Not every day we were rich, and the realization that borrowing money wasn't that easy, lending capital has too much risk for we don't know what will happen to be done in the time where we are really in need. But hows the LOANdon works?.
Thursday, August 5, 2021. I have been typing this article on my new keyboard today. haha, keyboard for now, and who knows what will be next to be targeted. I had trouble last night reading for my mood was absurd and my keyboard is not working properly so I must get a new one for my future write-ups.
The other day someone comes to me to borrow money, and the reason is that they will use this to purchased chemicals pesticides in their ricefield and promised to pay in the ripening season of rice with the principal amount and the interest of the debt money.
I am not a loan shark or any financier man, but I know hows the lending and interest must-have is, but sometimes I could be a human too that's in my mind, and a little bit smart for I had seen a lot of problems.
How do you think that farmers get a lot of money after the harvesting? In the rate of lending money in our place that will be paid like goods-trading where five hundred pesos (P500 or 10$) will be future paid in one caban of palay rice in the harvest season, a huge loss actually in the farming profit but they don't have any choice but to risk the interest because they don't have any money left in their accounts.
If I will be a greedy man the Five thousand pesos (P5,000 or 100$) that I had wired had the profit of 10 sacks of rice in the future harvesting just two or three months from now. Following the interest percentage, I will ultimately receive Eleven sacks of not milled rice, that is when I am a greedy man, but I wasn't.
I don't want to be paid in the manner of I know they will be a huge burden or problem toward the two-party. If the timing is right and harvesting becomes the great ideal season they will win the bidding and I lost, but if the season under the loss climatic problem like Typhon spots in their harvesting season they will loss and I am too for the price of rice in the trading market will again decline.
So I agreed that I will be paid monetary with zero interest or traded goods via well-milled rice, which is better for them to breathe more from the too much interest rate, I know they are almost under the burden of bank loans.
Not only the farmers in Philipines is under this Loan problem but the entire society living in the rug, some are the small business owner or just a parent who has no way to go but to deal with a shark loan traveling and paying in the weekly basis.
Five-Six is the best example of a loan shark in the Philippines, some approved and accepted the offer of receiving 500 pesos or 10$ with the interest of 1 $ for the entire month of paying deals, sound simple right? when you borrowed the 5000 or 100$ will have the interest rate of 10$ as follows the total borrowed is 110$ but only received 100$.
Imagine the ideology of why people borrow money? because they don't have money and borrowing is the only choice but borrowing again ended up huge stress in the head of the borrowers.
They called it Five-Six for borrowing Five you need to pay Six.
On the other side of the story, Lenders also had the risk of loss of money, some people think that money they borrowed doesn't need to be paid when lenders won't visit the for they think they had been forgotten the borrowed bills, some lenders have taken the biggest stress because they borrowers won't care about them when they are the one now in need.
Did you have the experience of just forgetting that they borrowed something from you to stay out from the stress of th0se people? of course some maybe some of us had the same encountered during the lending and borrowing of the money or any materials that have a value even not that much.
Borrowing sometimes becomes a habit of some, they think that when people had the money it's okay to ask, then when they are now had the amount and the day need to pay their borrows they become someone else.
Are you that kind of person? Money that was borrowed must be paid, even how small or huge the amount you had to take the responsibility that you once promised and pleaded yourself.
Word of honor, the promised that we pay at the date you mentioned, we will be the one to gives the money in the hand of the lenders, some people don't feel the hardness of the lenders, and how much profit interest it could give when she or he just invest the money to another thing rather than in you.
At the end of the article, I felt like I was puzzled whom side I am, at the borrowers where I know they much needed and most of this time we are under the pandemic some of us really need money or the lenders which people think they rich enough and the borrowed money is just the son under their pans, its huge NO.
As the pandemic started and no one knows where is the ending of the issue. Borrowers and lenders are in the same spot of needed money, so when we promised to pay we must pay, when we were don't have e enough payment yet, then it is the time where we need to explain well not we are the one whos angry.
I won't say borrowing is bad, but not paying the borrowed amount that is the next level of unnecessarily.
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Pero Kuya mas magagaling pang magbayad mga farmers natin ah. Minsan may pabigas pa kahit 'di naman kailangan. <3
'Yung sa nagpahiram pero 'di bumabalik? Hay nako, been there so many times at sa mga kamag-anak pa namin talaga. Since nakakahawak na ako ng pera, ang tingin na nila sa akin is 'di nauubusan. Laging merong mahuhugot. Meron naman talaga pero 'di 'yun para ipahiram nang ipahiram. It's for our family's needs eh. Sila Mama nga ayaw nilang naghihiram kami sa isa't-isa. Di para magdamot but ayaw kasi nila na mawili kami kakahiram. Kung hihiram daw sila nang hihiram sa akin, baka daw masanay sila or ma-adapt namin 'yung ginagawa nila. So, talagang iwas kami sa kakahiram. Saka naniniwala kasi kami lalo na si Papa na once na na-experienced na natin na mangutang? Tuloy-tuloy na 'yun. Kaya iwas talaga sa tukso. Haha. But, grabe. Sa amin naman ginagawa. 🙄