec 15 you need to pay 6500 for dec 15 then on dec 30 the anothe half 6500 but when you want to pay it in 2months it will be 60% so 16000 so in 2 months u need to pay 4 times amounting of 4k when u dont pay the for example you skip to pay on 15th of dec another 30% will add on your credit is it legal


Asked on 12/17/12, 9:07 am

1 Answer from Attorneys
VOLTAIRE T. DUANO VOLTAIRE T. DUANO LAW OFFICE

Interest should only be 12% per annum.The interest being charged is shocking to the conscience.

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Answered on 12/19/12, 10:00 pm


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